Indian B2B marketplace unicorn Zetwerk announced acquisitions in three companies on June 30 for a cumulative sum of Rs 100 crore.
Zetwerk acquired a majority stake in Pinaka Aerospace Solution, in a cash plus equity deal. The company said that it would benefit from Pinaka's client portfolio, which includes government research facilities like DRDO and ISRO and enterprise clients like Carlisle, Tata, Hindustan Aeronautics Limited, among others.
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Pinaka's product range includes radar systems, avionics, radars and other communication devices.
“Zetwerk and Pinaka have a history of working together, and we are confident that our combined capabilities will help shape the A&D industry as we bring back demand for Indian manufacturing from global OEMs. As we scale and expand further, we will look to add more homegrown manufacturing companies into our portfolio to grow our business," said Amrit Acharya, Co-Founder & CEO, Zetwerk Manufacturing Businesses.
The unicorn acquired a majority stake in SharpTanks, an engineering and construction company operating in the oil and gas sector. Zetwerk said that the acquisition makes them one of the seven companies in the space.
Zetwerk also purchased the Wardha fabrication unit of Wheels India, in a bid to gain market share in the $1.5-billion market for the manufacture of critical fabricated parts used in power, roads and railway projects.The Bengaluru-based startup, which turned unicorn in August last year, had recently inaugurated a manufacturing facility in Noida spanning 50,000 square feet in order to ramp up production in the domestic smart technology space of hearables, wearables and IOT.