Months after the markets regulator cleared its confidential IPO filing, B2B manufacturing startup Zetwerk has now filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).
As per its UDRHP, Zetwerk’s public issue comprises a fresh issue of shares worth ₹2,600 Cr and an offer-for-sale (OFS) component of up to 9.6 Cr equity shares.
The OFS component will see early backers, including Peak XV Partners, Lightspeed Venture Partners, Kae Capital, among others offload parts of their stake in the contract manufacturer. The startup’s promoters Amrit Acharya and Srinath Ramakkrushnan will also sell 1.4 Cr equity shares each.
The startup will utilise almost 69% of its fresh issue, around ₹1,800 Cr, to repay or prepay certain borrowings. This is expected to change Zetwerk’s interest burden and earnings profile.
On the financial front, Zetwerk revenue from operations zoomed over 40% to ₹15,913.3 Cr in FY26 from ₹11,300 Cr in the previous fiscal year. Of this, approximately ₹9,300 Cr came from manufacturing, while the remainder from its ecosystem/raw-material business.
The manufacturing giant also saw its net loss climb 333% to ₹1,606.1 Cr during the fiscal under review from ₹370.7 Cr in FY25. The unicorn’s loss deepened largely due to a ₹450 Cr provision related to the discontinued civil infrastructure business and around ₹800 Cr accounting charge related to the founders increasing their ownership from 15% to about 20%.
(This story will be updated soon)
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