The energy cost of intelligence: How AI is reshaping global power demand

一个市场，至少在过去 15 年里，我追踪这个领域，我没有看到任何人这样做。制造这个团队，这些创始人，Zetwork 为我们在印度的改变了这一点，因为敢于这样做并非易事。我们大多数人，任何事情都不容易，没有什么容易，但他们选择的绝对不容易。不仅在印度，而且你可以为世界做到。

>> 所以今年我们的收入将接近 160 亿至 170 亿卢比，其中大约三分之一将来自美国，其余将来自印度。如果你看看所有这些公司，它们都积压严重，而这已成为创造更多人工智能、创造更多计算能力的瓶颈。因此，我们与这些公司合作来解决这个瓶颈，我们能否将这 5 年缩短到 3 年、2 年、1 年，对吧？

>> 在后端，我们所做的运营是，我们去实地审计所有这些中小企业，我们知道谁拥有什么样的机器，谁拥有什么样的能力。有了 160 亿至 170 亿卢比的年收入，我就会想，你的第 10 天会是什么样子。

[音乐]

当我们谈论互联网、数字、软件、人工智能以及所有这些东西时，我们都是其中的一部分。我们都是这个数字经济生态系统的一部分。但是有一家公司，一家初创公司，我敢说是一位颠覆者，它实际上颠覆了一个市场，至少在过去 15 年里，我追踪这个领域，我没有看到任何人这样做。制造，制造是为那个世界制造中小企业，而我们的初创公司世界是另一个世界。这个团队，这些创始人，Zetwork 为我们在印度的改变了这一点。而今天的 Zetwork 已成为一个来自印度的故事，我敢说，它正在将工业和制造业带入互联网，它融合了这两个世界，建立了非凡的差异化效率，以及一家我敢说敢于这样做的公司，因为敢于这样做并非易事。我们大多数人，任何事情都不容易。没有什么容易，但他们选择的绝对不容易。他们不仅生存了下来，因为我们也经历了受影响的疫情，他们都生存了下来并蓬勃发展，并在这里讲述这个故事，即如果你走一条反主流的道路，一条艰难的道路，你不仅会成长并变得庞大并展示规模经济，而且从印度出发，不仅在印度，而且你可以为世界做到。

所以，让我们为 Amrit 和 Shrinat 鼓掌，感谢他们坚持不懈并指明方向。今天告诉我们，Zetwork 在哪里？发生了什么？让我们从那里开始。让我们得到一些实际的数字。创新是什么？你们今天在市场上的位置如何？

>> 所以，是的，我们是一家成立 8 年的公司。我们成立于 2018 年。所以我们还年轻。我们提醒自己，在我们存在的八年中，有三年是疫情。所以这简直就像一个 [哼鼻声] 四五年的故事。

>> 所以今年我们的收入将接近 160 亿至 170 亿卢比。

>> 哇。简直是哇。哇。

[笑声]

>> 嗯，其中大约三分之一将来自美国。其余将来自印度。我们今天服务的最大领域是我们称之为能源和电力组件的领域。所以我们与太阳能开发商、数据中心公司、为该行业服务的原始设备制造商合作，比如制造变压器、太阳能组件的公司，比如世界上最好的公司，像西门子、施耐德这样的公司，它们都是我们的客户。我们为他们做两件事：一是，今天所有这些公司都处于增长阶段，就像如果你看看所有这些公司，它们都积压严重，就像如果你看看 Facebook 的财报电话会议，他们会说，

>> 从通用电气订购燃气轮机需要 5 年时间，而这已成为创造更多人工智能、创造更多计算能力的瓶颈。因此，我们与这些公司合作来解决这个瓶颈，我们能否将这 5 年缩短到 3 年、2 年、1 年，对吧？

>> 第二件事是，我们也直接为他们的客户服务，在他们无法直接满足产品差距的情况下，我们帮助他们。而我们带来的关键创新是，看看供应是可用的，它曾经很难获得，因为它非常非常分散，而且

>> >> 广泛的。

>> >> 它是在当今世界，由于关税、地缘政治造成的混乱，你无法依赖你的现状环境。就像历史上，世界在过去 20 年里一直从中国购买，印度和美国基本上都将工业化外包给了中国。而现在他们突然醒来，说看，我们没有任何工业能力。所以世界是充满活力和变化的，在这个世界里，你知道我们扮演着如何导航、如何帮助公司导航的角色。

