IPO-bound Zetwerk in talks to raise $20-30 million from family offices, HNIs

So far, Zetwerk has raised around $740 million, including a $120 million round led by Avenir Growth Capital.

B2B manufacturing unicorn Zetwerk is in talks to raise $20-30 million from family offices and high-net-worth individuals (HNIs) at a valuation of $3.1 billion, sources told Moneycontrol.

The fresh capital infusion is aimed at strengthening the company’s captable as it prepares for public market listing in the near future.

The firm received the board approval for the additional capital raise last week, people aware of the deal said.

This is an extension of Zetwerk’s December round, where it secured Rs 565 crore (approx. $67 million) from Khosla Ventures and The Schiehallion Fund as part of its ongoing Series F. Other investors, including Acron Heavy Industries, AEX4 LLC, and The Chinkerpoo Family Trust, had also contributed.

So far, Zetwerk has raised around $740 million, including a $120 million round led by Avenir Growth Capital. The company, which connects suppliers and customers across industries like aerospace, consumer electronics, and home appliances, is also gearing up for a potential IPO.

According to Bloomberg, Zetwerk has picked banks including Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase, and Kotak Mahindra Bank for an IPO that could raise at least $500 million at a valuation of around $5 billion. The listing could happen as early as this year.

Zetwerk, backed by investors such as Peak XV Partners and Lightspeed India Partners, did not respond to queries at the time of publishing.

(This is a developing story)