Peak XV-Backed Zetwerk Eyes $1 Bn IPO

Weeks after Inc42 exclusively reported that Zetwerk had initiated discussions with investment banker JP Morgan for its potential initial public offering (IPO), the B2B marketplace startup is now reportedly looking to raise $1 Bn through the IPO.

As per Bloomberg, citing sources close to the matter, the startup is in discussions with investment bankers to prepare for its public listing in Mumbai next year.

They also said that the considerations are preliminary and no final decisions have been made, adding that details such as size, value and timing may change.

The potential listing could value Zetwerk at several billion dollars, the report further said.

Inc42 has reached out to Zetwerk for comments on the development. The story will be updated based on the response.

Founded in 2018 by Amrit Acharya, Rahul Sharma, Srinath Ramakkrushnan and Vishal Chaudhary, Zetwerk connects manufacturing companies with vendors and suppliers for procuring industrial machine components. 

The  unicorn was last valued at $2.8 Bn.

The Bengaluru-based startup, which counts Peak XV Partners Mars Growth Capital and Greenoaks Capital among its investors, has secured more than $700 Mn in total funding so far.

A month ago, the contract manufacturing startup was in plans to invest INR 500 Cr over the next two years to expand its manufacturing capacity for the renewables segment, while also looking to expand in the offshore wind segment in the US and Europe.

This development comes at a time when numerous new-age tech startups have been geared up to get listed. So far this year, 10 startups have made it to the exchanges, while many others are lined up for the upcoming year.

For instance, in September, industry peer B2B marketplace unicorn OfBusiness began preparations for an IPO of up to $1 Bn and is close to finalising the bankers for its public issue in the second half of 2025.