>> >> 是的，所以你变得更加相关了，你试图间接表达的意思是。

>> 在当今的环境中，我们都知道工作，但请简化，我可以接受。所以这是一个制造平台，如果有人想订购一个零件，对吧？看看这个灯具。它基本上由一些注塑零件、一些机械零件、一些金属零件组成，对吧？所以客户，也就是原始设备制造商，会提供一份叫做 AutoCAD 图纸的东西，我们作为一家公司会分析这份图纸，然后我们做的是，我们将它与哪个制造中小企业可以实际制造这个零件进行匹配。所以这是我们后端的数据存储库。我们所做的运营是，我们去实地审计所有这些中小企业。我们知道谁拥有什么样的机器，谁拥有什么样的能力，然后将其与质量保证、质量控制、正确形式的原材料采购 [哼鼻声] 相结合，最重要的是，公司想要整个供应链的透明度、可见性和可追溯性。对吧？就像今天我们在 Zomato 或 Swiggy 上订购一份印度香饭，我们知道它来自这家餐厅，需要多少分钟。但想象一下，德国的某个客户或美国的某个客户订购了一个价值一百万美元的零件，需要同样的透明度、可见性和可追溯性。令人惊讶的是，这并不存在，而这正是我们试图解决的问题。它仍然是零天。我们在某些供应链中已经解决了相当多的问题，所以我们主要为能源供应链做这件事。我们为电子供应链做这件事。我们也为航空航天和国防以及工业供应链做这件事。

你知道 Shrinat，当你说的它仍然相当早，零天，年收入 160 亿至 170 亿卢比时，我就会想，你的第 10 天会是什么样子。但非凡，非凡，正如我所说，这是一个艰难的问题，不是一个性感酷炫的空间。

>> 那很好，没有竞争。

>> >> 是的，是的，这就是为什么没有竞争。我敢说你在印度是品类创造者，你做到了。告诉我们，就像我们这两天一直在讨论规模与创造价值一样。现在告诉我们，你是如何在你运营的各个领域创造价值的，并给我们一些关于你在制造业中学到的经验教训的见解，因为那个空间，到目前为止，我们并不深入了解。

>> >> 是的。所以价值，在我们这个行业中，来自于三件事。你必须按时交付货物。你 [清嗓子] 以正确的质量交付，并且以合适的价格交付。我认为这是三个属性。

>> >> 如果你能降低成本，就能加快速度，再次提高质量。

>> >> 你在为你的客户创造价值，为你的股东创造价值，然后这就变成了一个问题，你为自己保留多少价值，你的利润率，然后你与你的参与者分享多少。所以核心价值主张是，而且你看，在这三者中，会有一些客户以不同的方式欣赏它们。就像你和能源供应链中的客户谈话，他们会非常重视时间。就像如果你能说，我将把你的生产周期缩短 6 个月，这意味着他们可以更快地进入市场，提前 6 个月。这意味着他们有 6 个月或更多的收入，而不是他们原本可能获得的。他们实际上是在提前收入。而这些客户在某种程度上对价格不敏感。我们大概理解了这一点，但我们看到的 strongest 证据是，当印度被征收 50% 的关税时，现在产品突然变得贵了 50%。但我们已经将所有关税转嫁给了我们的客户，因为我们的客户非常非常看重时间，而不是价格。而如何为它定价非常困难，对吧？所以，然后，

>> >> 然后是国防和航空航天领域的客户，他们对质量极其敏感。他们愿意等待，因为有充分的理由。这是一个进入飞机的零件，你知道，我们都应该对此感到安全。所以你看看市场的这些细分领域，然后你决定你想在哪些领域运营。所以我们对这三者都有一个价值主张。就像我敢说，传统的印度客户对价格敏感。所以我们为他们提供了一个价值主张。传统的，典型的美国客户对时间敏感，所以我们为他们提供了一个价值主张。然后，然后，是的，这只是一个将你创造的价值货币化的功能。

>> >> 所以 Amrit，如果我举能源的例子，我就是能源行业的供应商，我正在制造一些机器，一些解决方案，你和我都在印度，有人在美国需要这个。所以你主要也做的是将我与美国买家的机会联系起来，而对于那个买家，你提供了我作为印度制造商的质量可追溯性。

>> >> 是的。然后我再给你一步。如果这是一个典型的设备供应商，比如说一笔 1 亿卢比的交易，6000 万到 7000 万卢比将是原材料。他们今天自己购买，并且通常从他们的供应商那里得不到好的价格或好的时间，比如钢、金属、铜或锌。所以我们所做的是，我们所有的供应商都从我们这里购买材料。所以我们是垂直整合的业务。我们从那笔交易中赚不了多少钱，但我们节省的是，一个典型的供应商需要 30 天才能购买原材料，而他们第一天就从我们这里购买原材料。所以我们在制造过程中节省了 30 天。

