Zetwerk posted a net loss of INR 59.7 Cr in FY22 as compared to INR 41.1 Cr in FY21
The startup saw a 5.9X increase in operating revenue to INR 4,960.5 Cr from INR 835.4 Cr in FY21
The B2B manufacturing marketplace unicorn’s total expenses surged 465% YoY to INR 5,145.4 Cr
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B2B manufacturing marketplace Zetwerk reported a 45% rise in its net loss to INR 59.7 Cr in the financial year 2021-22 (FY22) from INR 41.1 Cr in FY21.
The startup, which turned unicorn last year, saw a 5.9X increase in operating revenue to INR 4,960.5 Cr in FY22 from INR 835.4 Cr in FY21. Total revenue jumped to INR 5,061.8 Cr in FY22 from INR 868 Cr in FY21.
Zetwerk is a managed marketplace for contract manufacturing. One of the primary reasons behind the increase in the startup’s revenue is its foray into the international market. Last year, the startup started offering its services in North America. It also added consumer business to its portfolio in addition to the industrials segment.
The industrials segment contributed 70% to the total revenue, while the consumer segment accounted for the remaining 30%. International revenue accounted for 16% of the business, with the rest coming from the domestic market.
Zetwerk earned INR 101 Cr in other income, which mostly comprises interest earned on investments.
Meanwhile, total expenses surged 465% to INR 5,145.4 Cr in FY22 from INR 909 Cr in FY21.
The cost of consumed materials rose 16X to INR 1,023.5 Cr from INR 62.7 Cr in FY21. Zetwerk spent INR 3,721.1 Cr on purchase of stock-in-trade in FY22, a 5X jump from INR 718 Cr in FY21.
The Steadview Capital-backed startup’s employee benefit expenses rose 3X to INR 217 Cr from INR 58.4 Cr in the previous fiscal year.
Employee benefit expenses usually comprise employee salaries, PF contributions, gratuity, and other employee welfare benefits.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, and Vishal Chaudhary, Zetwerk has raised $650 Mn in funding till date.
Zetwerk entered the unicorn club in September last year after raising $150 Mn in a round led by New York-based D1 Capital Partners. In December last year, it raised $210 Mn led by Green Oaks Capital. D1 Capital, IIFL, ICONIQ, Steadview Capital will also participate in this round of funding.
In July this year, Zetwerk acquired three businesses for a total of INR 100 Cr to strengthen its different verticals. It acquired SharpTank for the oil and gas vertical, Pinaka Aerospace Solutions for aerospace, defence, and infrastructure components, and Wheels India’s fabrication unit.
Zetwerk competes against the likes of Infra.Market, Moglix, and OfBusiness.
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