Zetwerk Manufacturing Businesses Pvt Ltd said it achieved gross merchandise value of Rs 5718 crore for the year ended March 31, 2022, recording a six-fold growth over the year-ago period. The digital manufacturing firm said this was aided by solid company fundamentals and a well-executed business diversification strategy.
The Company’s operating revenue grew six-fold to Rs 4961 crore from Rs 835 crore in 2020-21.
Zetwerk recorded its first full year of operational profitability, recording ₹57 crore of EBITDA from operations and (-) Rs 42 crore factoring in non-cash ESOP expenses, per Indian accounting standards.
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. As a result, the company said most of Zetwerk’s growth has come on the back of increased spending from repeat customers. The firm said these customers use Zetwerk technology and supply chain to drive faster lead times, improved quality and better visibility into their sourcing requirements.
The company secured orders worth Rs 11,200 crore at the group level during the year ended March 31, 2022, an increase of 200 per cent over the previous year.
In 2020-21, the company also decided to diversify its services beyond India and venture into international markets such as North America.
It also added consumer business to its portfolio in addition to the industrials segment. These strategic decisions have provided long-term tailwinds for the Company’s global growth.
Revenue from the Industrials segment contributed 70 per cent to the total revenue. The Consumer segment accounted for 30 per cent. The International revenue accounted for 16 per cent of the business, the rest coming from the domestic market.
Last year in August, Zetwerk raised $150 million in a Series E funding round led by D1 Capital Partners. The investment took the valuation of the firm to over $1 billion, making it a member of the coveted unicorn club.