High-Profile Exits Shake Zetwerk Ahead of IPO
Zetwerk, poised for its IPO, faces significant executive departures, including electronics head Josh Foulger. He leaves after two years, and last month's resignation of CMO Amrit Raj. Zetwerk prepares for a major manufacturing expansion with a Rs 1,000 crore investment as it gears up for market debut.
- Country:
- India
In a significant development for manufacturing unicorn Zetwerk, the company's electronics business head, Josh Foulger, has announced his resignation, according to insider sources. This follows last month's departure of Chief Marketing Officer Amrit Raj, marking the second high-profile exit as the company readies for its impending IPO.
Foulger's exit comes less than two years into his tenure, during which he played a pivotal role in spearheading the company's electronic manufacturing expansion. Earlier, he was at the helm of Foxconn's India operations, Bharat FIH. Despite inquiries, neither Foulger nor Zetwerk provided official comments on the resignation.
As Zetwerk continues discussions with bankers and gears up to file its IPO draft papers, the company has committed to a Rs 1,000 crore investment in expanding its manufacturing capacity by 2024. Valued at over USD 3.1 billion, Zetwerk has seen its gross merchandise value soar from USD 100 million to over USD 2 billion.
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