Manufacturing services unicorn Zetwerk Manufacturing Businesses Pvt Ltd has reported six times growth in its operating revenue to ₹4,961 crore in FY22 as compared to ₹835 crore in FY21.
Further, the Sequoia-backed company recorded a total loss of ₹42 crore after factoring in non-cash ESOP expenses, as compared to ₹41.2 crore loss in FY21. The company’s recorded Gross Merchandise Value(GMV) is ₹5,718 crore for the year ended March 31, 2022, which is six times more than the GMV last year.
The company attributed this growth to increased spending from repeat customers. “Post the supply chain disruptions due to Covid-19 over the last two years, customers are increasingly preferring reliability and transparency in their supply chains, leading to an increased demand for Zetwerk’s services,” the company said in a statement on Thursday.
In 2020-21, Zetwerk also diversified its services beyond India and expanded services to North America. It also added consumer business to its portfolio in addition to the industrials segment. These strategic decisions are said to have provided long-term tailwinds for the company’s global growth.
Industrials contribute major share
Revenue from the industrials segment contributed 70 per cent to Zetwerk’s total revenue and the consumer segment accounted for 30 per cent. The international revenue accounted for 16 per cent of the business, and the rest came from the domestic market. The company secured orders worth ₹11,200 crore at the group level during the year ended March 31, 2022.
Valued at $2.7 billion, Zetwerk is a managed marketplace for contract manufacturing. Zetwerk partners with the industrial and consumer enterprises to get their products manufactured through a global network of small manufacturers, and it helps with supplier selection, pricing and fulfilment of orders. Zetwerk offers manufacturing solutions to various industries including oil and gas, renewables, aerospace, infrastructure, apparel, electronics and retail.