Zetwerk, a digital manufacturing company, announced Thursday that it has acquired Pinaka Aerospace Solutions for an undisclosed amount as part of its business expansion.
Zetwerk said the acquisition would help it tap into India’s aerospace and defense (A&D) manufacturing market, which is worth $11 billion and is expected to grow to $25 billion by 2025.
Zetwerk also acquired a majority stake in Sharp Tanks and a 100% stake in Wheels India’s Wardha plant. The total value of the three acquisitions stands at around Rs 100 crore. Zetwerk has unicorn status as a startup after being valued at over $1 billion.
“We are confident that our combined capabilities will help shape the A&D industry as we bring back Indian manufacturing demand from global OEMs (Original Equipment Manufacturers),” said Amrit Acharya, Co-Founder and CEO of Zetwerk. Manufacturing Businesses. “As we scale and expand further, we will look to add more local manufacturing companies to our portfolio to grow our business.”
The push for manufacturing in India by the Indian government and domestic demand for commercial and defense applications and spare parts will help A&D. “We believe this is just the beginning, and we (want) to partner with entities that share our vision to drive India’s self-reliance in manufacturing,” Acharya added.
Zetwerk provides communications solutions to Indian defense units, government research centers such as DRDO and ISRO and corporate clients such as Carlisle, Tata, AVTEC, BEL and HAL. Zetwerk acquires majority stake in Pinaka through a combination of equity and cash.
Sharp Tanks designs, manufactures, commissions equipment and structural works for customers in the oil and gas, petrochemical, fertilizer and chemical industries. With this takeover, Zetwerk will become one of seven companies in the country operating in this space.
The Wheels India acquisition’s Wardha manufacturing unit allows Zetwerk to tap into a $1.5 billion market that includes the manufacture of critical fabricated parts for energy, roads and railways.
Last year in August, Zetwerk raised $150 million in a Series E funding round led by D1 Capital Partners. The investment took the company’s valuation to over $1 billion, making it a member of the coveted unicorn club.