 "Zetwerk Manufacturing strengthens leadership team in preparation for IPO")
Zetwerk Manufacturing has hired industry veterans to lead its electronics manufacturing services (EMS) division, a move which will help the firm as it plans to hit the primary market by the end of this year.
The Bengaluru-based firm has assembled a leadership team in electronics manufacturing to drive operations and innovation. Bharat Chopra, with a good track record at Samsung and PG Electroplast, will oversee production at Zetwerk’s state-of-the-art Noida facilities.
Kannan Krishnan from Bharat FIH (A Foxconn Technology company) and Nokia, will drive operational efficiency and expansion in southern India.
Santhoshkumar Ramakrishnan, AVP, Sales, who previously worked with Flextronics Technologies, would bring deep expertise in business development, program management, and P&L oversight.
These leaders will report to Josh Foulger, President (Electronics), Zetwerk. Foulger brings a wealth of experience from his tenure as Managing Director of Bharat FIH and Nokia.
“Their deep industry knowledge and operational expertise will be instrumental in driving our growth, enhancing service capabilities, and delivering exceptional value to our customers,” said Rahul Sharma, co-founder of Zetwerk Manufacturing.
Also Read
Zetwork is backed by investors including Peak XV Partners and Lightspeed India Partners.
Sources say Zetwerk has selected banks for a potential IPO in Mumbai, aiming to raise at least $500 million. The company is targeting a valuation of around $5 billion and plans to go public as early as this year, according to the sources.
With this strengthened leadership team, Zetwerk said it is well-positioned to enhance its service offerings across a diverse range of electronics products, including smart meters, mobile phones, smartwatches, home appliances, and automotive components.
Zetwerk has made significant investments in its EMS business, including management takeover of two advanced manufacturing facilities in Noida and a commitment of Rs 1,000 crore to expand its electronics division. These investments will significantly boost Zetwerk’s production capacity. These would also enable it to deliver a superior customer experience across a diverse range of products, including smart meters, mobile phones, smart watches, neckbands, TV and display devices, hearable & wearable devices, home appliances, automotive parts, and POS machines.
Separately, in collaboration with partners, Zetwerk has embarked on manufacturing advanced IT hardware products in India.
Zetwerk has also received significant incentives from the Uttar Pradesh government to fuel the growth of its electronics business.
This month Zetwerk also announced the appointment of Vadim Yakubov as CEO of Unimacts, its wholly owned US subsidiary. This strategic move strengthens Zetwerk’s commitment to the US market and positions Unimacts for significant growth around the world.
Zetwerk’s US operations have grown rapidly, with 350 employees globally and generating 20-25 per cent of the company’s global revenue. Since starting US exports in 2019, Zetwerk has significantly contributed to the resurgence of American manufacturing.
In December 2024, Zetwerk said it had successfully raised nearly $90 million in 2024, increasing its valuation to $3.1 billion from $2.7 billion in its previous funding round in 2023.
The latest funding round was led by prominent investors, including IndiGo Airlines co-founder Rakesh Gangwal, Khosla Ventures, and UK-based Baillie Gifford, a new investor. Existing backers Greenoaks and Avenir Growth also participated. This investment will fuel Zetwerk’s growth in key business segments: Renewables, Consumer Electronics, and Aerospace.
For the financial year ending March 31, 2024, Zetwerk reported a Gross Merchandise Value (GMV) of Rs 17,564 crore ($2.10 billion), driven by strong company fundamentals and a well-executed diversification strategy.
Zetwerk serves over 2,000 customers across India, North America, and Europe.
The company secured orders worth Rs 12,839 crore ($1.50 billion) at the group level as of September 30, 2024.