Zetwerk Opens New Facility To Boost Electronics Manufacturing

IPO-Bound Zetwerk Opens New Facility To Boost Electronic Manufacturing

SUMMARY

The 15-acre factory will manufacture control boards for washing machines, refrigerators, air conditioners, and IT hardware, and will employ 1,200 skilled workers at full capacity

The new facility was inaugurated by Union minister Ashwini Vaishnaw, who said two electronics manufacturing clusters will be developed in Tamil Nadu

Zetwerk is looking to launch its IPO this year to raise $400 Mn to $500 Mn at a valuation of over $5 Bn

B2B manufacturing startup Zetwerk inaugurated its seventh manufacturing facility in Chennai which will produce electronics components.

The 15-acre factory will manufacture control boards for washing machines, refrigerators, air conditioners, and IT hardware, and will employ 1,200 skilled workers at full capacity, the startup said in a statement.

The new facility was inaugurated by Union electronics and information technology minister Ashwini Vaishnaw.

“This new facility is a step towards realising India’s potential in high-value electronics manufacturing,” Zetwerk CEO and cofounder Amrit Acharya said.

In his address, Vaishnaw said that two electronics manufacturing clusters will be developed in Pillai Pakkam and Manallur with an aim to make Tamil Nadu the country’s manufacturing hub.

“As Zetwerk’s launches its 7th factory, we reaffirm our commitment to supporting Indian companies in becoming global leaders,” added Vaishnaw.

The development comes almost a year after the unicorn said it would invest INR 1,000 Cr to

to strengthen its electronic manufacturing services (EMS).

To further grow its EMS vertical, it announced three key appointments earlier this year. Zetwerk asked its COO Bharat Chopra to take charge of its facilities in Noida. Besides, it roped in ex-Nokia executive Kannan Krishnan as the incharge of southern India operations and Santhosh Kumar Ramakrishnan as assistant vice-president (AVP) of sales of the EMS division.

The startup has been ramping up its production capacity across verticals. In October last year, it announced its intentions to invest INR 500 Cr to expand its manufacturing capacity for the renewables segment.

Founded in 2018 by Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, Zetwork offers manufacturing services to businesses. It caters to sectors such as electronics, consumer goods, solar, automotive, construction, defence and aerospace, among others.

The startup is said to be looking to launch its initial public offering (IPO) this year to raise $400 Mn to $500 Mn at a valuation of over $5 Bn. It has appointed Axis Bank, Goldman Sachs, and Kotak Mahindra as the bankers for its public listing.