Mumbai-based contract manufacturing startup Zetwerk has acquired a majority stake in KRYFS Power Components Ltd, a leading electrical equipment manufacturer specializing in transformer components and solar projects. The acquisition aims to integrate KRYFS’s 10 manufacturing plants across India into Zetwerk’s expanding manufacturing ecosystem.

Founded in 1992, KRYFS provides CRGO laminations, transformer cores and tanks, turnkey solutions, and solar project services. The company’s CEO and Managing Director, Saif Qureishi, confirmed that KRYFS’s leadership team will continue managing day-to-day operations.

Amrit Acharya, cofounder and CEO of Zetwerk, emphasized the strategic fit of KRYFS’s domain expertise and quality standards with Zetwerk’s vision to transform infrastructure manufacturing in India. Zetwerk, established in 2018, operates as a managed marketplace for contract manufacturing, connecting over 2,000 customers with more than 10,000 suppliers globally.

Zetwerk recently reported a 26% revenue increase to Rs 14,436 crore in FY24, despite a widened net loss of Rs 919 crore. The company has raised close to $700 million since inception, including $90 million in fresh funding this year led by investors such as Khosla Ventures and Baillie Gifford.

With the domestic transformer market projected to double to $4.2 billion by 2030, the acquisition positions Zetwerk to expand capacity and deliver enhanced manufacturing solutions.

Source: economictimes.indiatimes.com