Zetwerk eyes manufacturing demand from AI

Business-to-business manufacturing platform Zetwerk is looking to capitalize on demand for components and equipment used in artificial intelligence (AI), clean energy and space projects, according to its cofounder and CEO Amrit Acharya. Speaking at the company's stock market debut, Acharya highlighted that clean energy, AI and space all require manufacturing.

Zetwerk's shares made their initial public offering (IPO) debut at Rs 159 on the BSE and Rs 159.25 on the NSE, representing a 5.3% premium to the issue price. However, the stock later retraced its gains and traded near the offer price, following a weaker market performance. The IPO raised Rs 5,012 crore, consisting of a Rs 2,830 crore fresh issue and a Rs 2,182 crore offer for sale by existing shareholders.

Zetwerk has earmarked Rs 2,160 crore from the fresh issue to repay borrowings, with the remaining funds directed towards acquisitions and general corporate purposes.

The company currently operates 26 manufacturing facilities, which accounted for 33.2% of manufacturing revenue in fiscal year 2026, a significant increase from 7.1% two years earlier. Zetwerk supplies industrial and consumer products, leveraging its own factories and third-party manufacturers. Co-founder and COO Srinath Ramakkrushnan stated that the company aims to become a trusted partner for global manufacturing supply chains.

Srinath Ramakkrushnan's wife and cofounder Sanjiv Rangrass supported the founders with a small investment in 2017, having known them from their time at ITC. Rangrass, an independent director, mentioned that he and his wife left their roles at ITC to dedicate their time to Zetwerk and other ventures.