The rejig aims to simplify organisational framework ahead of IPO and also help retain talent by empowering senior leadership with greater responsibilities, sources tell Moneycontrol
Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital and the Indian units of HSBC, Morgan Stanley, and Goldman Sachs are bankers to the issue.
The IPO includes about $300 million in fresh equity, with the rest to be raised through an offer for sale
The facility is said to handle complex products across avionics, electronic warfare and electric vehicle components such as battery management systems, charging stations and lighting.
Energy-related manufacturing, including transformers, solar trackers and wind turbine components, now contributes nearly 40% of Zetwerk’s revenue and is growing at roughly 100% YoY, co-founder and chief executive Amrit Acharya told Moneycontrol.
His appoitment comes as Zetwerk has appointed bankers and is likely to file its draft papers for an IPO confidentially in February-March 2026.
Zetwerk estimate losing nearly $77 million in potential orders and allege that Ayr’s revenues from the disputed business could exceed $250 million.
Creovate Innovation was incorporated in March 2025 by Zetwerk co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan
Foxconn is reportedly preparing to apply for PLI under the smartphone display module category through its subsidiary company Yuzhan Technology.
Trump's reciprocal tariff may accelerate the momentum toward more countries and companies looking at India as an important option in their global sourcing footprint, Srinath Ramakkrushnan, co-founder and COO, Zetwerk has said,
Zetwerk is entering new countries and diversifying its supply chain to mitigate risk amid rising geopolitical tensions, Acharya has said as Trump's tariff war threatens global trade
The fresh capital infusion is aimed at strengthening the company’s captable as it prepares for public market listing in near future.
While Scimplify is likely to raise $30 million, Sanlayan is in talks to raise $20 million. CBCatayst is discussing a $1 million deal and Lightspeed is in advanced stages to back a former business head at Zetwerk in a $5 million deal, multiple sources told Moneycontrol.
In FY24, Zetwerk recorded Rs 191 crore of Adjusted EBITDA from operations, as against Rs 188 crore in the year ago period, CEO Amrit Acharya told Moneycontrol in an interview.
The Bangalore-based firm has held talks with investment banks to help prepare for a potential IPO in Mumbai next year
Zetwerk is investing Rs 1,000 crore to expand its electronic manufacturing capacity for smartphones, TVs, hearing aids, wearables, wi-fi routers, PCBAs, and IT hardware like laptops and servers
These EV chargers are planned for major cities and key highways, enhancing accessibility and travel convenience
Zetwerk was last valued at $2.8 billion and Gangwal will be investing through Wheelhouse Venture Capital and with that, he joins as a financial investor of the firm.
The venture fund said it plans to make follow-on investments exclusively into companies of previous funds, as co-investors with growth-stage funds in Series B, C and D rounds.
In his role as CFO, Bhandari will be responsible for closely collaborating with the founders on strategy