档案库 · 电商与平台 · 战略决策 · 2018–2026
Zetwerk 的制造业市场押注：营收 15913 亿卢比，2026 年上市
Zetwerk 押注于数字化印度分散的合同制造，能打造一个 30 亿美元以上的平台；2026 年提交 IPO
Zetwerk
做的是什么生意
B2B platform connecting global industrial and consumer companies with Indian manufacturers for custom fabrication, plus a managed manufacturing business.
启动资金：Over $900M raised through 2026, plus ₹600 crore invested by co-founders via Creovate Innovation in 2025
起因
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.
经过
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.
结果
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.
背景
Zetwerk 由 IIT 校友 Amrit Acharya、Srinath Ramakkrushnan、Rahul Sharma 和 Vishal Chaudhary 于 2018 年创立，源于一个简单观察：印度的合同制造分散且不透明，定制零件从不放在库存中。该公司将 OEM 和 EPC 客户与经过审查的小型制造商匹配，从金属制造开始——起重机零件、门和机器底盘——每笔订单都必须从头开始。
这个市场发展成为管理制造平台。Zetwerk 成为 2021 年印度第 25 家独角兽，D1 Capital 领投 1.5 亿美元 E 轮融资，估值 13.3 亿美元，2021 财年营收增长约三倍至 1.28 亿美元，超过 100 家西方公司通过它将供应链转移到印度。它扩展到海外，2024 年底从 Khosla Ventures 和 The Schiehallion Fund 获得 565 亿卢比的 F 轮扩展融资，2025 年联合创始人通过 Creovate Innovation 注资 600 亿卢比，以在上市前加强股权结构。2025 财年总收入达 12798 亿卢比，亏损下降 60%。
2026 年，这个押注走向公开市场：3 月提交保密 IPO 文件，7 月 SEBI 批准上市，8 月提交的 UDRHP 提议发行 2600 亿卢比新股和 OFS。2026 财年持续经营收入增长 40.4% 至 15913.3 亿卢比，调整后 PBT 转正为 45.7 亿卢比，制造业务年末订单簿达到 12370 亿卢比——但报告亏损因例外项目扩大，经营现金流连续第三年为负，公司退出了民用基础设施。
这件事要成立，得有什么
- 定制制造没有库存且不透明，是一个典型的市场低效率，等待数字化。
- 全球供应链从中国转移，为印度制造网络提供了顺风。
- 从简单制造开始，让 Zetwerk 在进入航空航天、能源和电子产品之前证明了质量和信任。
- 规模达 15913 亿卢比，最终使调整后 PBT 转正，但利润率微薄，使业务依赖新资本和 IPO 收益。
可借鉴之处
数字化分散行业在规模上回报丰厚，但市场利润率仍然微薄：即使营收达到 15913 亿卢比，也需要 IPO 和多年努力才能实现调整后盈利。
后续进展
截至 2026 年 8 月中旬，Zetwerk 处于 IPO 的最后冲刺阶段：7 月获得 SEBI 批准，8 月 14 日提交 UDRHP，提议发行 2600 亿卢比新股和最多 9680 万股 OFS，收益主要用于偿还借款。2026 财年持续经营收入增长 40.4% 至 15913.3 亿卢比，调整后 PBT 转正为 45.7 亿卢比，制造订单簿达 12370 亿卢比，但报告亏损因例外项目扩大至 1606.2 亿卢比，经营现金流连续第三年为负，民用基础设施业务在 2026 年初获得批准后正在出售。
资料来源
- India's Zetwerk valued at $1.33 billion in new funding
- IPO-bound Zetwerk in talks to raise $20-30 million from family offices, HNIs
- Zetwerk Files Confidential Papers for INR 4,200 Cr IPO
- Zetwerk DRHP: Exiting civil infrastructure business, rising order book and pledged promoter shares among 10 things to watch
- Zetwerk's Revenue Surges 40% To ₹15,913 Cr In FY26 Ahead Of IPO
发现哪里写错了？告诉我们。
轮到你了
你刚读完一家。说说你在做什么，看看谁在赌同一件事。
免费账号 · 3 次免费提问 · 不用绑卡