Business-to-business (B2B) manufacturing services marketplace Zetwerk Manufacturing Businesses Pvt Ltd has acquired a controlling stake in KRYFS Power Components Ltd, a transformer solutions provider.
Founded in 1992, KRYFS operates 10 plants across India and is the country’s sole manufacturer of 765 kV transformer laminations and tanks. The acquisition will enable Zetwerk to expand its footprint in the energy and electrification sectors by leveraging KRYFS’s engineering capabilities and regulatory approvals.
“KRYFS’s domain leadership in transformer components and commitment to quality make them a natural fit for us. This partnership isn’t just about scale, it’s about shaping the next generation of infrastructure manufacturing solutions in India, for India and for the world,” said Amrit Acharya, chief executive officer and co-founder, Zetwerk.
Zetwerk plans to integrate KRYFS into its digital-first supply chain platform, enhancing product traceability and expanding offerings to include CNC machined parts, solar PV modules, and substation fabrication.
The existing management team at KRYFS, including CEO Saif Qureishi, will continue to lead the company. Toyota Tsusho Corporation, a sister company of Toyota Motor Corporation and a long-standing strategic investor in KRYFS since October 2013, will continue to hold its stake alongside Zetwerk after the acquisition.
The integration with Zetwerk will offer KRYFS’s customers—transmission utilities, transformer OEMs, and turnkey players—improved quality through end-to-end digital traceability, a wider product range, including CNC machined parts and solar modules, stronger global sourcing supported by Zetwerk’s footprint across multiple regions, and access to IoT-driven innovations like smart transformer health monitoring.
Founded in 2018, Zetwerk operates as a managed marketplace connecting industrial and consumer enterprises with manufacturing suppliers. It helps small and medium manufacturers turn digital designs into physical products while managing pricing, supplier selection, and order fulfillment.
Over the years, the startup has broadened its reach beyond India, generating about 20% of its revenue from international markets such as the US and Europe.
The company is backed by marquee investors, including Peak XV, Accel, and Avenir Growth Fund. It raised $90 million in multiple tranches in 2024, with participation from Khosla Ventures, Wheelhouse Venture Capital, Baillie Gifford, and existing backers Greenoaks and Avenir Growth.
The company is preparing for an IPO within the next 18 months, aiming to attract long-term investors aligned with its growth trajectory. Zetwerk posted revenues of roughly Rs 14,500 crore in FY24, up 27% year-on-year, and reported adjusted EBITDA of Rs 191 crore.
