India's Zetwerk mulls public listing within two years, co-founder says
Technology
India's Zetwerk mulls public listing within two years, co-founder says
CHENNAI (Reuters) - India's Zetwerk is considering a stock market listing within 24 months, at a time when the contract manufacturer is ramping up electronics production, its CEO and co-founder said on Saturday.
"Global companies are moving production to India. This is happening today; this will happen once in our lives probably," Amrit Acharya, CEO and co-founder of Zetwerk, told reporters.
"India is going to be a long-term bet for any global supply chains," Josh Foulger, electronics president at Zetwerk, told Reuters.
Zetwerk, which raised roughly $90 million at a valuation of $3.1 billion last year, has room to invest in its electronics business, Acharya said, adding it plans to go public in the next 15-24 months.
The upstart's peer Dixon Technologies went public in 2017, a year before Acharya co-founded Zetwerk.
On Saturday, Zetwerk opened its seventh Indian factory in Chennai, aiming to make it an export hub, including for the United States.
The move comes at a time when U.S. President Donald Trump has hit China with extra tariffs, sparking a trade war.
Trump's policies are expected to boost production in India, but with potential tariffs on India, Acharya said Zetwerk had fast-tracked its European entry by up to four years, signing up a few customers.
In the year ended March 2024, Zetwerk's sales climbed 26% to 144.36 billion rupees ($1.66 billion), while its net loss widened to 9.19 billion rupees, from 1.09 billion rupees a year earlier.
