The IPO will also consist of an offer-for-sale (OFS) component of up to 9.6 Cr equity shares. In total, 18 investors and three individual shareholders will be offloading stake as part of the OFS.

Promoters and cofounders Amrit Acharya and Srinath Ramakkrushnan will be offloading up to 1.4 Cr shares each while promoter entity Creovate Innovations propose to sell up to 2.3 Cr shares. All promoter entities combined hold around 18% stake in Zetwerk.

Notably, its largest backer Greenoaks won't be paring any part of its nearly 20% stake in the company. That said, other major investors will be cashing out.

Peak XV Partners, which holds just over 12% stake in Zetwerk, intends to offload 1.1 Cr shares. Accel will be selling 72 Lakh shares, with the VC firm currently holding 7.7% stake in Zetwerk.

Meanwhile, Lightspeed Ventures, which controls 9.9% stake in Zetwerk, is looking to dump 78 Lakh shares, while Kae Capital is looking to offload 34 Lakh shares from its 3.6% stake.

Of the fresh issue, Zetwerk intends to use ₹1,800 Cr, or nearly 70%, of the capital raised from the fresh issue of the IPO to repay or prepay debts, while the remainder will be deployed for acquisitions and for general corporate purposes.

Thus far, it has raised over $900 Mn via private equity sale. Its last funding round came just last month as it soaked up $52.2 Mn (₹500 Cr) from the Pantomath Group's Bharat Value Fund at a valuation of just over $3 Bn, Inc42 learnt.

Founded in 2018 by Acharya, Ramakkrushnan, and Vishal Chaudhary, Zetwerk operates an end-to-end manufacturing platform that caters to clients operating in industries like electronics, defence, industrial components, renewable energy equipment and consumer hardware.

The company had filed for an IPO via the confidential route in March, and got the nod from markets regulator SEBI last month

The B2B contract manufacturer charges enterprise customers for product designs, managing vendor selection, procurement, production, quality control, logistics and delivery via its partner network. .

As of March 2026, Zetwerk claims to operate more than 26 manufacturing facilities across India, the US, Germany and Spain. The company said it served 1,802 customers including Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy, Indian Oil Corporation, Indian Air Force, and others.

On the financial front, its operating revenue for FY26 jumped 40.4% to ₹15,913.3 Cr from ₹11,331.9 Cr in the previous fiscal year.

The company's net loss surged more than 4X YoY to ₹1,606.2 Cr in the year under review. However, it reported a restated loss of ₹41.1 Cr, excluding exceptional items and tax from continuing operations, down 31% from ₹59.8 Cr in the year-ago period.

With that, here's a detailed look at Zetwerk's board and key management personnel.

Decoding Zetwerk's Leadership Team

Board of Directors

Amrit Pratik Acharya

Cofounder Acharya is the chairperson, MD, and CEO of Zetwerk. An IIT Madras and UC Berkeley alumnus, he worked with global consulting giant McKinsey before setting up Zetwerk in 2018. He received ₹1.5 Cr in total remuneration in FY26, and in May 2026, the board and shareholders approved his new package comprising ₹3 Cr in basic pay and ₹1 Cr in variable pay.

Srinath Ramakkrushnan

Cofounder Ramakkrushnan is the executive director and COO of Zetwerk, leading strategy and regional expansion. He is an IIT Madras alumnus and earlier held the position of head of supply sales at logistics startup BlackBuck. In FY26, he earned ₹1.26 Cr, though the board and shareholders have also approved a new package of ₹3 Cr in basic pay and ₹1 Cr in variable pay.

Sanjiv Rangrass

Rangrass has been on the manufacturer's board as a non-executive independent director on Zetwerk's board since October 2022. An IIT Kanpur graduate, he previously spent over four decades at ITC, rising to divisional chief executive of the Agribusiness Division and Corporate Management Committee member. In FY26, he was paid ₹28 Lakh in total remuneration.

Vinod Kumar Dasari

Dasari joined Zetwerk's board in July 2024 as a non-executive independent director. He previously held leadership roles at Eicher Motors, Ashok Leyland, and Cummins India. He earned ₹1.4 Cr in compensation in FY26.

Jai Shanker Krishnan

Krishnan is another non-executive independent director on the board. He previously spearheaded the high growth markets vertical as president at the Indian entity of global biotech firm Danaher Corporation. In FY26, his gross pay amounted to ₹22 Lakh.

Shailesh Lakhani

Lakhani, the former MD of Peak XV Partners, joined as a non-executive non-independent director on the company's board in January 2026. He received ₹11 Lakh in gross compensation in FY26. The company revised his payout to ₹55 Lakh post getting shareholder approval in May.

Aruna Sundararajan

The former 1982-cadre IAS officer, who formerly served as secretary to the Government of India across the Telecommunications, IT, and Steel ministries, joined Zetwerk's board as a non-executive independent director in January 2026. She was paid ₹10.5 Lakh in FY26 for her services.

Prayank Swaroop

Swaroop, a partner at Accel India, which has backed Zetwerk, earlier worked at Adobe and Standard Chartered Bank. He represents Accel on the board and is not entitled to any compensation.

Key Managerial Personnel

Ankit Fatehpuria

Fatehpuria, Zetwerk's CFO, had been associated with the company since March 2019. He is a chartered accountant and company secretary who has previously worked at ITC and Indian Oil Corporation. He earned ₹1.3 Cr in gross pay in FY26.

Mania Sarkar

Sarkar has been Zetwerk's company secretary since February 2020. Her FY26 remuneration stood at ₹29.8 Lakh.

Senior Management

Dhanraj Dagar

Zetwerk's governance officer Dagar was previously a general manager at Honasa Consumer and Zydus Wellness. He joined the company in June 2026.

Vishal Chaudhary

Chaudhary is the MD of Zetwerk's aerospace and defense vertical and has been at the company since August 2018. He is an IIT Kharagpur dual-degree alumnus who earlier worked at companies like Rivigo and ITC Limited. His FY26 remuneration amounted to ₹1.3 Cr.

Ginu Nair

Nair is Zetwerk's CHRO, having joined in January 2021. His FY26 gross remuneration stood at ₹2.7 Cr.

Rahul Agarwal

Zetwerk's CPTO Agarwal is responsible for enabling automation, scalability, and digitisation. He earlier worked at companies like Freshworks, HealthKart, and TCS, and earned ₹1.3 Cr as his gross pay in FY26.

Manish Agarwal

Zetwerk's deputy CFO is a CA with past roles at Hiveloop and ITC Limited. His FY26 remuneration was ₹7 Cr.

Siddharth Seshan

Seshan has been Zetwerk's general counsel since October 2025 and manages investor relations and legal compliance as well as advising the management and board on legal matters. He earlier worked at Samvad Partners and Hiveloop E-Commerce, and earned ₹55.1 Lakh in FY26.

Subba Raju Komaravolu

Komaravolu heads the energy and capital goods (India) business. He is an IIM Ahmedabad alumnus with leadership tenures at Dr Reddy's, Suven Pharma, McKinsey, and ITC. He drew gross pay of ₹1.6 Cr in FY26.

Shreerang Godbole

Godbole is the CEO of the company's electronics manufacturing services business Zetwerk Electronics. He drew no FY26 remuneration as he joined the company in June 2026.

Vadim Yakubov

Yakubov is the CEO of US-based manufacturing services company Unimacts Global, which Zetwerk acquired at a valuation of $39 Mn in 2022. His FY26 remuneration was ₹4.7 Cr.