>> >> 所以你也有那个，你是垂直整合的。

>> >> 哇。

>> >> 是的。所以我们的制造是一个垂直整合的业务。你做得越大，就有规模经济。你选择你想为自己保留多少，多少你转嫁出去。我们转嫁了大部分。我们保留我们认为可以保留的。但想法是，如果你创建一个核心平台，也就是我们创造的经济引擎，你输入一张图纸，你输出一个产品，你以最快的方式完成它，以最高的质量完成它，那里有很多价值。而如何将这种价值货币化，就是选择最欣赏它的合适客户。这也是为什么我们的产品组合中充满了所有这些新兴产业，比如太阳能是我们数据中心的重要组成部分。我们为电动汽车公司做了很多工作。你知道。所以，我们为印度的国防公司做了很多工作，这是一个不断增长的行业。所以，所以这些事情在我们产品组合中会过度代表，因为它们是最，我敢说，客户最渴望一个好的解决方案。

>> >> 是的。是的。带我们快速了解一下这个平台的构建。因为有大量的深度技术，我们这两天一直在大量使用人工智能这个词，有很多技术让你获得了这种规模。带我们了解一下你通过平台建立的差异化。

让我先谈谈我们技术中的供应链部分。对吧？我之前谈到了透明度、可见性和可追溯性。对吧？所以，如果你谈论一个单一的订单，它将包含大量的工程图纸。所有的图纸都不是由一个车间制作的。它可能由车间 A 完成。一些数量可能由车间 B 完成。一些数量可能由车间 C 完成。有时制造过程也可能涉及各种步骤，对吧？所以想象一下，当你有一个大型工厂，并且你从该工厂向客户交付零件时，你需要一个 ERP。但是当你进行分布式制造时，当我们今天每月与 10,000 家中小企业合作时，我们每月交付 1000 万个零件，1500 万个零件。那么，你如何管理库存？你如何管理成本？你如何管理生产计划？以及你如何对如此多的工厂进行逐个零件的检查？没有强大的技术支持，你无法做到这一点。

>> 是的。

>> >> 当我们开始创业时，我们环顾四周，除了传统的 ERP，我们找不到任何为我们的应用程序定制和量身定制的东西。所以我们决定在内部构建所有这些技术。

>> >> 哇。

>> >> 我可以想象它的复杂性。

>> >> 我会 [清嗓子] 补充一点，就像今天发生的那样。正如 Shinan 所说，所以我们的核心输入是 AutoCAD 文件，其中包含很多规格。所以在过去的 7 到 8 年里，我们处理了近一百万个 AutoCAD 文件。所以今天发生的是，当我收到一个增量的 AutoCAD 文件时，我们已经构建了自己的，我们正在训练自己的 LLM。它将获取新的 AutoCAD 文件，并将其与我们过去 7 年中制作过的最接近的东西进行匹配，通过视觉匹配，它会说，好的，这是你以前制作过的零件。这是制作它的供应商。这是以什么价格完成的。这是我们检查的质量方面。所以你知道，我们作为一个企业，我们试图现在货币化我们过去七年的所有数据。而且你看，我们已经在没有人工智能的情况下这样做了，我们试图构建一个搜索工具。现在发生的是，那个时间过程已经大大缩短了，就像我们原本需要 18 个月才能完成的事情，我们现在可以在大约一个月内完成。

我只是在想它的复杂性。

>> >> 是的，这是一个复杂的业务。事实上，我们说我们老实说，当我们开始的时候，我们不知道它有多么困难和复杂。我们浪漫化了这个业务，老实说，当我们开始创业的时候，虽然它对我们来说不性感，但它非常性感和有趣。

[笑声]

>> >> 而且你知道，我们来自那个背景。所以我的第一份工作是为 ITC 建造一家工厂。我真的很享受这个过程，因为你付出了很多努力，但在两年后，你就有了一个实体工厂，它正在生产商品，有上千人就业。Shrinat 的父亲也在这里，他的父亲在 Tiruvarur 从事制造业。所以我们从不同的角度理解制造业，我们想，为什么不建立一家这样的公司呢？然后，当然，我们可以实现我们的梦想，这很棒。但是的，我们一路上经历了很多颠簸。

