About the Business
Incorporated in 2017, Zetwerk Manufacturing Businesses Limited is a technology-led global manufacturing platform operating as an asset-light, managed marketplace. The company connects industrial and consumer enterprises with an international network of contract manufacturing partners for custom and volume production requirements. Its end-to-end platform architecture covers design support, supplier matching, quality inspection, and supply-chain logistics.
At the core of the business is its proprietary platform, Zetwerk OS, which provides real-time digital visibility, transparent project tracking, and workflow automation across the manufacturing lifecycle. Zetwerk serves diverse end-markets ranging from early-stage innovators to Fortune 500 corporations across utilities, renewable energy, consumer electronics, artificial intelligence hardware infrastructure, aerospace, space & defence, oil & gas, and precision engineering.
- Global Marketplace Scale: Maintained an active ecosystem across 25+ countries with over 10,000 suppliers and 1,802 corporate clients (1,613 in India and 189 international) in FY26.
- Manufacturing Infrastructure: Operates 20+ specialized production facilities across India, the United States, and Mexico.
- Proprietary Technology Stack: Uses Zetwerk OS to manage multi-tiered supplier workflows, enabling fast turnaround times, high precision, and strong operational network effects.
- Rapid Revenue Expansion: Total income expanded by 40% between FY25 and FY26, climbing from ₹11,492.23 Cr to ₹16,100.63 Cr.
- Established Institutional Backing: Promoters are supported by marquee venture and private equity investors including Peak XV Partners, Lightspeed Venture Partners, Accel India, and Greenoaks Capital.
The company’s promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan.
Company Financials (Restated Consolidated)
Zetwerk Manufacturing Business Ltd.’s revenue increased by 40% between the financial years ending March 31, 2026 and March 31, 2025. For the quarter ended June 30, 2026, the company generated total income of ₹4,195.70 Cr and an Adjusted EBITDA of ₹103.16 Cr.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|---|
| Assets | 12,016.09 | 13,384.63 | 9,083.09 | 10,355.43 | 10,330.85 |
| Total Income | 4,195.70 | 16,100.63 | 2,702.10 | 11,492.23 | 12,523.46 |
| Profit After Tax | -732.98 | -1,606.17 | -1,368.47 | -370.71 | -917.95 |
| Adjusted EBITDA | 103.16 | 421.34 | 31.11 | 322.59 | 97.03 |
| NET Worth | 4,094.13 | 4,813.72 | 3,905.13 | 4,453.76 | 4,062.46 |
| Reserves and Surplus | -771.23 | -15.96 | 3,803.94 | 4,355.22 | 4,025.00 |
| Total Borrowing | 1,942.19 | 1,936.16 | 1,707.21 | 1,746.55 | 1,232.10 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI Metric | Jun 30, 2026 (Recent) | Mar 31, 2026 |
|---|---|---|
| Return on Net Worth (RoNW) (%) | -1.74% | -21.11% |
| Net Asset Value (NAV) (₹) | 25.85 | 31.26 |
| Price to Book Value (P/B) (x) | – | 4.83 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
Retail allocation is capped at 10% under SEBI regulatory guidelines for loss-making issuers
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 15.86% | 11.36% |
| Public & Institutional Investors | 84.14% | 88.64% |
| Total | 100% | 100% |
Offer For Sale – Major Selling Shareholders
| Shareholder | Category | Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Creovate Innovation Pvt. Ltd. | Promoter | 2,29,74,820 | 346.92 |
| Peak XV Partners Investments V | Corporate | 1,76,11,820 | 265.94 |
| Amrit Pratik Acharya | Promoter | 1,42,30,672 | 214.88 |
| Srinath Ramakkrushnan | Promoter | 1,42,30,672 | 214.88 |
| Lightspeed Venture Partners Select IV | Corporate | 1,35,29,722 | 204.30 |
| Kae Capital Fund II | Corporate | 1,25,70,262 | 189.81 |
| Accel India V (Mauritius) Ltd. | Corporate | 1,20,16,622 | 181.45 |
| Lightspeed India Partners II, LLC | Corporate | 1,15,97,361 | 175.12 |
| Other Selling Shareholders | Corporate / Others | 1,57,63,085 | 389.03 |
| Total OFS | 14,45,25,036 | 2,182.33 |
Total OFS component: 14,45,25,036 equity shares aggregating ₹2,182.33 Cr
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
- Repayment/prepayment, in part or full, of borrowings availed by the Company ₹1,300.00 Cr
- Repayment/prepayment, in part or full, of borrowings availed by the Company ₹860.00 Cr
- Funding inorganic growth through strategic acquisitions and General Corporate Purposes Balance
Total planned debt prepayment aggregates to ₹2,160.00 Cr
Zetwerk Manufacturing Business Limited represents one of India’s largest tech-enabled contract manufacturing platforms, operating across 25+ countries with an asset-light marketplace model. The company’s proprietary software, Zetwerk OS, enables custom fabrication, rapid prototyping, and volume production across high-growth domains such as consumer electronics, aerospace, defence, renewable components, and AI hardware infrastructure.
Financially, the company shows significant operational scale alongside substantial bottom-line challenges. Total income expanded 40% YoY in FY26 to ₹16,100.63 Cr, and Q1 FY27 generated ₹4,195.70 Cr. However, the business remains deeply loss-making, posting a net loss of -₹1,606.17 Cr in FY26 and -₹732.98 Cr in Q1 FY27, with negative reserves of -₹771.23 Cr as of June 30, 2026. On the positive side, the fresh capital infusion of ₹2,830 Cr will deploy ₹2,160 Cr directly toward debt prepayment, which will effectively eliminate the majority of its ₹1,942.19 Cr borrowing load and reduce finance costs. At the upper price band of ₹151, the offering is valued at a Price-to-Sales multiple of ~1.58x FY26 revenues against a market capitalization of ₹25,583.25 Cr. Because of continuous losses, retail allocation is restricted to 10% under SEBI guidelines. Investors evaluating the issue must balance the potential of long-term operating leverage in outsourced manufacturing against ongoing cash burn and thin operating margins.
