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Exclusive: Zetwerk to raise Rs 600 Cr from two co-founders

EntrackrEntrackr · 26d ago
Exclusive: Zetwerk to raise Rs 600 Cr from two co-founders
Medial

url: https://entrackr.com/exclusive/exclusive-zetwerk-to-raise-rs-600-cr-from-two-co-founders-9606334. Content: IPO-bound B2B e-commerce unicorn Zetwerk is raising Rs 600 crore (approximately $70 million) from its promoters through a newly formed entity, Creovate Innovation Private Limited. The company’s board has passed a special resolution to issue 6.46 crore preference shares to facilitate the fund infusion, as per documents reviewed by Entrackr. Creovate Innovation was incorporated in March 2025 by Zetwerk’s co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan. According to the sources, both co-founders will invest equally in this round. As per the Entrackr’s findings, the newly incorporated company (Creovate Innovate) is also raising Rs 650 crore via debt with the likes of Avendus and RV Capital and over 100 other investors. The company has already received Rs 497 crore ($58.4 million) during the round. The fresh proceeds will be used for meeting fund requirements, growth plan, and general corporate purposes, but not limited to capital expenditure, as per the filings. Zetwerk declined to respond to queries sent by Entrackr. The development comes as the Bengaluru-based firm gears up for a $400–500 million IPO, aiming for a valuation of around $5 billion. Zetwerk connects buyers with suppliers for manufacturing projects by partnering vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asian region. 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. While it has yet to disclose its FY25 numbers, the company reported a 26% year-on-year increase in gross revenue to Rs 14,436 crore in FY24 from Rs 11,449 crore in FY23. Zetwerk competes with Infra.Market, OfBusiness, and Moglix.

Exclusive: Zetwerk to acquire majority stake in Kryfs

EntrackrEntrackr · 13d 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.

Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%

EntrackrEntrackr · 11m ago
Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%
Medial

Swiggy has demonstrated strong financials ahead of its initial public offering (IPO). The Bengaluru-based firm reported a 36% jump in its operating revenue to Rs 11,247 crore in FY24, according to documents shared with its investors. Swiggy has also managed to reduce its losses by 44% to Rs 2,350 crore in the last fiscal year. The company’s revenue stood at Rs 5,476 crore in the first three quarters of FY24 with Rs 1,600 crore loss. It’s worth noting that these numbers aren’t audited. The Arc reported the development first. Swiggy said that its food delivery business grew 17% to Rs 6,100 crore while its quick commerce vertical Instamart registered Rs 1,100 crore gross revenue in the last fiscal year (FY24). When compared, Zomato’s overall revenue in FY24 jumped 71% to Rs 12,114 crore. This includes Rs 6,161 crore from the food business and Rs 2301 crore via the grocery business (Blinkit). Swiggy was neck and neck with Zomato in terms of food delivery whereas it was way behind in terms of grocery business. Unlike Swiggy, Zomato reported Rs 351 crore net profit in FY24 and the profitability also continued in the first quarter of FY25. For context, Blinkit had the highest market share among quick commerce players as of July, according to consulting firm USB. Swiggy Instamart was in second position followed by Zepto and BigBasket. Swiggy raised its last equity round in January 2022 when it also entered the decacorn club. Recently, it received strategic investments from Amitabh Bachchan Family’s office and Hindustan Composites. Swiggy reportedly filed IPO papers via a confidential route in May to raise up to Rs 3,750 crore ($450 million) via a fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million). The firm will soon file draft IPO papers with SEBI.

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