Exclusive: Zetwerk to raise Rs 600 Cr from two co-founders

IPO-bound B2B e-commerce unicorn Zetwerk is raising Rs 600 crore (approximately $70 million) from its promoters through a newly formed entity, Creovate Innovation Private Limited.

The company’s board has passed a special resolution to issue 6.46 crore preference shares to facilitate the fund infusion, as per documents reviewed by Entrackr.

Creovate Innovation was incorporated in March 2025 by Zetwerk’s co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan. According to the sources, both co-founders will invest equally in this round.

As per the Entrackr’s findings, the newly incorporated company (Creovate Innovate) is also raising Rs 650 crore via debt with the likes of Avendus and RV Capital and over 100 other investors. The company has already received Rs 497 crore ($58.4 million) during the round.

The fresh proceeds will be used for meeting fund requirements, growth plan, and general corporate purposes, but not limited to capital expenditure, as per the filings.

Zetwerk declined to respond to queries sent by Entrackr.

The development comes as the Bengaluru-based firm gears up for a $400–500 million IPO, aiming for a valuation of around $5 billion.

Zetwerk connects buyers with suppliers for manufacturing projects by partnering vendors specializing in fabrication, machining, casting, forging, and galvanizing of machine parts. It’s operational in India, the US, the Middle East, and Southeast Asian region.

Zetwerk has raised over $800 million through a mix of equity and debt funding, including a $70 million Series F round led by Khosla Ventures in December last year, which pegged its post-money valuation at $3 billion. The development was exclusively reported by Entrackr.

While it has yet to disclose its FY25 numbers, the company reported a 26% year-on-year increase in gross revenue to Rs 14,436 crore in FY24 from Rs 11,449 crore in FY23.

Zetwerk competes with Infra.Market, OfBusiness, and Moglix. Infra.Market recently raised $150 million from Mars Growth Capital, OfBusiness is gearing up for an IPO, and Moglix has shown steady growth over the years.