Zetwerk's electronics chief quit for rival Dixon amid IPO preparations

Zetwerk is a B2B manufacturing marketplace (last disclosed valuation over $3.1B) whose electronics vertical manufactures for global and domestic brands.

Josh Foulger, an ESDM veteran with over 30 years of global experience who previously headed Foxconn's India business Bharat FIH, joined Zetwerk as CEO of Electronics. In 2024, after he took over the role, Zetwerk earmarked a Rs 1,000 crore investment to expand its electronics manufacturing capacity.

Per Dixon's regulatory filing, Foulger led the division's rapid expansion into new manufacturing verticals and successfully integrated key acquisitions. Zetwerk's gross merchandise value scaled from about $100M to more than $2B. In January 2026, chief marketing officer Amrit Raj resigned to join venture capital firm Jungle Ventures.

Foulger resigned and took office as President — IT Hardware and New Projects at Padget Electronics, a wholly owned Dixon subsidiary, on 16 February 2026. Zetwerk remains operating and IPO-bound.

The exit hands a competitor the playbook: Dixon hired the executive who built its rival's electronics vertical while Zetwerk prepares a public listing.

Second key-person departure in a month — CMO Amrit Raj to Jungle Ventures — signals churn at the top of a company pitching public-market stability.

The electronics bet was explicitly built on one hire, an ex-Foxconn India head, making the vertical's leadership a single point of failure.

Star hires are single points of failure: the executive who built a vertical can hand its playbook to a bigger rival exactly when the company needs its story intact for public investors.

Foulger assumed office at Padget Electronics on 16 February 2026. Zetwerk said it was in discussion with bankers and would file IPO draft papers soon; its last disclosed valuation was over $3.1 billion.