Zetwerk Manufacturing revenue jumps 6-fold in FY22

Amrit Acharya, cofounder and chief executive officer of Zetwerk. Image Credits: VCCircle

Manufacturing unicorn Zetwerk's revenue soared nearly sixfold to Rs 4,961 crore during 2021-22 mainly on account of companies looking for an alternate destination to China to make their products, the company said on Thursday. Zetwerk had posted operating revenue of Rs 835 crore in the previous fiscal.

The gross merchandise value of the company grew six-fold to Rs 5,718 crore from Rs 951 crore in the year ago period. The company has an order book of Rs 9,750 crore. Talking about growth, Zetwerk Co-founder and CEO Amrit Acharya said that the company has already crossed the business that it did in 2021-22.

"International was a big part of our growth last year. Almost 16 per cent of our revenues came from customers outside of India. Same time last year, it was only 5 per cent. A big part of our growth is coming from international markets and the core underlying theme for that is this whole concept called China plus one." He said that earlier US-based companies were buying just from China but now they are looking to diversify their supply chain to India and other countries.

He said that not just mobile phone makers but companies across the board, big and small, are looking at India as an attractive manufacturing destination. "They find it easy to partner with us to navigate the market. That was one big driver and that will continue to be a big driver," Acharya said. "They find it easy to partner with us to navigate the market.

He said a lot of companies in India are also looking to localise their production which is helping Zetwerk in business growth. "One big category of business for us has been renewables. Even in the US, there was this recent Inflation Reduction Act, which provides subsidies for renewables specifically. That is going to be a big growth market for us," Acharya said.