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Exclusive: Zetwerk to acquire majority stake in Kryfs

EntrackrEntrackr ยท 17d ago
Exclusive: Zetwerk to acquire majority stake in Kryfs
Medial

Exclusive: Zetwerk to acquire majority stake in Kryfs Full-stack manufacturing services platform Zetwerk has moved to acquire a majority stake in Mumbai-based Kryfs Power Components, a maker of transformer cores and electrical steel products, according to regulatory filings reviewed by Entrackr. As per the filings, Zetwerk will acquire a 51% stake in Kryfs in a stock deal. The board at Zetwerk has passed a board resolution to issue 2.56 crore preference shares worth Rs 238 crore to Kryfsโ€™s shareholders: Saifuddin Fakhruddin Qureishi, Rauzat Saifuddin Qureishi, and Aalliyah Qureishi as part of the transaction. Importantly, it remains unclear whether the remaining 49% stake will be settled in cash or in a future transaction. Queries sent to Zetwerk remained unanswered at the time of publication. The potential acquisition comes just after the company has received Rs 600 crore from its founder-owned entity Creovate Innovation. Entrackr had exclusively reported this development. Founded in 1992, KRYFS is a transformer core maker with a capacity to process 50,000 MT of CRGO electrical steel annually. The company operates across the energy supply chain, from solar power generation to transformer manufacturing, and runs 10 plants across Dadra and Nagar Haveli, Maharashtra, Gujarat, and Madhya Pradesh. โ€‹โ€‹Zetwerkโ€™s acquisition aligns with its plans for a $400โ€“500 million IPO at a targeted $5 billion valuation. Adding established, revenue-generating companies like KRYFS will strengthen its manufacturing base and sharpen its positioning ahead of the listing. According to startup data intelligence platform TheKredible, Zetwerk has raised over $800 million through a mix of equity and debt funding, including a $70 million Series F round led by Khosla Ventures in December last year, which pegged its post-money valuation at $3 billion. The development was exclusively reported by Entrackr then. While it has yet to disclose its FY25 numbers, the firm reported a 26% year-on-year increase in gross revenue to Rs 14,436 crore in FY24. Zetwerk competes with Infra.Market, OfBusiness, and Moglix. Infra.Market recently raised $150 million from Mars Growth Capital.

Infra.Market raises $50 Mn from Mars Unicorn Fund

EntrackrEntrackr ยท 1y ago
Infra.Market raises $50 Mn from Mars Unicorn Fund
Medial

Infra.Market has raised $50 million from MARS Unicorn Fund which is a joint venture of Liquidity Group and MUFG. With this, MARS and Liquidity investment in the company touched $100 million. The two funds previously invested $50 million in Infra.Market in 2022. While the company didnโ€™t disclose its valuation in fresh funding, Infra.Market was reportedly valued at $4 billion in 2022. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the $140 construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. Last year, Infra.Market had divested 10% of its stake worth $20 million in RDC Concrete to investors led by Ashish Kacholia. The former had acquired RDC Concrete for $90 million in September 2021. It also has a majority stake in Strata Geosystems, Equiphunt and Halonix. As of now, Infra.Market has raised around $500 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which commanded 16.87% and 8.46%, respectively, before this round. Infra.Market is one of the handful of unicorns in the country which managed over nine-fold growth in gross scale between FY21 and FY23 and remained profitable. As per TheKredible, its gross revenue rose to Rs 11,846 crore in FY23 from Rs 1,240 crore in FY21. During the fiscal year ending March 2023, the firmโ€™s profit slipped 17% to Rs 155 crore from Rs 187 crore in FY22. It competes with Zetwerk, OfBuisness and Moglix.

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