IPO-bound Zetwerk to raise Rs 600 crore from co-founders via newly formed entity Creovate

funding

B2B contract manufacturing unicorn Zetwerk is set to raise Rs 600 crore (around $70 million) from two of its co-founders, Amrit Pratik Acharya and Srinath Ramakkrushnan, through a newly formed entity, Creovate Innovation Private Limited, ahead of its planned initial public offering (IPO).

The company’s board has approved a special resolution to issue 6.46 crore preference shares to facilitate the capital infusion, according to regulatory filings sourced from Fintrackr.

Creovate Innovation was incorporated in March 2025 by Zetwerk co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan, who will reportedly invest equally in this round.

In addition, the newly incorporated entity is raising Rs 650 crore via debt from Avendus, RV Capital and over 100 other investors. The company has already secured Rs 497 crore (around $58.4 million) of this amount, the filings show. Online media publication Entrackr reported the developments first.

In February, Zetwerk was 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.

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.

The firm picked banks for a potential Mumbai initial public offering that could raise at least $500 million. It could seek a valuation of around $5 billion in the share sale and aims to list as soon as this year.