Exclusive: Josh Foulger steps down as Zetwerk Electronics president

Josh Foulger, president of the electronics division at manufacturing unicorn Zetwerk, has exited the company, according to industry sources aware of the development.

Sources said the move is for personal reasons. Foulger had joined Zetwerk around two years ago to lead its consumer and electronics manufacturing business.

Prior to joining Zetwerk, Foulger served as Country Head (India) and Managing Director at Bharat FIH, where he helped establish the company as a key manufacturing partner for consumer electronics brands.

Zetwerk is evaluating candidates from several top companies including Siemens and Schneider Electric, sources said.

Confirming the development to Entrackr, a Zetwerk spokesperson said, "Josh Foulger has been instrumental in shaping Zetwerk Electronics during its early and growth stages. As he has decided to move back to Chennai for personal reasons, we thank him for his contribution and wish him the very best for his future endeavours."

Established in 2021, Zetwerk Electronics is part of Zetwerk’s manufacturing business, which was last valued at $2.1 billion. Zetwerk operates as a managed marketplace for contract manufacturing.

On Saturday, Union Minister for Railways, Information & Broadcasting, Electronics & Information Technology Ashwini Vaishnaw inaugurated Zetwerk’s new manufacturing facility in Bengaluru focused on aerospace, defence and automotive segments. The facility is expected to employ over 1,200 people at full capacity.

Zetwerk is also in talks to launch an initial public offering and is reportedly exploring a Rs 6,000–6,500 crore ($750 million) IPO, according to media reports.

In terms of financial performance, Zetwerk’s GMV declined 11% in FY25, while its operating revenue fell to Rs 12,798 crore from Rs 14,443 crore in FY24. The company reported a loss of Rs 371 crore in FY25.