>> Amrit，你在过去七年里肯定建立了很多智能。我不仅仅是说数据，而是 Amrit 正在谈论的智能。这是否再次是一个简单而愚蠢的问题，但今天你有什么样的不公平优势，如果我要开始，我永远不会这样做，如果我要开始一个 Zetwork 的等价物，那么对我来说有多么困难或容易？

>> >> 看看，因为机会如此巨大和深入，即使在今天，也有很多 [哼鼻声] 处女机会是我们公司没有解决的，这就是为什么我认为我们需要，我们需要在印度有更多更多的 Zetwork，为多个多个行业服务。当我们谈论航空航天和国防时，我们真的只是在刮表面。我们在雷达系统和 LAR 系统方面做了一些事情，而这些是我们真正解决的供应链，但还有很多东西有待发掘。如果你看看我们公司甚至没有涉足的其他制造业，比如特种化学品制造，或者制药和其他领域。有类似的供应链思维过程，技术优先的思维，肯定可以颠覆这些供应链，并为客户和供应链中的每个人带来很多价值。而且我们也看到了这一点，就像，我会插入我们的校友，很多离开 Zetwork 的人，他们已经过了五年，他们都在创业，人们正在创业特种化学品，人们正在创业技术纺织品，有人创业航空航天和国防，所以希望我们会创造那个校友网络。

>> >> Jet Mafia。

>> >> 是的，是的，我们做不到的事情，我们会希望其他人来做。

>> >> 非常非常非凡。

>> >> 而这些都是非常非常晦涩的生意，你知道。这需要人们在我们这里花三四年时间才能了解这个市场甚至存在。而且，而且我们对我们经营业务的方式有一个稍微水平的看法。现实是，每个商业机会都有很多深度和垂直化的可能性。所以这是别人可以做的更大的机会。

>> >> 精彩。但我的另一个问题是，如果我可以使用创业这个词，你今天建立的模式，它给了你那种坚实的基础？

>> >> 是的。看看几件事。一是 Shrinat 说我们每月与 10,000 家供应商合作，但要接触到这 10,000 家，我们可能在一段时间内与 50,000 到 60,000 家合作过，我们已经筛选掉了那些不够好或不符合我们对时间和质量期望的人。现在，对于我们合作的每个人，我们都有非常深入的技术承保。它始于他们是谁，他们有什么机器，他们以前做过什么产品，他们的其他客户是谁，质量体系，我们获得每个供应商大约 200 到 250 个数据点，我们对其进行索引。

>> >> M。

>> >> >> 然后第三件事是，每个市场都有一个冷启动问题，你知道。所以我们的冷启动问题部分是通过良好的宏观经济解决的。我们于 2018 年开始创业，比 GST 晚了一年，那时整个经济都正规化了。今天，在我们的业务中，我们的客户是印度的财富 500 强和全球客户，他们是无情的。你去和他们说，看，我将为你解决这个问题，他们需要一年时间才能给你一个机会，然后之后，如果你搞砸了，你将在未来 5 年内破产。所以，仅仅进入那个，通常需要一年的事情，我们能够在一年内完成，因为我们有 GST 相关的积极宏观经济。现在，当疫情发生时，中国关闭了，所以我们可以将自己定位为中国的替代品。今天，在后关税世界中，我们在越南有供应商，我们在迪拜有供应商，我们在那里有供应商。所以我们为客户提供额外的选择。所以我们的业务非常难以进入，非常难以退出。所以，所以这就是我将如何描述它。而且，而且随着时间的推移，品牌正在成为一个更软的东西，我们并没有真正欣赏它，因为我们都是 B2B 人。我们不了解品牌和营销。

>> >> 是的，我知道，我第一次和你谈话是在疫情期间，你非常不愿意说话，比如好吧，我正在浪费时间。但就是这样，你知道，经典的思维是，你不能，我在麦肯锡，人们选择麦肯锡的原因之一是，是的，这是一个安全的选择，选择麦肯锡不会出错。而且你知道，我们有点变得像那样，你知道，你只需要，你给我们你的要求，你可以忘记它。我们是可预测的业务，我们是无聊的可以预测的。事实上，我会说，作为客户，你可以把所有额外的带宽都花在解决其他问题上。但是，这是一个已经解决的问题，在交给它之前不必三思而后行。所以这些事情会随着时间的推移而累积。

>> >> 是的。

>> >> >> 而且事实上，我会说，有趣的是，我们今年的增长率高于去年的增长率。

>> >> >> 所以，在规模上，我们的业务实际上正在加速，因为我们过去面临的问题，即销售周期的限制，知名度的限制，随着时间的推移实际上正在消失。所以，所以如果我们可以继续这种增长率一段时间，我不会感到惊讶。

