Zetwerk has shortlisted Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase & Co. and Kotak Mahindra Bank as bankers for the upcoming IPO
The B2B marketplace plans to raise at least $500 Mn during the IPO and is eyeing a valuation of nearly $5 Bn
This comes nearly a month after cofounder and CEO Amrit Acharya publicly said that Zetwerk will go public in the next 12-18 months
Peak XV-backed B2B marketplace Zetwerk
has reportedly finalised six bankers to helm its potential $500 Mn initial public offering (IPO) later this year.
Sources told Bloomberg that Zetwerk has shortlisted Axis Capital, Goldman Sachs Group, Jefferies Financial Group, JM Financial, JPMorgan Chase & Co and Kotak Mahindra Bank as bankers for the upcoming public listing.
As per the report, the company plans to raise at least $500 Mn during the IPO and is eyeing a valuation of nearly $5 Bn. However, talks are still in the preliminary stages and the size and timing of the public listing could still change.
The latest development comes nearly a month after cofounder and CEO Amrit Acharya told news agency PTI that Zetwerk plans to go public in the next 12-18 months.
This also follows reports, in November last year, that said that Zetwerk had initiated discussions with investment banker JP Morgan for a potential $1 Bn IPO at a valuation of “several billion dollars”.
Zetwerk has pushed the pedal on its market debut nearly a month after the B2B marketplace announced that it has secured close to $70 Mn in a strategic funding round at a $3.1 Bn valuation. The company was previously pegged at $2.7 Bn during its last fundraise in 2023.
In total, the startup raised $90 Mn in funding in 2024 from the likes of Indigo cofounder Rakesh Gangwal, Khosla Ventures and UK-based Baillie Giord, among others.
Founded in 2018 by Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk connects manufacturing companies with vendors and suppliers for procuring industrial machine components.
The startup claims to have achieved a gross merchandise value (GMV) of INR 17,564 Cr (nearly $2.1 Bn) in the fiscal year 2023-24 (FY24).
Overall, the company has bagged over $700 Mn in funding till date and also counts Mars Growth Capital, Greenoaks Capital and Lightspeed among others as backers. Zetwerk indirectly competes against the likes of Moglix and OfBusiness among others.
In the past year, the startup has aggressively scaled up its play and has bolstered its presence in areas such as electronics and original design manufacturing.
With this, Zetwerk has become the latest Indian startup to jump on the IPO bandwagon. Last year saw 13 new-age tech companies including the likes of Go Digit, Swiggy and MobiKwik list on stock exchanges and raise more than INR 29,000 Cr via IPOs.
Going forward in 2025, more than 20 startups have lined up plans to list on the bourses including the likes of Ather Energy, BlueStone, CarDekho, CaptainFresh, Ecom Express, Fractal, Infra Market, among others.
