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Exclusive: Josh Foulger steps down as Zetwerk Electronics president

EntrackrEntrackr · 11d ago
Exclusive: Josh Foulger steps down as Zetwerk Electronics president
Medial

Josh Foulger, president of the electronics division at manufacturing unicorn Zetwerk, has exited the company, according to industry sources aware of the development. Sources said the move is for personal reasons. Foulger had joined Zetwerk around two years ago to lead its consumer and electronics manufacturing business. Prior to joining Zetwerk, Foulger served as Country Head (India) and Managing Director at Bharat FIH, where he helped establish the company as a key manufacturing partner for consumer electronics brands. Zetwerk is evaluating candidates from several top companies including Siemens and Schneider Electric, sources said. Confirming the development to Entrackr, a Zetwerk spokesperson said, "Josh Foulger has been instrumental in shaping Zetwerk Electronics during its early and growth stages. As he has decided to move back to Chennai for personal reasons, we thank him for his contribution and wish him the very best for his future endeavours." Established in 2021, Zetwerk Electronics is part of Zetwerk’s manufacturing business, which was last valued at $2.1 billion. Zetwerk operates as a managed marketplace for contract manufacturing.

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Exclusive: Zetwerk to acquire majority stake in Kryfs

EntrackrEntrackr · 6m 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 Kryfs’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. ​​Zetwerk’s acquisition aligns with its plans for a $400–500 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.

Zetwerk, Smile in deal to set up three IT hardware factories

Economic TimesEconomic Times · 1y ago
Zetwerk, Smile in deal to set up three IT hardware factories
Medial

Zetwerk, a contract manufacturing unicorn, has partnered with Smile Electronics to set up three advanced IT hardware production factories in India. The first factory will be established near Bengaluru, followed by ones in Tamil Nadu and Andhra Pradesh. The factories will have automated production lines for assembling, testing, and packing IT products such as desktops, laptops, energy meters, and remote controls. This partnership will enable both companies to have a pan-India presence in electronics manufacturing, with a combined capacity of approximately 1.8 million units per year. Zetwerk plans to expand its electronics manufacturing capabilities and become a leading original design manufacturer in the sector.

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