The promoter behind Indigo Airlines Rakesh Gangwal, has recently invested INR 165 Cr in Unicorn Startup Zetwork as reported by the startup company. This investment was the final funding round for Zetwork’s ongoing round, now propels to the remarkable valuation of INR 23,157 Cr.
Rapid Revenue Growth in Zetwork
Unicorn Zetwerk saw a staggering nearly 6-fold increase in revenue, reaching INR 4,961 Cr in the financial year 2021-22. This notable surge is attributed to the growing trend among businesses to explore manufacturing alternatives outside of China. Subsequently, in the financial year 2023, Unicorn Zetwerk’s revenue more than doubled, surging to INR 11,448 Cr, underscoring its robust growth trajectory.
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Strategic Guidance
Unicorn Zetwerk, expressing strong enthusiasm, highlighted the strategic significance of Gangwal’s involvement, citing his extensive experience as instrumental in steering the company towards becoming a generational enterprise.
Diversified Investments
In other news, Rakesh Gangwal is reportedly set to divest up to a 3.3 % stake, valued at INR 3,730 Cr, in Interglobe Aviation Limited i.e. Indigo Airlines through a block deal. This move comes amidst dynamic developments within the aviation industry. The floor price for the block deal is set at INR 2,925 per equity share, reflecting a 5.8 % discount to Interglobe’s closing price on the relevant day.
Shareholding Dynamics
Notably, over the past year, both Rakesh Gangwal and his wife, Rekha Gangwal, have gradually reduced their shareholding in Airlines, with Rekha exiting the firm entirely in August. However, the Chinkerpoo Family Trust, affiliated with the Gangwals, retains a 13.49% stake in Airlines, positioning it as a significant shareholder after Interglobe Enterprises led by Bhatia.
This strategic investment and the subsequent developments underscore the evolving landscape of both Unicorn Zetwerk and Indigo Airlines, marking significant milestones in their respective trajectories.
