IPO-bound Zetwerk’s board on Wednesday passed a resolution to raise Rs 600 crore from Creovate Innovation Pvt Ltd, a new entity set up by the business-to-business (B2B) ecommerce platform’s co-founders.
According to filings, Creovate was set up in March 2025 by Amrit Acharya and Srinath Ramakkrushnan, and is based out of Bengaluru.
The fundraise comes amidst multiple reports suggesting that the unicorn is heading to the public markets and is preparing its draft red herring prospectus (DRHP) to list itself on national stock exchanges.
In July, the company had raised Rs 75 crore in debt from JM Financial, one of the investment banks it has reportedly roped in to manage its public listing. Prior to the debt raise, it had secured institutional investment for $70 million as part of its Series F fundraise from Silicon Valley-based Khosla Ventures and IndiGo airline founder Rakesh Gangwal.
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According to a report by Entrackr, Creovate Innovate is also looking to raise Rs 650 crore via debt from Avendus and RV Capital, among others. The company has reportedly already received Rs 497 crore during the round. The company is expected to use the fresh raised funds to meet funding requirements, growth plan, and general corporate purposes.
Zetwerk has raised about $768 million in funding and is valued at $2.94 billion, as of March 21, 2025, according to Tracxn.
While the firm is yet to file its FY25 results, according to Tracxn, the company reported widening losses of Rs 919.2 crore in FY24, compared with Rs 101.6 crore in the previous year. In the meantime, the company also reported a jump in its revenue to Rs 14,596.8 crore during the period, compared with Rs 11,595.9 crore in FY23.
Edited by Kanishk Singh
