Zetwerk UDRHP: Rs 2,600 Cr fresh issue, 70% to debt

Zetwerk’s updated draft red herring prospectus sets out a Rs 2,600 Cr fresh issue alongside an offer for sale of up to 9.6 crore shares. Inc42 detailed the document on 20 August 2026. A UDRHP is a filing, not a listing. Pricing, dates and final size all sit ahead of it.

About Rs 1,800 Cr of the fresh issue, nearly 70%, is intended for debt repayment.

FY26 revenue was Rs 15,913.3 Cr, up 40.4% from Rs 11,331.9 Cr. Two loss figures appear in the document and both are real. The statutory net loss for FY26 was Rs 1,606.2 Cr, more than four times the year before. The restated loss excluding exceptional items was Rs 41.1 Cr, down 31% from Rs 59.8 Cr. The gap is roughly Rs 1,565 Cr.

That is not a contradiction. The statutory figure is what the audited accounts recorded, exceptional items included. The restated figure is how the operating business performed once one-off items are stripped out. Both belong in the read.

Greenoaks holds about 20% and is not participating in the OFS. Peak XV holds 12%, Lightspeed 9.9% and Accel 7.7%. Promoters hold about 18% combined. On FY26 pay, Amrit Acharya, Chairperson, MD and CEO, drew Rs 1.5 Cr with a newly approved Rs 4 Cr package. Srinath Ramakkrushnan, Executive Director and COO, drew Rs 1.26 Cr on the same newly approved Rs 4 Cr package. Ginu Nair, CHRO, drew Rs 2.7 Cr. Vadim Yakubov, CEO of Unimacts Global, drew Rs 4.7 Cr.

Read the use of proceeds before the growth story

When most of a fresh issue goes to repaying debt, the raise is balance sheet repair, not an expansion budget. Revenue growth of 40% reads differently once you know the new money is buying down interest cost rather than funding capacity.

Run the same check on your own suppliers. Any vendor heading to public markets publishes a use of proceeds table. If theirs is debt heavy, expect tighter credit terms and firmer pricing over the next few quarters, not softer. Lock rate cards and payment terms while the filing is still a draft.