Zetwerk Announces Board and Leadership Restructuring Ahead of Proposed Initial Public Offering

Zetwerk Strengthens Leadership Ahead of IPO

Business-to-business manufacturing firm Zetwerk has made significant changes to its leadership structure as it prepares for an initial public offering (IPO). The company has inducted former Telecom and MeitY Secretary Aruna Sundararajan to its board, while co-founder and CEO Amrit Acharya will take on the additional role of chairman.

As part of the restructuring, co-founder Rahul Sharma has been appointed managing director of the newly created Precision Business, which includes electronics, while another co-founder, Vishal Chaudhary, will head the aerospace and defence vertical. Vadim Yakubov will lead Zetwerk's US operations, and Subba Raju Komaravolu will serve as CEO of the company's energy and capital goods business in India.

Zetwerk's leadership changes are aimed at simplifying the company's organisational framework ahead of its public listing, while also helping retain talent by empowering senior leadership with greater responsibilities. The move is also expected to strengthen the company's board and leadership to match the scale that the business has reached.

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The company has filed confidentially for an IPO, seeking to raise up to Rs 4,200 crore ($450 million) as part of the process. Zetwerk is also in talks to raise a pre-IPO funding round, worth $50-60 million (Rs 450-500 crore), to build its balance sheet and provide an exit to early investors.

Zetwerk is being valued at around $3 billion, largely unchanged from earlier. It is backed by prominent investors, including Khosla Ventures, Accel, Lightspeed, Greenoaks, Avenir, and others.

The company's growth has been significant, with gross merchandise value (GMV) of Rs 12,798 crore (around $1.5 billion) in FY25, down 11 percent from Rs 14,443 crore in FY24. Zetwerk had incurred a loss of Rs 371 crore in FY25, an improvement from Rs 918 crore incurred in FY24.

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As Zetwerk progresses with its IPO plans, it will keep a close watch on the West Asia war and its ripple effects on the Indian startup ecosystem. The company's end-to-end industrial manufacturing platform connects customers to suppliers, handles quality control, timelines, and logistics, and has grown from a digital marketplace connecting manufacturers to customers into a leading player in the industry.