Manufacturing unicorn Zetwerk acquires 3 firms for Rs 100 crore to strengthen its industrial business
- ByStartupStory | July 1, 2022
Zetwerk, a B2B manufacturing unicorn, spent Rs 100 crore to buy three companies to bolster its many verticals. It has purchased a controlling position in the 30-year-old SharpTank for the oil and gas sector, Pinaka Aerospace Solutions for aerospace, defence, and infrastructure components, and The Wardha, the fabrication division of Wheels India, for the provision of fabric solutions.
According to Zetwerk, government research organisations like DRDO and ISRO as well as India’s defence divisions receive communication solutions from them. In this way, the Bengaluru-based business hopes to combine forces with Pinaka Aerospace and expand the scope of Indian aerospace production.
One of the most well-known construction, fabrication, and procurement firms in India, SharpTanks also has strong design capabilities. It provides services to clients in the chemical, fertiliser, petrochemical, and oil & gas sectors.
Amrit Acharya, co-founder and CEO of Zetwerk, has announced that Zetwerk would be purchasing more domestic manufacturing firms in order to diversify into more specialised industries and expand its clientele. Zetwerk is a manufacturing services platform that was established in 2018 by Vishal Chaudhary, Acharya, and Srinath Ramakkrushnan. It links manufacturing businesses with suppliers and vendors for specialised goods, industrial machine parts, and other equipment.
One of the main factors contributing to the popularity of businesses like Zetwerk is the Indian government’s initiative to promote “Make In India” in the manufacturing industry. The market for defence applications and spare parts is one of those seeing growth, driven by domestic demand for industrial equipment.
In August 2021, the firm raised $150 million from D1 Capital Partners to significantly expand its range of business verticals, turning it into a unicorn. In December 2021, it also raised an additional $210 million, and later came under scrutiny after the income tax authority raided the business’s offices on the grounds of possible tax cheating.
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