India-based business-to-business manufacturing unicorn Zetwerk, acquired three firms in a USD 12.6 (INR 100 crore) million deal. The acquisitions reported on June 30, 2022, will boost the company’s industrial portfolio.
Zetwerk purchased the oil and gas, aerospace, defence and infrastructure component segments.
The Acquisitions by Zetwerk
To further enhance its aerospace and defence manufacturing capabilities, the company purchased Pinaka Aerospace Solutions. In the oil and gas segment, the manufacturing unicorn Zetwerk bought a majority stake in Sharp Tanks. The transaction was a mixture of equity and cash.
Further, the company acquired a 100 per cent stake in the Wardha factory of Wheels India.
Purpose of the Acquisitions
Zetwerk will receive access to a portfolio of clients with the acquisition of Pinaka Aerospace. The clientele lies across electronic communication products in the aerospace and defence industry, such as radar systems, avionics, radars and other communication devices. The deal will enable Zetwerk to meet the demands of the manufacturing needs of public and private sector enterprises.
The Sharp Tanks acquisition will further enhance Zetwerk’s exposure to the oil and gas industry. In order to serve the oil and gas, petrochemicals, fertilizers and chemicals industries, the purchase of Sharp Tank will play a key role. This is because Sharp Tanks operates in the design, fabrication, and commissioning of equipment and structural works to serve clients. Zetwerk is now one of the seven companies in India to operate in this space.
Meanwhile, the purchase of the Wardha Factory will enable Zetwerk to tap into a USD 1.5-billion market. The market comprises the manufacturing of critical fabricated parts for power, roads, and railways.
What the founder has to say
“Zetwerk and Pinaka have a history of working together. We are confident that our combined capabilities will help shape the aerospace and defence industry as we bring back demand for Indian manufacturing from global original equipment manufacturers (OEMs),” Zetwerk Manufacturing Businesses co-founder and CEO Amrit Acharya said.
“The Indian Industrials ecosystem, including aerospace and defence manufacturing, has evolved radically, emerging as a strong contender for its global counterparts. However, we believe this is just the beginning, and we are excited to partner with entities that share our vision to drive India’s self-reliance in manufacturing. As we scale and expand further, we add more homegrown manufacturing companies into our portfolio,” he further added.
About Zetwerk
Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary founded Zetwerk in 2018. The Bangalore-based manufacturing unicorn maximizes efficiency, quality and value, thus helping customers reduce costs. The platform bridges mid-to-large original equipment manufacturers from India and Southeast Asia with firms that require custom products and machine parts. The company acquired unicorn status last year after raising USD 150 million in a Series E round.
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