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Zetwerk logs 25% rise in FY24 operating revenue; loss triples to Rs 470 crore

Economic TimesEconomic Times · 3d
Zetwerk logs 25% rise in FY24 operating revenue; loss triples to Rs 470 crore

Contract manufacturing startup Zetwerk reported a 25% increase in operating revenue to Rs 14,436 crore for fiscal year 2024. This was driven by a 35% growth in gross merchandise value (GMV) to Rs 17,564 crore, with significant contributions from renewables and electronics. The company posted Ebitda of Rs 191 crore, compared to Rs 188 crore the previous year. However, Zetwerk's losses have tripled to Rs 470 crore due to its exit from the textile and apparel sector. The company plans to focus on growing renewables, aerospace and defense, and electronics. International expansion is also a key area of focus, with 20% of revenue coming from global markets. Zetwerk recently raised $70 million in funding, bringing its total funding to $90 million in 2024. The company is now valued at $3.1 billion and is preparing for an IPO.

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