- Zetwerk cofounders to invest ₹600 crore via Creovate Innovation Pvt Ltd
- Debt round of ₹650 crore underway; ₹497 crore already raised from Avendus, RV Capital, and others
- IPO preparation in full swing, with banks like Goldman Sachs and Kotak Mahindra onboard
B2B contract manufacturing unicorn Zetwerk is expected to raise ₹600 crore from its cofounders – Amrit Pratik Acharya and Srinath Ramakkrushnan, ahead of its IPO (initial public offering) launch. The platform will secure funds through a newly formed entity called ‘Creovate Innovation Private Limited’.
According to regulatory documents reviewed by Fintrackr, the board has approved issuing 6.46 crore preference shares to pave the way for a fresh capital injection. Zetwerk cofounders, Acharya and Ramakkrushnan, started Creovate Innovation in March 2025.
The newly formed entity is also raising ₹650 crore in debt funding from Avendus, RV Capital, and more than 100 other investors. Regulatory filings indicate that ₹497 crore (approximately $58.4 million) has already been secured. The development was first reported by Entrackr.
Zetwerk’s Previous Fundraising Rounds
In February, the manufacturing platform was also in discussions with some family offices and high-net-worth individuals (HNIs) to raise $20-30 million funds at a valuation of $3.1 billion.
Prior to this, Zetwerk also secured around $67 million from various investors including Khosla Ventures, The Schiehallion Fund, Acron Heavy Industries, AEX4LLC, and The Chinkerpoo Family Trust.
Till now, the unicorn has raised nearly $740 million in funds. The company connects customers with suppliers across industries like consumer electronics, home appliances, and aerospace. The company is also preparing for an IPO.
In January, the logistics unicorn has selected banks such as Axis Capital Ltd., Goldman Sachs Group Inc, Jefferies Financial Group Inc, JM Financial Ltd, JPMorgan Chase & Co, and Kotak Mahindra Bank for the upcoming IPO that could raise at least $500 million. The company is backed by investors like Peak XV Partners and Lightspeed India Partners.
Zetwerk’s Financials
The company is yet to post its FY25 financials. In FY24, it reported a 25% increase in operating revenue to ₹14,436 crore on year-on-year basis. The Bengaluru-based start-up also witnessed a 35% increase in its gross merchandise value (GMV) to ₹17,564 crore for the financial year 2023-24.
The renewable and precision manufacturing segments of Zetwerk contributed around 92% of the company’s total GMV in FY24. In addition, its international markets, specifically North America, accounted for 21% of the business. The company reported earnings before interest, taxes, depreciation, and amortisation of ₹191 crore for the same fiscal year.
The company received significant orders from industrial giants like L&T, NTPC, and Siemens. Last year, it has raised $90 million funds from Khosla Ventures, IndiGo Airlines cofounder Rakesh Gangwal, Bailie Gifford, Greenoaks, and Avenir.
