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In a significant move indicative of cross-sector investment dynamics, Rakesh Gangwal, the prominent figure behind India’s leading airline, Indigo Airlines, has injected ₹165 crore into Zetwerk, a burgeoning unicorn startup. Zetwerk, celebrated for its prowess in the manufacturing sector, disclosed this strategic investment on Thursday, marking the final leg of its ongoing funding round. The infusion from Gangwal has stamped the company with a formidable valuation of ₹23,157 crore, highlighting the confidence of investors in its trajectory.
The fiscal year 2021-22 witnessed an extraordinary upsurge for Zetwerk, with its revenue skyrocketing nearly six-fold to a staggering ₹4,961 crore. This meteoric rise can be attributed to a palpable global shift, as businesses increasingly seek alternatives to Chinese manufacturing for their products. In a testament to its sustained growth trajectory, Zetwerk’s revenue in the financial year 2023 more than doubled, reaching ₹11,448 crore, further cementing its position as a dominant force in the manufacturing landscape.
Expressing profound enthusiasm, Zetwerk welcomed Gangwal’s investment, recognizing the invaluable strategic guidance he brings to the table. With decades of experience in building businesses and iconic brands, Gangwal’s presence is poised to steer Zetwerk towards achieving its vision of becoming a generational company. In a statement, Zetwerk articulated, “We are delighted to share that Rakesh Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. His strategic guidance will be crucial in building Zetwerk into a generational company.”
Meanwhile, in a parallel development, Gangwal is poised to divest a portion of his stake in Interglobe Aviation, the parent company of Indigo Airlines, through a block deal valued at ₹3,730 crore. This transaction, according to sources reported by CNBC-TV18, entails the sale of up to a 3.3 per cent stake in Interglobe Aviation. The floor price for the block deal has been fixed at ₹2,925 per share, reflecting a 5.8 per cent discount to Interglobe’s closing price on Thursday.
As co-founder of Indigo Airlines in 2006 alongside Rahul Bhatia, Gangwal currently holds an 11.72 per cent stake in the aviation giant. Notably, both Gangwal and his wife, Rekha Gangwal, have gradually reduced their shareholding over the past year, with Rekha completely exiting the firm in August. Despite this divestment, the Chinkerpoo Family Trust, affiliated with the Gangwals, retains a significant 13.49 per cent stake in Interglobe, cementing its position as the company’s largest shareholder after Interglobe Enterprises led by Bhatia.
The confluence of Gangwal’s investment in Zetwerk and his impending divestment from Interglobe Aviation underscores the dynamic interplay between India’s burgeoning startup ecosystem and its established corporate landscape. As Zetwerk continues to chart its path towards excellence in manufacturing, Gangwal’s strategic involvement augurs well for the company’s future, while his divestment from Interglobe Aviation reflects an evolving portfolio strategy in the ever-changing business landscape.
Sources By Agencies
