Contract manufacturing platform Zetwerk triples its total revenue to Rs 949 Cr in FY21
Zetwerk Manufacturing Businesses Pvt Ltd, a contract manufacturing platform, nearly tripled its total revenue to Rs 949 crore in FY2020-21, from Rs 360 crore for the same period last year.
The firm also claims to have reduced its net cash used from operations to Rs 80 crore from Rs 115 crore for the year ended March 2020, and also inched closer towards profitability as it narrowed its losses to 2 percent of the revenue compared to 8 percent, last year.claims to have an order book of Rs 4,500 crore as of today.
Zetwerk team - (L-R) Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary
“In a challenging year, not only have we grown incredibly well, more importantly, we have done it in a very capital efficient manner, reducing the working capital requirements of the company by 75 percent,“ said Amrit Acharya, CEO, Zetwerk Manufacturing Businesses, in a note shared by the firm.
“Moving forward, we will continue to deepen our focus on precision manufacturing, capital goods, and consumer products and continue delighting our customers who are finding Zetwerk as their preferred conduit for solving manufacturing pain points,” Amrit added.
Zetwerk was founded in 2018 by Amrit — a former associate at Mckinsey and Company; Srinath Ramakkrushnan — former business head of supply at logistics firm Blackbuck; and Vishal Chaudhary — an IIT-Kharagpur graduate who last worked at Rivigo, another logistics startup.
The Bengaluru-based firm supports companies to convert their digital designs — from pipes to aircrafts engine parts — into a physical forms. Zetwerk includes Tata Power, Tata Steel, and Delhi Metro Rail Corporation among its clients.
To date, the platform has partnered with more than 2,000 suppliers and delivered at least 1,000 projects across 15 countries including India, China, Saudi Arabia, and The Philippines.
Currently, the platform works across sectors such as oil and gas, consumer goods, renewal energy and electric vehicles. Apparel, defence, space and aerospace are a few new categories Zetwerk wants to foray into.
“In the consumer segment, Zetwerk is rapidly expanding its footprint across consumer electronics and apparel segments through aggressive customer acquisitions across ecommerce, modern retail, and D2C consumer brands. Today, more than 500 enterprise customers and several Fortune 500 organisations trust Zetwerk with their contract manufacturing requirements. Over 80 percent of Zetwerk’s invoicing revenues today come from repeat and regular customers as we provide strong on-time delivery, competitive pricing, wide-range of manufacturing capacities, and capabilities," said Srinath Ramakkrushnan, COO, Zetwerk Manufacturing.
So far, Zetwerk has raised $223.7 million, according to Crunchbase, from backers including Sequoia India, Kae Capital, Accel, and Lightspeed Venture Partners, among others.