>> >> 是的。是的。你知道，前天 West Bridge 的 Sepal 在那里，他说对于任何有价值的、大型的、可扩展的企业，因为他们投资了 Indigo 和所有这些企业，他说我选择的是利润和可预测性。当一个企业达到盈利能力和收入及规模的可预测性时，那么这个企业就会留下来。你怎么说？

不，我的意思是，这是我们一直在非常刻意地努力的事情。就像，Shada，在我们这个行业里，正如我所说的，很难进入，也很难退出。所以一旦客户信任你，他们就非常信任你。所以去年，实际上今年更多，我们与客户签订了近 20 份合同，为期 5 年的交易。

>> >> 哇。

>> >> >> 这是我们所有企业家都理解的梦想成真的环境。是的。

>> >> >> 所以当我们汇总所有这些时，这是未来五年内来自 20 个客户的近 10 亿美元的承诺支出。

>> >> >> 多么可预测。

>> >> >> 是的。

>> >> >> 而且，而且，是的，这需要时间才能达到这一点。这需要，你看，我们在一年前只有两三个这样的交易，但在一年内，我们有了 20 个。这再次反映了公司的成熟度，而且，而且这些都是来自所有这些非常非常好的坚实锚点。事实上，我们非常喜欢 Indigo。我们的一位投资者是 Indigo 的创始人，我们从他那里学到了很多，只是和他在一起。就像做简单的事情，做得对，你知道，准时，提供良好的服务，[清嗓子] 尊重你的客户，你知道，这些事情在很长一段时间内都很重要，你知道，那些是我们永远不会改变的价值观。

>> >> 是的。

>> >> >> 对于我们所有人来说，如果你能分享你谈到的供应商在越南，在不同的地方，你今天在亚洲的供应方面在哪些地理区域运营？我们当然在印度有非常重要的业务。除了印度，我们在越南，我们在印度尼西亚，我们在台湾和中国的部分地区（电子产品）都有业务。

>> >> >> 这是我们在亚洲的足迹。在欧洲，我们在德国、西班牙和东欧都有业务。

>> >> 在拉丁美洲，主要是墨西哥和美国，我们有相当大的供应业务。如果你看需求，我们的大部分需求来自印度，但除了印度，美国也是我们重要的地理区域。就像 Amrit 所说的，我们 30% 的收入来自美国市场。除了美国，西欧也是我们重要的地理区域。

>> >> 你征服了世界，到处都是。再次，非常自豪，非常自豪，因为你知道，你们两位都会同意我的观点，15 到 20 年前，来自印度的技术平台，拥有这种类型，尤其是在一个被如此多的恐惧、怀疑、如此多的金钱所看待的领域，我们没有这样的故事，但你们创造了这个故事，因为在留下你们的印记时，你们也在所有这些地理区域留下印记。

>> >> 不，不，看看，首先在印度建立，并为印度建立。如果你在这里成功了，其他地理区域就相对容易了，这是我们的反思。而且我三天前在赖布尔，向那里的制造业企业家们发表讲话，当谈到我们的地理足迹时，那里的企业家们非常好奇，比如你是如何去墨西哥建立工厂的？你是如何去，最近我们在汉堡建立了一些东西？这就像 [笑声]

>> >> 哇。哦，是的。

>> >> >> 是的。是的。

>> >> >> 不。而且实际上，这是另一个观点，印度实际上在制造业方面有很深的底蕴。它是原始的产业，在我们失去了一些接触之后，在 90 年代和 2000 年代初，我们失去了一些接触，但它有大量的工程专业知识，有大量优秀的人才，而且他们不仅仅在大城镇，他们遍布印度的小城镇。而缺失的是，嗯，关于什么是可能的看法，以及缺失的是一个平台，可以利用他们的优势，将它们结合起来，你知道，把一加一变成五或十，对吧？

>> >> >> 在某种程度上，这就是我们的方法。就像你今天看到的那样，我们 20% 的制造是内部完成的，80% 是第三方完成的。所以我们依赖于所有这些供应商，实际上是为了我们业务的成功。我们成功的原因之一是那里有可用的供应池。如果那个供应池不可用，那么创造我们这样的业务几乎是不可能的。特别是以我们创造的速度，可能需要我们多花十年时间。所以信息是，制造业有很深的底蕴。它还没有被充分利用。而且现在，我们拥有有史以来最好的宏观经济，尽管有关税噪音等。印度处于一个非常好的位置。所以，所以我们应该，我们应该，因为我们拥有的是一个国内市场，而所有其他经济体都没有。所以我认为现在是印度制造业的好时机。

>> >> 是的。是的。对于制造商和印度，在 Zetwork 之前和之后，他们能否看到你为印度制造商和印度制造业故事提供的机会的巨大规模，如果你能量化一下？

see, I think there are a lot of anecdotal um examples of um our supply partners massively expanding in capacity and accessing newer markets, newer uh newer uh geographies. But as we speak, I think we see a lot of capacity buildup happening in India for electronics manufacturing.

