India, Aug. 21 -- Bengaluru-based Zetwerk is entering the public markets with a business that looks quite different from the business for which it raised capital in 2018.

The B2B contract manufacturer has moved from operating a marketplace connecting customers with third-party manufacturers to a hybrid model that combines its supplier network with its own manufacturing facilities.

It now counts 6,979 third-party suppliers across 26 countries and operates 26 manufacturing facilities across four countries. This scale is reflected in the financials as well.

Zetwerk's revenue from continuing operations rose 40.4% YoY to Rs.15,913 Cr in FY26. Adjusted EBITDA increased more than fourfold from Rs.97 Cr in FY24 to Rs.421.3 Cr in FY26. However,...