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Zetwerk CEO Amrit Acharya
Zetwerk Manufacturing has made a series of high-profile hires for its electronics manufacturing services division as it plans to list on the primary market later this year.
The Bengaluru-based unicorn startup, backed by investors such as Peak XV Partners and Lightspeed India Partners, has been expanding operations in India and overseas, laying the groundwork for a public offering that may raise at least $500 million and value the firm at around $5 billion.
New leadership for the electronics division
Zetwerk has brought on experienced executives to oversee its growing electronics manufacturing segment. Industry veteran Josh Foulger, the president of Zetwerk’s Electronics division, is leading the new team.
Foulger, who held senior positions at Bharat FIH (a Foxconn Technology company) and Nokia, will be supported by a group of leaders with backgrounds at Samsung, PG Electroplast, Nokia and Flextronics Technologies.
Among the new hires, former Samsung and PG Electroplast executive Bharat Chopra will supervise production at the company’s advanced manufacturing facilities in Noida.
Meanwhile, Kannan Krishnan, previously with Bharat FIH and Nokia, will focus on operational efficiency and expansion in southern India.
Another key addition is Santhoshkumar Ramakrishnan, who brings experience from Flextronics Technologies to his new role as associate vice president of sales.
Rahul Sharma, co-founder of Zetwerk, said these appointments will help the company deliver stronger service capabilities for clients and improve overall customer experience.
Significant investments and manufacturing plans
Zetwerk has made large-scale investments to bolster its electronics business, including taking over two sophisticated manufacturing plants in Noida and pledging Rs.1,000 crore to expand production capacity.
According to the company, these expansions will help Zetwerk manufacture a diverse range of products, including smart meters, mobile phones, smartwatches, home appliances, automotive components and other consumer electronics.
The company has also formed partnerships to produce advanced IT hardware in India and has received notable incentives from the Uttar Pradesh government, encouraging further development of its electronics manufacturing segment.
Zetwerk says these collaborations align with India’s broader vision of becoming a self-reliant manufacturing hub for high-tech goods.
IPO preparations
According to media reports, Zetwerk has selected banks to handle its initial public offering in Mumbai. The startup hopes to launch the IPO as soon as this year, potentially raising more than $500 million.
The latest fundraising of about $90 million in December 2024 was led by IndiGo Airlines co-founder Rakesh Gangwal, Khosla Ventures and Baillie Gifford, with participation from existing backers Greenoaks and Avenir Growth.
Zetwerk's market presence
Zetwerk reported a gross merchandise value of Rs 17,564 crore ($2.1 billion) for the financial year ending March 31, 2024. With more than 2,000 customers across India, North America and Europe, the startup claims ot have booked orders worth Rs 12,839 crore ($1.5 billion) at the group level as of Sept. 30, 2024.
Its international business has also seen rapid expansion, especially in the United States, where the company operates through its wholly owned subsidiary, Unimacts.
Zetwerk recently appointed a new CEO for Unimacts, signaling further commitment to the American market, which already accounts for 20-25% of the company’s total revenue. With 350 employees worldwide, Zetwerk has been credited for boosting U.S. manufacturing exports since it entered that market in 2019.