>> >> 是的。

>> >> >> 为可再生能源制造。人工智能数据中心。正在建立大量的电力组件制造能力。正在建立大量的金属部件制造能力。过去三四年的 PLI 在创造装配级能力以及建立向后整合能力方面发挥了非常重要的作用。所以，十年前我们的印度企业家会忽略中国的东西，现在正在印度发生。如果你看看过去一年，该国出现了私人资本支出的复苏。不仅仅是每个大公司都在投资数亿美元或数十亿美元的资本支出，它还在创造一个庞大的辅助生态系统。而且，而且我认为这对国家来说是一件很棒的事情。

>> >> >> 以更直接的方式，你看到的一些有趣的事情是，我们的许多供应商在过去一年半里已经上市了。哦。

>> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> >> 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Most of us, anything is not easy. Nothing is easy, but what they picked up is definitely not easy. Not only in India, but you can do it for the world.

>> So this year we'll do close to like 16, 17,000 crores of revenue. Like a third of that would be US, the remaining would be India. If you look at all of these companies, they're heavily backlogged, and that's become the bottleneck to create more AI, to create more compute. And so we work with these companies to debottleneck that. Can we bring that 5 years down to 3 years, 2 years, 1 year, right?

>> At the back end, the ops that we do is we go and physically audit all these MSMEs. We know who has what kind of machines, who has what kind of capabilities. With a 16, 17,000 K of AR, then I'm thinking what your day 10 will look like.

[music]

When we talk about internet, we talk about digital, we talk about software, we talk about AI and all those things, and we are all part of that. We are all part of this digital economy ecosystem. But one company, one startup, one, I would say disruptor, who actually disrupted a market which, at least in the last 15 years tracking this space, I didn't see anyone do it. Manufacturing, manufacturing was manufacturing MSME for that world, and our starter world was a different world. This team, these founders, Zetwork changed that for us in India. And today's Zetwork has become a story from India, which is, I would say, bringing industries and bringing manufacturing industries on the internet, and it has merged both the worlds, built phenomenal differentiation, efficiency, and a company, I would say, dared to do because daring it is not an easy thing. Most of us, anything is not easy. Nothing is easy, but what they picked up is definitely not easy by any chance. Not only did they survive, because we also had the pandemic, a space that was affected, they have survived all that and thrived, and here to tell the story that if you take a contrarian path, a difficult path, not only you grow and become big and show economy of scale, but from India, not only in India, but you can do it for the world. So with that, let's give a big, genuinely dilwala applause, applause to both Amrit and Shrinat for staying the course and showing the way. Tell us today, where is Zetwork? What is happening? Let's begin with that. Let's get some actual numbers. What is the innovation? Where are you in the market today?

>> So, we, yeah, we are an 8-year-old company. We started in 2018. Uh, so we're still young. Um, and we remind ourselves that out of eight years of our existence, 3 years were pandemic. So it's literally like a [snorts] 4, 5-year-old story.

>> Uh, so this year we'll do close to like 16, 17,000 crores of revenue.

>> Wow. Like, wow. Wow.

[laughter]

>> Um, and, and, and, uh, like a third of that would be US. Uh, the remaining would be India. Our biggest segment that we serve today is what we call energy and power components. So that's, we work, that's where we work with like solar developers, data center companies, OEMs who serve that industry, like, uh, companies who make transformers, solar modules, like the best companies in the world, companies like Siemens, Schneider. These are all like customers of ours. And what we do for them is two things. One is, uh, all of these companies are actually in a growth phase today. Like, if you look at all of these companies, they are heavily backlogged. Like, if you look at Facebook, uh, earnings call, they will say that

>> it takes 5 years to order a gas turbine from General Electric, and that's become the bottleneck to create more AI, to create more compute. And so we work with these companies to debottleneck that. Can we bring that 5 years down to 3 years, 2 years, one year, right?

