Chennai, March 15 (Reuters) - Zetwerk, an Indian company, is contemplating a stock market debut within the next 24 months as it expands its electronics manufacturing operations, according to its CEO and co-founder.
"Global companies are shifting their manufacturing base to India. This is a current trend that may occur only once in our lifetimes," noted Amrit Acharya, CEO and co-founder of Zetwerk, addressing reporters.
India's electronics manufacturing sector has been gaining momentum in recent years with major tech companies like Google and Apple diversifying their supply chain away from China.
"India is poised to become a strategic choice for global supply chains in the long run," said Josh Foulger, electronics president at Zetwerk, in an interview with Reuters.
Having secured approximately $90 million in funding last year at a valuation of $3.1 billion, Zetwerk has plans to invest in its electronics segment and aims to go public within the next 15-24 months.
Zetwerk's counterpart, Dixon Technologies, went public in 2017, predating Acharya's co-founding of Zetwerk.
Recently inaugurating its seventh factory in Chennai, Zetwerk intends to transform it into an export hub, notably for the United States.
This strategic move coincides with U.S. President Donald Trump's imposition of additional tariffs on Chinese goods, sparking a trade conflict.
In anticipation of Trump's policies potentially favoring Indian production but with potential tariffs on India, Acharya mentioned that Zetwerk hastened its entry into the European market by up to four years, securing several new clients.
Currently, electronics contribute to 15% of Zetwerk's revenue stream.
In the fiscal year ending March 2024, Zetwerk experienced a 26% increase in sales, reaching 144.36 billion Indian rupees ($1.66 billion), yet its net loss grew to 9.19 billion rupees from 1.09 billion rupees in the previous year.
(1 US dollar = 86.9410 Indian rupees)