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B2B unicorn startup Zetwerk grows its losses by 82% to Rs 108.7 crore in FY23

IndianStartupNews

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Bengaluru-based unicorn contract manufacturing startup Zetwerk reported an 82% increase in losses for fiscal year 2023, amounting to Rs 108.7 crore. Despite the losses, the company saw significant growth in revenue from operations, which increased by nearly 130% to Rs 11,448.6 crore. Zetwerk's expenses also grew by 130% to Rs 11,712.62 crore, attributed to rising employee costs and other expenses. The startup recently raised $120 million in a series F funding round, valuing the company at $2.7 billion. Zetwerk plans to invest Rs 1,000 crore in the consumer electronics space, particularly electric vehicles and IT hardware.

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