IPO-bound Zetwerk acquires majority stake in transformers solutions firm KRYFS Power Components
The acquisition is expected to boost Zetwerk’s manufacturing capabilities in electrical and renewables manufacturing.
Business-to-business ecommerce platform Zetwerk on Tuesday acquired a controlling stake in transformer solutions company KRYFS Power Components to boost its electrical and renewable manufacturing prowess.
The acquisition will combine Zetwerk’s supply chain platform and global manufacturing network with KRYFS’s deep domain expertise and 10 fully operational plants across the country. The company is the only firm in the country that manufactures 765 KV class transformer laminations and transformer tanks. These are often used power grids and large power plants, including thermal and nuclear.
KRYFS, which is backed by Toyota Tsusho Corporation (TTC), a sister company of Toyota Motor Corporation, will transition its existing management team and over 1600 employees to be a part of Zetwerk’s ecosystem. The company’s current CEO will continue to lead the company.
“At Zetwerk, we’ve always believed that India can be the global factory for critical infrastructure and energy solutions. This partnership with KRYFS reinforces that belief. KRYFS brings a legacy of engineering depth and trust that perfectly complements Zetwerk’s speed, scale, and digital execution. Together, we’re not just expanding capacity, we’re building a future-ready, vertically integrated platform to power India’s growth and export India’s excellence to the world,” said Srinath Ramakkrushnan, COO and co-founder of Zetwerk.
According to the company, India is projected to invest $330 billion in power and energy infrastructure by 2030, driven by renewable energy adoption, grid expansion, electric vehicle acceleration, and urbanisation. India’s domestic transformer market alone is expected to double to $4.2 billion by the end of this decade.
Additionally, the acquisition will also uniquely position Zetwerk to tap in KRYFS’ expertise in renewable and solar infrastructure, smart grid manufacturing and export, as well as turnkey solutions for HV substations and transmission lines.
For KRYFS, the acquisition gives it access to Zetwerk’s global sourcing resilience from India, North and South America, Europe, and Southeast Asia. The company will also be able to tap into Zetwerk’s expanded offerings, including solar PV modules and substation fabrication, among others.
“This is not just about one company acquiring another,” said Amrit Acharya, CEO and Co-founder, Zetwerk. “This is about building an industrial backbone for India's next decade—electrified, digitized, and self-reliant.”
The acquisition comes weeks after the IPO-bound firm’s board passed a resolution to raise Rs 600 crore from Creovate Innovation Pvt Ltd, a new entity set up by Zetwerk’s co-founders.
Edited by Jyoti Narayan