Zetwerk’s promoters have pledged nearly a third of their combined stake, IPO prospectus shows
Founders Srinath Ramakkrushnan and Amrit Acharya have pledged 1.85% of the company's equity directly.
Zetwerk's promoters have pledged roughly a third of their combined stake, revealing a 6.65% share in the IPO prospectus, according to the company's updated draft red herring prospectus filed on Thursday. Founders Srinath Ramakkrushnan and Amrit Acharya pledged 1.85% directly, while their broader promoter group, holding 4.81% through Creovate Innovation Pvt Ltd and family trusts, pledged an additional 4.80%.
These pledges occurred in September 2025 when the company raised debt to invest around Rs 600 crore. Up to 28 million shares and 23 million Creovate shares are being released for sale in the offer for sale component, with further shares locked in post-listing to comply with Sebi regulations. Ramakkrushnan holds an 8.36% stake, Acharya 7.53%, Creovate 2.19%, and the remaining promoters collectively hold 2.62%.
The IPO aims to raise Rs 2,600 crore, with Ramakkrushnan and Acharya selling shares worth about 1% and Creovate about 1.5%. The company's net loss in fiscal year 2026 widened to Rs 1,606 crore from Rs 371 crore the previous year, despite a 40% increase in operating revenue to Rs 15,913 crore.
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