Zetwerk sees second high-profile exit ahead of IPO

IPO- bound manufacturing unicorn Zetwerk's electronics business head Josh Foulger has resigned from the company, according to sources.

This is the second high profile exit from the company within a month ahead of its planned initial public offer.

"Josh Foulger is no longer with Zetwerk," a source told PTI.


Foulger has exited Zetwerk within two years of joining the company. He previously headed Foxconn's India business unit, Bharat FIH.

Last month Zetwerk chief marketing officer Amrit Raj resigned from the company and joined venture capital firm Jungle Ventures.

When contacted Foulger asked to contact Zetwerk for the comments.

A query sent to Zetwerk did not elicit any official reply.

Zetwerk has earmarked Rs 1,000 crore investment for expanding its electronic manufacturing capacity in 2024 after Foulger took over the role.

The company is in discussion with bankers and expected to file draft papers for the IPO soon.

Zetwerk's last disclosed valuation was over $3.1 billion, while gross merchandise value scaled from about $100 million to more than $2 billion.