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IPO-bound manufacturing startup Zetwerk has raised ₹500 Cr in a pre-IPO funding round from Bharat Value Fund, a SEBI-registered Category II AIF sponsored by the Pantomath Group, sources told Inc42. 

According to the sources, the round valued the contract manufacturer at about $4 Bn. 

Questions sent to Zetwerk didn’t elicit any response till the time of publication. 

The funding comes days after SEBI approved Zetwerk’s IPO, bringing the startup a step closer to its stock market debut. 

Zetwerk filed its draft IPO papers confidentially in March. The proposed public issue is expected to include a fresh issue of nearly $300 Mn and an offer-for-sale component worth about $150 Mn. 

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary,  Zetwerk operates a full-stack manufacturing platform catering to sectors such as industrial components, electronics, renewable energy equipment and consumer hardware.  

The startup follows a B2B contract manufacturing model, wherein enterprise customers provide product designs while Zetwerk manages vendor selection, procurement, production, quality control, logistics and delivery through its manufacturing partner network. 

Zetwerk claims to operate more than 100 production facilities across India, the US, Germany, Spain, Vietnam and Mexico.

The startup entered the unicorn club in 2021 after raising $150 Mn. To date, it has raised more than $700 Mn in funding from investors including Peak XV Partners, Lightspeed, and Mars Growth Capital. 

Earlier this month, Zetwerk cofounder Rahul Sharma, who headed the startup’s precision manufacturing (electronics) business, transitioned from an executive role to a non-executive position. As reported by Inc42 earlier, Sharma is expected to launch a new AI robotics venture.

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