Zetwerk Manufacturing Business secures SEBI approval for public issue. Zetwerk Manufacturing Business Limited has received the green light from SEBI for its proposed initial public offering, bringing the technology-driven manufacturing company closer to a public market debut. The proposed IPO is expected to comprise a fresh issue of shares as well as an offer for sale by existing shareholders. Zetwerk is backed by prominent investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, GreenOak and Lightspeed. Established in 2018 by Amrit Acharya and Srinath Ramakkrushnan, the company operates a technology-enabled manufacturing network that connects industrial demand with suppliers and manufacturing facilities. Zetwerk's business covers energy, electronics, defence, aerospace and capital goods, while it also operates a platform for industrial supply and raw material procurement. The company uses its proprietary Zetwerk OS software to coordinate sourcing, production planning, supplier management and project execution across its manufacturing ecosystem. According to a Crisil report, the group has more than 1,000 customers and over 5,000 active suppliers and vendors across India. Its customer base includes companies such as NTPC Renewables Energy Limited, Nextracker, Samsung India Electronics Private Limited, National Aluminium Company Limited and ArcelorMittal Nippon Steel India. Zetwerk has also expanded its international footprint, with operations across the US, Southeast Asia and the Middle East and Africa. The group's order book exceeded ₹12,000 crore as of March 2026, with execution planned over the next 12-18 months, according to the Crisil report. The company's manufacturing exposure comes at a time when global supply chains are undergoing diversification, while investments in data centres, infrastructure, energy transition and domestic industrial capacity are increasing. Zetwerk also participates in defence manufacturing and initiatives aimed at expanding domestic production in India.

Zetwerk faces $1 billion US counterclaim from Ayr Energy. Posted On: 2026-07-25 India, July 25 - The California transformer startup has taken its dispute with the Bengaluru manufacturing unicorn to the US International Trade Commission and a Texas court, weeks after Zetwerk cleared a regulatory hurdle for its IPO. July 24, 2026 - Ayr Energy Inc., a California-based maker of custom power transformers, has filed counterclaims in the United States against Zetwerk Manufacturing Businesses Pvt Ltd and three affiliated entities, alleging trade secret theft and trademark misuse, and seeking damages of at least $1 billion along with an import ban on certain transformers. Zetwerk has rejected the allegations. The escalation lands at a sensitive moment for Zetwerk, which received clearance from the Securities and Exchange Board of India this month for a proposed initial public offering. Litigation disclosures involving a company's overseas operations are typically scrutinised by investors ahead of a listing. What has been filed, and where According to accounts published by Business Standard, Inc42 and Outlook Business, Ayr Energy has moved on two fronts. Before the US International Trade Commission, it has asked the commission to open an investigation and issue a limited exclusion order barring the transformers named in the complaint from entering the United States, along with cease-and-desist orders covering their marketing, sale, and distribution. Separately, in the Texas Business Court, Ayr is seeking monetary damages of no less than $1 billion, plus exemplary damages, disgorgement of profits, corrective advertising, and injunctive relief. The filings name Zetwerk Manufacturing Businesses Pvt Ltd, Zetwerk Manufacturing USA Inc., Unimacts Global LLC, and KRYFS Power Components Ltd as respondents. The allegations, and the denial Ayr's filings allege that Zetwerk placed an individual at the startup under false pretences, that this person accessed confidential material relating to Ayr's transformer business without authorisation, and that the person left after roughly six weeks before joining Zetwerk to head a new transformer line. The filings further allege that Zetwerk subsequently marketed custom transformer capabilities it had not previously held, and ran online advertising that used the Ayr Energy name. The claims listed include trade secret misappropriation, false advertising, trademark infringement, fraud, civil conspiracy, and unfair competition. None of the allegations has been tested in court. Zetwerk has disputed them. In a statement to Outlook Business, the company said Ayr's complaint followed the withdrawal of an earlier Ayr claim in California that had gained no traction, and characterised the new action as a response to litigation Zetwerk had already brought. "We will prove these allegations in court," the company said. A dispute that began in 2025 The Texas proceedings between the parties have been ongoing since October 2025, when Zetwerk Manufacturing USA and Unimacts Global sued Ayr Energy and its founder, Anirudh Reddy Edla, a former Zetwerk executive, in Texas, seeking $100 million in damages. That petition alleged that Edla incorporated Ayr while still employed at Zetwerk, that Ayr recruited former Zetwerk and Unimacts staff, and that it drew on confidential information to win contracted orders. Ayr's attempt to have that case dismissed was rejected, according to Zetwerk. Ayr has not accepted those characterisations. Why it matters Both companies compete in the US market for grid and data-centre power equipment, where transformer lead times have tightened sharply. An ITC exclusion order, if granted, would restrict US entry of the products named - a commercial consequence that does not depend on the Texas damages claim succeeding. Zetwerk, founded in 2018, has raised more than $700 million from investors including Peak XV Partners, Lightspeed, Accel, Khosla Ventures, and Baillie Gifford. Ayr Energy was founded in 2024. Neither the ITC investigation nor the Texas proceedings has reached a determination. The story is developing.