A digital manufacturing company called Zetwerk said on Thursday that it has purchased Pinaka Aerospace Solutions for an unknown sum in order to grow its operations.
Zetwerk claimed that the acquisition will enable it to access the $11 billion Indian aerospace and defence (A&D) manufacturing sector, which is expected to reach $25 billion by 2025.
Additionally, Zetwerk acquired majority holdings in Sharp Tanks and a 100% ownership in Wheels India’s Wardha manufacturing. The three acquisitions are valued at about Rs 100 crore in total. Zetwerk has been valued at more than $1 billion, earning it unicorn status as a startup.
Amrit Acharya, co-founder and CEO of Zetwerk Manufacturing Businesses, declared, “We am optimistic that our combined expertise will assist shape the A&D industry as we bring back demand for Indian manufacturing from international OEMs (original equipment manufacturers). In order to build our business, we will strive to add more domestic manufacturing companies to our portfolio as we scale and expand even further.
A&D will benefit from the Indian government’s “Make in India” manufacturing initiative as well as domestic demand for spare parts and commercial and defence applications. “We think this is just the beginning,” continued Acharya, “and we (want) to engage with organisations that share our mission to promote India’s industrial independence.
Enterprise companies including Carlisle, Tata, AVTEC, BEL, and HAL as well as government research organisations like DRDO and ISRO can all benefit from Zetwerk’s communication solutions. Zetwerk is using a combination of cash and equity to buy the majority of Pinaka.
Sharp Tanks provides clients in the oil and gas, petrochemicals, fertilisers, and chemicals industries with design, fabrication, commissioning of equipment, and structural works. Zetwerk will join the other seven businesses functioning in this sector in the nation as a result of this acquisition.
Zetwerk can now access a $1.5 billion market for the production of essential fabricated parts for power, roads, and railways thanks to Wheels India’s Wardha fabrication factory.
Zetwerk secured $150 million in a Series E funding round in August of last year, which was headed by D1 Capital Partners. The investment increased the company’s valuation to above $1 billion, allowing it to join the exclusive club of unicorn companies.
