Zetwerk gears up for IPO in 15-24 months
Amrit Acharya, founder-CEO, Zetwerk, said there is no immediate pressure to go public, as most funds (investors) operate with a 7 to 10-year investment horizon.

Ashwini Vaishnaw in Zetwerk electronics
CHENNAI: Contract manufacturer Zetwerk Electronics, which inaugurated its electronics manufacturing facility at Sriperumbudur, near Chennai, on a 15-acre campus, is gearing up for an IPO in the next 15-24 months, viewing this as a natural progression to attract long-term investors and capitalising on the growing narrative around manufacturing in India.
Amrit Acharya, founder-CEO, Zetwerk, said there is no immediate pressure to go public, as most funds (investors) operate with a 7 to 10-year investment horizon. “In fact, the bulk of our capital was raised three years ago. So, even though we are a six-year-old business, my capital clock started three years back. That being said, if you take a 20 or a 30-year time period, the bulk of your life will be spent in public markets versus being private,” he elaborated.
The rationale of delaying the IPO decision, he reasoned, is to attract long-term investors. Some mutual funds believe after having nurtured a company for say 10 years, it is better to hold than sell as otherwise it would mean the need to find another company to buy, Acharya added.
Zetwerk secured $70 million in a funding round led by Khosla Ventures and IndiGo Airlines co-founder Rakesh Gangwal, along with existing investors. The Peak XV Partners and Lightspeed India-backed firm has raised $768 million across 16 rounds, as per Tracxn data.
The company’s electronics business accounts for about 15 per cent of overall revenue, with renewables being the largest segment at around one-third. “We would like it to grow because it’s very strong,” he said, adding this comes on the back of the tailwind in the form of global companies moving production to India.
Part of the $2.1 billion Zetwerk Manufacturing Businesses, it has 10 manufacturing facilities, with 7 focused on electronics producing items like motherboards, consumer durables, and IT hardware components. Zetwerk uses a mix of in-house manufacturing and partnerships with small manufacturers, as it looks at its new facility to play a key role in TN’s $1 trillion economy vision by driving industrial growth and achieving self-reliance in high-value electronics manufacturing.
Growing rapidly, it has clocked 15,000 crore revenue in six years. “We have a $2 billion order book, with about one-third being multi-year contracts. We are seeing growing interest in IT hardware manufacturing in India, though some hesitation exists due to the ongoing tariff discussions,” he said.
The Chennai facility, into which Rs 1,000 crore has been invested, would be focused on the domestic market. “But, over time, this will become an export hub,” Acharya said, adding the new unit would focus on components for consumer durables like washing machines and air conditioners.