>> Uh, and second thing we do is, uh, we serve their customers directly also, where they're not able to meet that product gap directly, we, we, we help them with that. And, and the key innovation that we have brought in is, uh, look, there is, uh, supply available. Uh, it was, um, hard to access, uh, because it is very, very fragmented, and, uh,

>> >> uh, widespread.

>> >> uh, it is, uh, in today's world where there is chaos due to tariffs, geopolitics, uh, you can't depend on your status quo environment. Like historically, the world used to buy from China. For the last 20 years, both India and US essentially outsourced their industrialization to China. For the last 20 years, and now suddenly they woke up and said, look, we don't have any industrial capacity. And so the world is very dynamic and changing, and in this world, uh, you know, we play a role that how do we navigate, how do we help companies navigate that.

>> >> Yeah, so you have become, what you're trying to say indirectly, you have become even more relevant.

>> >> In today's environment. For all of us, we know work, but simplify. I can take that. So, is a manufacturing platform. If somebody wants to order a part, right? Say, look at this lighting. It, it's basically made of certain injection molding parts. It's made of certain machine parts. It's made of certain, uh, metal parts, right? So the customer, which is the OEM, uh, gives something called an AutoCAD drawing, and we as a company analyze this drawing, and what we do is we matchmake with which manufacturing MSME can actually do this part. So that's the data repository that we have at the back end. The ops that we do is we go and physically audit all these MSMEs. We know who has what kind of machines, who has what kind of capabilities, and, uh, layer that with quality assurance, layer that with quality control, layer that with the right form of raw material procurement. [snorts] And most importantly, companies want transparency, visibility, traceability of the whole supply chain. Right? Like today, when we are ordering a biryani on Zomato or Swiggy, we know it's coming from this restaurant and it's going to take so many minutes. But imagine a million-dollar part being ordered by some customer in Germany or some customer in, uh, US needs the same transparency, visibility, traceability. It does not exist, surprisingly. And that's really what, uh, we are attempting to solve. Uh, it's still day zero. We have solved in fair bits for certain supply chains. And, uh, so that's what we are doing largely for the energy supply chain. We are doing that for the electronic supply chain. We're doing that for the aerospace and defense and industrial supply chain as well.

You know, Shrinat, when you were saying it's still fairly early and day zero, with a 16, 17,000 K of AR, then I'm thinking what your day 10 will look like. But phenomenal, phenomenal, again, as I said, hard, tough problem, not a sexy and cool space.

>> >> That's good. There's no competition.

>> >> Yeah. Yes. And that's why no competition. I would say you are the category creator in India, right? You've done this. Tell us, like, again, we've been discussing in the last two days about scale versus creating value. Now, tell us how have you been able to, we understand the scale you've reached, we understand the huge amount of, you know, it's coming in the revenue that you're doing today. Tell us how the value creation is happening across the sectors that you are operating, and also give us an insight into some of the learnings that you would have in the manufacturing space, because that space, high and far, is not something we know deeply.

>> >> Yeah. So value, uh, in our business comes from three things. You have to deliver goods on time. You [clears throat] deliver with the right quality, and you deliver at the right price. I think these are the three attributes.

>> >> And if you can bring cost down, it can bring, uh, speed faster, and again, improve quality.

>> >> You're creating value for your customer, your value for shareholder, and then, then it becomes a question of how much value you take for yourself as your take rate, your margins, and then how much you share with your participants. Uh, so the core value prop is, uh, and, and look, within the three, there will be customers who appreciate each of those differently. Like, if you talk to a, uh, customer in the energy supply chain, they will value time significantly more. Like, if you can say that I will shrink 6 months of your production cycle,

>> >> that means they're getting to market faster, 6 months faster. That means they're having 6 months or more of revenue than they would have otherwise. Really pulling forward revenue.

>> >> And, and those customers, in a way, are price insensitive. And the, we, we kind of understood this. But the strongest evidence we saw was when India was slapped with 50% tariff. Now suddenly product has become 50% more expensive, right? But we have passed on all the tariffs to our customers, because our customers are really, really time-sensitive and not price-sensitive. And, and, and, uh, how do you put a value on that is very hard, right? So, and, and,

>> >> >> and then there are customers in the defense and aerospace sub-sector who are extremely quality-sensitive. They are okay to wait,

>> >> uh, for good reasons. It's a part that's going into an aircraft. You know, we should all feel safe about it. Um, so you, you look at those segments of the market, and then you decide which ones do I want to operate in. Uh, so we have a value prop for all three. Like, there are, I would say, the traditional Indian customer is cost-sensitive. So we have a value prop for them. The tradition, the typical US customer is time-sensitive, so we have a value prop for them. And, and then, um, and then, yeah, just a function of monetizing that value that you.

