Zetwerk's manufacturing-marketplace bet: ₹15,913 Cr revenue, IPO in 2026

B2B platform connecting global industrial and consumer companies with Indian manufacturers for custom fabrication, plus a managed manufacturing business.

India's scattered contract manufacturers can be networked into one marketplace that global OEMs trust for custom parts — platform scale beats owning factories.

Over $900M raised through 2026, plus ₹600 crore invested by co-founders via Creovate Innovation in 2025

Founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk bet that India's fragmented contract manufacturing could be digitized: a customer brings a design, Zetwerk finds the workshop that can make it. Its first category was custom metal fabrication, where 'nobody has a stock of such inventories' and every order was made to order.

The bet scaled fast. Zetwerk became India's 25th unicorn of 2021 on a $150M Series E led by D1 Capital at a $1.33B valuation, with FY21 revenue up about threefold to $128M and over 100 Western companies moving supply chains to India through it. It expanded to Southeast Asia and North America, raised a Series F extension of about ₹565 crore ($67M) from Khosla Ventures and The Schiehallion Fund in December 2024, and in 2025 the co-founders pumped ₹600 crore into the company through a new entity, Creovate Innovation, ahead of a planned listing. FY25 gross revenue stood at ₹12,798 crore with losses down 60% to ₹371 crore.

Zetwerk filed confidential IPO papers in March 2026, received SEBI clearance in July, and filed its UDRHP in August for a ₹2,600 crore fresh issue plus an OFS. FY26 revenue from continuing operations rose 40.4% to ₹15,913.3 crore and adjusted PBT turned positive at ₹45.7 crore, though reported losses widened on one-off exceptional items and the company exited its civil-infrastructure business.

Custom manufacturing had no stock and no transparency, a textbook marketplace inefficiency waiting to be digitized.

Global supply-chain shifts away from China gave an India-based manufacturing network a tailwind.

Starting with simple fabrication let Zetwerk prove quality and trust before moving into aerospace, energy and electronics.

Scale of ₹15,913 crore finally flipped adjusted PBT positive, but thin margins kept the business dependent on fresh capital and IPO proceeds.

Digitizing a fragmented industry pays off at scale, but marketplace margins stay thin: even ₹15,913 crore in revenue needed an IPO and years of grind to turn adjusted profit.

By mid-August 2026 Zetwerk was in the final IPO stretch: SEBI clearance in July, UDRHP filed August 14 proposing a ₹2,600 crore fresh issue and an OFS of up to 9.68 crore shares, proceeds mostly to repay borrowings. FY26 continuing-operations revenue rose 40.4% to ₹15,913.3 crore, adjusted PBT turned positive at ₹45.7 crore and the manufacturing order book reached ₹12,370 crore, but reported losses widened to ₹1,606.2 crore on exceptional items, operating cash flow stayed negative a third year, and the civil-infrastructure business was being sold after approval in early 2026.