Zetwerk Manufacturing, a $3.1 billion company in the contract manufacturing space, is planning to come up with an initial public offering within the next 15–24 months, a top company executive said on Saturday.
The Bengaluru-based company aims to raise at least $500 million, targeting a valuation of around $5 billion.
The preparatory work is underway to go public in the next 15 to 24 months, said Amrit Acharya, chief executive officer and co-founder of Zetwerk, which is backed by investors including Peak XV Partners and Lightspeed India Partners.
Zetwerk Electronics, a part of the $2 billion Zetwerk Manufacturing businesses, started its seventh electronics manufacturing facility –its first in Tamil Nadu – in Sriperumbudur on Saturday.
Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, who inaugurated the facility, said India’s electronics manufacturing was on a growth trajectory and scaling new heights.
“Two major Electronics Manufacturing Clusters, with an approved cost of ₹1,012 crore, will be developed at Pillai Pakkam and Manallur.
"Tamil Nadu is a key beneficiary, with the railway budget now exceeding ₹6,000 crore, fueling growth and infrastructure.
"As Zetwerk launches its seventh factory, we reaffirm our commitment to supporting Indian companies in becoming global leaders," he said.
The 15-acre campus will play a pivotal role in strengthening India’s position in the global Electronics System Design and Manufacturing (ESDM) sector, contributing to the country’s ambition of a $500 billion ESDM market and Tamil Nadu’s vision of becoming a $1 trillion economy, the company said.
TRB Rajaa, Tamil Nadu’s Minister for Industries, said that as India’s top electronics producer with a 36 per cent share in national exports, Tamil Nadu has always been at the forefront of the country’s manufacturing revolution.
“Investments from new-age companies like Zetwerk further strengthen our ecosystem and will enable our ambitious target to scale up our yearly electronics exports to $100 billion," said the minister.
"This is part of our overall plan to invest around ₹1,000 crore in the electronics segment.
"We are betting big on markets like the United States," said Josh Foulger, the president of electronics at Zetwerk.
The new factory will focus on manufacturing control boards for washing machines, refrigerators, air conditioners, and IT hardware, with advanced production capabilities, including five Surface-Mount Technology (SMT) lines, Manual Insertion (MI) lines, potting, conformal coating, and rigorous testing processes.
At full capacity, the facility will employ approximately 1,200 skilled professionals.
Acharya said Zetwerk was born from the vision of making India a global manufacturing powerhouse.
“In just a few years, we have built a full-stack EMS company that is helping reshape supply chains.
"This new facility is a step toward realising India’s potential in high-value electronics manufacturing," he said.
"Our commitment to innovation, sustainability, and skill development will drive our mission to strengthen India's global competitiveness.
"We recognise that the journey toward a $500 billion ESDM industry and a $1 trillion Tamil Nadu economy is a collective effort, and Zetwerk is proud to be a vital piece of this larger puzzle," he added.
Zetwerk’s Chennai facility is designed to be a world-class export hub, leveraging Indo-US trade opportunities and contributing to India’s role in global supply chains.
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