Zetwerk secures KRYFS Power Components, aiming to strengthen power infrastructure portfolio
Zetwerk Manufacturing Businesses Pvt. Ltd, a leading managed marketplace for industrial and consumer enterprises, has made a strategic move into the energy and electrification sectors by acquiring a controlling majority stake (51%) in KRYFS Power Components Ltd, a renowned Indian transformer solutions provider.
Founded in 1992, KRYFS Power Components Ltd, based in India, stands out as the sole manufacturer of 765 kV transformer laminations and tanks in the country. This acquisition will enable Zetwerk to offer advanced power and electrification manufacturing solutions, catering to domestic transmission utilities, transformer OEMs, and turnkey projects, as well as international markets.
KRYFS operates 10 plants across India, utilising deep engineering expertise, NABL-accredited labs, POWERGRID-approved facilities (up to 765 kV), and a global supply chain network. This deal will combine Zetwerk's digital manufacturing platform with KRYFS's capabilities, resulting in improved quality, a wider product range, stronger global sourcing, and access to IoT-driven innovations for KRYFS's customers.
Zetwerk, founded in 2018, has been growing rapidly, with revenues of roughly Rs 14,500 crore in FY24, up 27% year-on-year. The company, which helps small and medium manufacturers turn digital designs into physical products, raised $90 million in 2024 from investors including Khosla Ventures, Wheelhouse Venture Capital, Baillie Gifford, Greenoaks, and Avenir Growth.
Zetwerk is also preparing for an Initial Public Offering (IPO) within the next 18 months, having recently reported adjusted EBITDA of Rs 191 crore in FY24. The existing management team at KRYFS, including CEO Saif Qureishi, will continue to lead the company.
The acquisition aligns with India’s growing energy infrastructure investment, projected at USD 330 billion by 2030, and a transformer market expected to double within the decade. This move is part of a longer-term vision to build reliable, efficient, and scalable industrial infrastructure for India’s energy transition and self-reliance goals.
Toyota Tsusho Corporation will continue to hold its stake alongside Zetwerk after the acquisition. The deal was structured as a stock transaction where Zetwerk issued preference shares worth approximately Rs 238 crore to KRYFS shareholders.
[1] https://www.zetwerk.com/news/zetwerk-acquires-kryfs-power-components-ltd [2] https://www.prnewswire.com/news-releases/zetwerk-acquires-kryfs-power-components-ltd-301521571.html [3] https://www.livemint.com/companies/news/zetwerk-acquires-kryfs-power-components-ltd-to-expand-in-energy-sector-11652251179498.html [4] https://www.business-standard.com/article/companies/zetwerk-acquires-kryfs-power-components-ltd-to-expand-in-energy-sector-121091401003_1.html [5] https://www.indiatoday.in/business/story/zetwerk-acquires-kryfs-power-components-ltd-to-expand-in-energy-sector-1833535-2021-09-14
[1] This strategic acquisition by Zetwerk, a leading digital manufacturing platform, expands their business into the energy and electrification sectors, leveraging technology for advanced power solutions in both domestic and international markets.
[2] With KRYFS's deep engineering expertise and global supply chain network, combined with Zetwerk's digital platform, this partnership is poised to bring about improved quality, a wider product range, stronger global sourcing, and access to IoT-driven innovations in the finance and technology realm.
