Bengaluru-based contract manufacturing startup Zetwerk has reported an 82% escalation in its losses for the fiscal year 2023, amounting to Rs 108.7 crore.
The unicorn startup also witnessed a notable growth in its revenue from operations, which soared by nearly 130% to Rs 11,448.6 crore.
Zetwerk's expenses mirrored its revenue growth, increasing by 130% to Rs 11,712.62 crore. The significant spike in expenditure is attributed to the rise in employee costs, finance charges, and other miscellaneous expenses.
The reported figures are consolidated from 19 entities, which include two jointly controlled entities and 17 subsidiaries. Zetwerk's operational footprint extends beyond India, with regional operations in Singapore, the US, and the Middle East.
Zetwerk provides a managed marketplace for contract manufacturing. It caters to a myriad of industries, including oil and gas, renewables, aerospace, infrastructure, apparel, electronics, retail, and renewable energy.
The startup is reportedly gearing up to invest Rs 1,000 crore in the consumer electronics space, with a keen interest in electric vehicles and IT hardware.