Bengaluru based manufacturing platform Zetwerk has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to sources aware of the development.
The proposed IPO is expected to comprise a mix of a fresh issue of shares and an offer for sale by existing investors. The final issue size and valuation will be determined through the book building process.
Founded in 2018 by Amrit Acharya and Srinath Ramakkrushnan, Zetwerk operates a technology driven manufacturing platform that connects industrial customers with a network of suppliers and manufacturing facilities. The company serves sectors including energy, electronics, defence, aerospace, capital goods, industrial supply, and raw materials.
Its proprietary software platform, Zetwerk OS, is used to manage sourcing, production planning, supplier coordination, and project execution across its manufacturing network.
Zetwerk has expanded through a combination of owned manufacturing facilities and a global third party supplier network. The company has also benefited from increasing manufacturing demand driven by supply chain diversification beyond China, infrastructure and data centre investments, the energy transition, and India's push for domestic manufacturing.
The company is backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, GreenOak, and Lightspeed.
Entrackr has reached out to Zetwerk for comments. The story will be updated if the company responds.