Exclusive: Zetwerk Begins Talks With JP Morgan, Other Bankers For IPO

Bengaluru-based B2B marketplace startup Zetwerk has joined the growing list of Indian startups eyeing an initial public offering (IPO). The Lightspeed-backed startup has held initial discussions with investment banker JP Morgan for its IPO, sources told Inc42. 

The startup’s top management has also held discussions with 2-3 other banks, the sources said. However, they added that the talks are at a preliminary stage and nothing is finalised yet.

The unicorn, last valued at $2.8 Bn, is looking to go public in the next two years.

Zetwerk didn’t respond to Inc42’s queries on the development. JP Morgan declined to comment. 

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

Earlier this year, the startup announced an investment of INR 1,000 Cr to grow its electronics manufacturing capacity across IT hardware, television, mobile phones, hearable and wearable product segments.

In a statement, the unicorn then said that it was aiming to lead the ODM (original design manufacturer) as well as electronics manufacturing services space in the mobile phones, hearable and wearable space categories.

Zetwerk entered the television and display devices business by commissioning one of north India’s largest TV manufacturing facilities with a production capacity of 2.4 Mn units annually to cater to both domestic and international brands.

The startup has raised a total funding of over $700 Mn till date and counts Mars Growth Capital, Greenoaks Capital, Peak XV Partners, among its backers. 

Zetwerk indirectly competes against the likes of Moglix, OfBusiness, among others. 

It is pertinent to note that OfBusiness is also eyeing a $1 Bn IPO in the second half of 2025.

Amid the ongoing IPO boom in the Indian market, a number of new-age tech startups are lining up to go public. While 10 startups, including Ola Electric, Awfis, Go Digit, among others, have gone public so far this year, Swiggy, Ecom Express, MobiKwik, among others, are looking to make their public market debut in the next few months.