B2B E-Commerce Leader Zetwerk Set to Go Public
Business-to-business (B2B) e-commerce leader Zetwerk is on track to initiate its public listing within the next 12 to 24 months. As reported by ET, CEO Amrit Acharya has communicated to employees that the IPO process will commence in the current financial year. The key focus will be on enhancing productivity, eliminating inefficiencies, and guaranteeing financial sustainability for each unit.
In his message to staff, Acharya indicated that Zetwerk’s goal is to achieve consistent revenue generation across daily, monthly, and annual metrics. He noted a strategic pivot from solely managing costs to striking a balance between growth and profitability.
Zetwerk aims to secure at least $500 million through its initial public offering, targeting a valuation around $5 billion. The company was valued at $3.1 billion after securing $90 million in funding last December.
Founded by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwerk has been connecting buyers and suppliers for manufacturing jobs for the past eight years. The company collaborates with offline suppliers involved in the fabrication, machining, casting, forging, and galvanizing of machine components.
In FY24, Zetwerk experienced a gross revenue increase of 53%, rising to Rs 17,564 crore from Rs 11,448 crore in FY23. However, the firm has not disclosed its net income for the last fiscal year (FY24).
Within the competitive B2B e-commerce sector, Zetwerk faces rivals such as Infra.Market, OfBusiness, and Moglix. Notably, OfBusiness recently transformed its holding entity into a public company, as reported exclusively by Startup Superb. Infra.Market also successfully raised $125 million in a pre-IPO round.
