Business-to-business (B2B) manufacturing services unicorn Zetwerk, on Thursday announced a six-fold rise in its revenue and gross merchandise value (GMV) for financial year-ended March 2022.
According to an earnings statement, the company’s operating revenue rose sharply to Rs 4,961 crore compared to Rs 835 crore in FY21, while GMV came in at Rs 5,718 crore versus Rs 951 crore during the previous year.
Zetwerk has also claimed to have turned operationally profitable for the first time in FY22, reporting its Ebitda (earnings before interest, taxation, depreciation and amortization) at Rs 57 crore, excluding Esop (employee stock option) expenses. The company’s Ebitda loss, after factoring in non-cash Esop costs, stood at Rs 42 crore.
According to the statement, the company secured orders worth Rs 11,200 crore at group level during FY22, an increase of 200% over FY21.
“We anticipate solid domestic demand driven by a revival in private capital into new factories, infrastructure and long-term assets, especially in sectors such as metals, cement and pharmaceuticals,” Amrit Acharya, co-founder and chief executive officer, wrote in a note shared by the company.
In 2020-21, Zetwerk ventured into international markets such as North America. According to the statement, international revenue accounted for 16% of the business.
In the domestic market, Zetwerk’s industrials segment revenue contributed 70% to its total topline, whereas consumer segment accounted for 30%.
“Most of Zetwerk’s growth has come on the back of increased spending from repeat customers,” the statement noted.
Founded in 2018, Zetwerk provides a managed marketplace for contract manufacturing with solutions across more than 25 industry segments including oil & gas, renewables, aerospace, infrastructure, apparel, electronics and retail.
It entered the much-coveted unicorn club last year in August, after it raised $150 million in Series E round. It raised another $200 million in Series F funding round led by investors D1 Capital and Greenoaks, pegging the company’s valuation at $2.7 billion.
The manufacturing unicorn is in talks to raise another $100-125 million in a funding round, VCCircle reported last week.
Earlier this year, it said it had agreed to acquire three companies- Pinaka Aerospace Solutions, SharpTanks, The Wardha fabrication--for Rs 100 crore (around $13 million) in a bid to strengthen its industrial verticals in the oil and gas, aerospace, defence and infrastructure component segments.
“Zetwerk will continue to expand the size and scale of its industrials portfolio and bring strategic fillips to grow its consumer and international businesses,” Acharya added.
