Business-to-Business (B2B) manufacturing service unicorn Zetwerk has acquired US-based industrial manufacturing firm Unimacts for a total deal size of $39 million and is planning to clock more than $1 billion of revenue for the financial year ending 2023.
“Last year around 12% of our revenue came from the non-India market which is mostly the US and within that the sector was renewables. Globally there is a push for renewables…Unimacts is a company that specialises in solar and with this acquisition we want to be closer to our customers in the US,” said co-founder and chief executive officer of Zetwerk Amrit Acharya in interaction with Moneycontrol.
Zetwerk’s focus on the US market also comes on the back of the country’s recent introduction of the inflation reduction act of 2022 and the US Infrastructure Bill which is similar to India’s PLI scheme that incentivizes Make-in-US companies and industries.
Acharya also said that with this acquisition, Zetwerk will build a large team including hiring for the management and across the departments in the US, and plans to invest more in the growing renewables sector.