Zetwerk, the B2B manufacturing marketplace, is reportedly preparing for a confidential IPO in India with a target valuation of around $4 billion. The confidential filing route allows the company to submit detailed IPO documents to regulators without immediately disclosing sensitive financial and operational information to the public. The firm, which is aiming to raise up to $550 million, is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) within the next one to two weeks, reports Reuters.
The planned IPO is expected to include both fresh equity and an offer-for-sale component, with around $300 million from new shares issued to fund business expansion and the remaining proceeds allowing existing investors to partially exit. Meanwhile, a consortium of prominent investment banks is advising Zetwerk on the IPO. Kotak Mahindra Capital is reportedly leading the transaction, with support from global players like Morgan Stanley and Goldman Sachs, along with Indian advisory firms including Pantomath Capital Advisors and JM Financial. HSBC is also participating in the deal.
According to the report, Zetwerk is planning to get listed on Indian stock exchanges later this year. However, this is not the company’s first attempt to go public. In February 2025, the company had planned a $500 million IPO with a valuation of around $5 billion, but later delayed the move, indicating a 2027 listing. Then, in November, the company changed its plans again and appointed six banks to manage its listing.
The Bengaluru-based manufacturing and supply chain unicorn has raised a significant amount of capital since it was founded in 2018. According to estimates, the company has secured around $860 million in total funding to date across over 16 rounds, including seed, early‑stage, late‑stage equity, and debt financing. Its most recent prominent funding round was in December 2024, when it raised $70 million in a Series F equity round led by Khosla Ventures at a valuation of $3.1 billion.
However, the timing of the company’s latest move is notable as it is involved in a legal dispute in the US with former executive Anirudh Reddy Edla and his company Ayr Energy. Zetwerk alleges that Ayr misused internal information to secure over $250 million in orders, causing around $77 million in losses.
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