Contract manufacturing company Zetwerk has reported an 82% increase in losses for the fiscal year 2023, totaling Rs 108.7 crore, compared to Rs 59.76 crore in the previous fiscal year on a consolidated basis. Despite this loss, the Bengaluru-based company saw significant growth in its revenue from operations, which surged by nearly 130% to reach Rs 11,448.6 crore during the fiscal year. The overall income for the year also exhibited a similar robust increase, reaching Rs 11,595.6 crore.
Zetwerk, which was last valued at $2.7 billion in September 2022, according to data and research platform Tracxn, recently raised funds in a round at a flat valuation. To date, the company has successfully secured $764 million in funding.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrsuhnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk offers a managed marketplace that caters to industrial and consumer enterprises for contract manufacturing services. Its operations span a wide array of industries, including oil and gas, renewables, aerospace, infrastructure, apparel, electronics, retail, solar, and renewable energy. Additionally, recent reports suggest that the company is exploring an investment of Rs 1,000 crore in the consumer electronics sector, particularly in areas related to electric vehicles and IT hardware.
