Zetwerk, India's contract manufacturing company, had been contemplating a stock market listing within the next 24 months, as it ramped up its electronics production, its CEO and co-founder, Amrit Acharya, revealed on Saturday.
The company's expansion coincided with the growing shift of global manufacturing to India, a trend that Acharya described as a once-in-a-lifetime occurrence. “Global companies are moving production to India. This is happening today; this will happen once in our lives probably,” Acharya told reporters.
Josh Foulger, the electronics president at Zetwerk, also noted that India would become a long-term strategic bet for global supply chains. “India is going to be a long-term bet for any global supply chains,” Foulger told Reuters.
Having raised approximately $90 million at a valuation of $3.1 billion the previous year, Zetwerk now found itself in a strong position to invest in its growing electronics business. Acharya confirmed that the company aimed to go public in the next 15 to 24 months.
He added that the timing aligned with their increased focus on electronics manufacturing.
Zetwerk's decision to pursue a public offering came as it opened its seventh factory in India, located in Chennai.
The new facility aimed to serve as an export hub, including for markets like the United States. The launch of the Chennai factory coincided with heightened trade tensions between the US and China, following President Donald Trump's implementation of extra tariffs on Chinese imports.
While Trump's policies were expected to boost India's production, Acharya noted that Zetwerk had also expedited its entry into the European market. The company had fast-tracked its plans by up to four years, securing several customers in the process.
For the financial year ending in March 2024, Zetwerk's sales had surged by 26%, reaching 144.36 billion rupees ($1.66 billion).
However, the company had faced a widening net loss, which rose to 9.19 billion rupees, compared to 1.09 billion rupees the year before.
