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Zetwerk turns one of India's biggest startups by revenue
Mint Mumbai
|July 19, 2023
The company posted more than twofold jump in revenue to about ₹11,450 crore in FY23
Business-to-business (B2B) manufacturing services marketplace Zetwerk, became one of India's top startups by revenue in the last financial year though its losses widened and margins remained under pressure.
The Bengaluru-based company, which turned a unicorn in mid-2021, posted more than twofold jump in revenue to about ₹11,450 crore ($1.39 billion) in the year ended 31 March. Net loss widened 27% to 108 crore with operating margins at 1.6%.
Operating margins remained constrained due to low value addition and also because the operations are working capital intensive, credit ratings agency Crisil said in a report.
Zetwerk was founded in 2018 by Amrit Acharya, Srinath Ramak krushnan, Rahul Sharma and Vishal Chaudhary. In 2022, it elevated Ankit Fatehpuria as the fifth co-founder of the company.
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