>> >> >> So, Amrit, and if I have to give the energy example, so I am a supplier for the energy sector. I'm building some machine, some solution, so you and I'm based here in India, and someone needs this in US. So what you primarily also do is connect me to an opportunity to that buyer in US, and for that buyer, you give quality traceability of me sitting here in India as a manufacturer.

>> >> Yeah. Then I'll give you one more step. Like, if it's a typical theme supplier, um, uh, let's say for a 1 crore transaction, 60, 70 lakhs will be the raw material only.

>> >> >> which they today buy on their own, and they typically don't get good rates or good timelines from their supplier, which would be, let's say, a steel or a metal or a copper or a zinc. So what we do is all our suppliers buy materials from us. So they're vertically, we are vertically integrated business. We don't make much money of that transaction, but what we save is a typical supplier would take 30 days just to buy raw material, whereas they buy raw material with us on day one. So we save 30 days in the manufacturing.

>> >> So you have that also, you have a vertically integrated.

>> >> Wow.

>> >> >> Yeah. So our, see, manufacturing is a vertically integrated business. The larger you get, there is scale economies. Uh, you choose how much you want to keep for yourself, how much you pass along. We pass along most of it. We keep whatever we think we can keep. But the idea is, if you, if you create a core platform, which is the, the economic engine that we have created, you ingest a drawing, you output a product, you do it in the fastest possible way, you do it with the highest quality, there is a lot of value there. And, and, uh, how do you monetize that value is, well, picking the right customer who appreciates it the most. And, and which is why our mix is full of all these sunrise industries, which is your solar is a big part of our data centers. We just do a lot of work for EV companies, you know. So, uh, we do a lot of work for defense companies in India, which is a growing industry. So, so these things will be over-represented in our portfolio simply because they're the most, uh, I would say, customers are most desperate for a good solution.

>> >> Yeah. Yeah. Uh, take us, if you can quickly through the building of this platform. Uh, uh, because there is a lot of deep tech that there is, and, and I'm, we're using the word AI in the last two days a lot. There is a lot of tech that has given you this kind of scale. To take us, if you can, the, the differentiation that you've built through your platform.

Let me first talk about the supply chain piece of our, uh, tech. Right? So I earlier spoke about transparency, visibility, and traceability. Right? So if you talk about one single order, that will be, uh, consisting of lots of engineering drawings. All the drawings will not be made by one single shop. It could be done by shop A. Some quantity could be done by shop B. Some quantity could be done by shop C. Sometimes the manufacturing processes also, uh, could be various steps, right? So imagine [clears throat] when you have one large factory and you're delivering parts from that factory to your customer, you need an ERP. But when you're doing distributed manufacturing, when today we work with 10,000 MSMEs on a monthly basis, right? And we do like 10 million parts, 15 million parts are delivered every month. So, how do you manage inventory? How do you manage cost? How do you manage production planning? And how do you do part-by-part inspections across so many factories? You cannot do that without a strong technology backbone.

>> >> Yeah.

>> >> When we started the company, we looked around. Besides traditional ERP, we could not find, uh, anything customized and tailor-made for our application. So, we decided to build all of this tech in-house.

>> >> Wow.

>> >> I can just imagine the complexity of it.

>> >> I'll [clears throat] just add to it. Like today, what's happening is, Shada. So, as Shinan said, so our core input is AutoCAD file, which is, uh, which has a lot of specs. So over the last 7, 8 years, we have handled close to a million AutoCAD files. So what happens today is, when I get an incremental AutoCAD file, uh, we've built our own, uh, we're training our own, uh, LLMs. It will take the new AutoCAD file and match it with the closest thing I've ever made in the last 7 years, uh, which is just through visual matching, right? And it'll say that, okay, this is the part that you've made before. This is the supplier who made it. This is the, what price it was done. This is the, you know, quality things that we check for. So, you know, us as a business, uh, we're trying to now monetize all this data that we have over the last seven years. And look, we already doing it without AI, we were trying to build a search tool. Now what has happened is that time process has shrunk by like, what would have taken us 18 months, we were able to do it in like a, like a month.

>> >> I'm just thinking the complexity of it.

>> >> Yeah, it's a complex business. Uh, in fact, we say that we, we honestly did not know how hard and complex it would be when we started. Uh, we romanticized the business, to be honest, when we started the company. And, and though it's unsexy, to us, it was very sexy and interesting.

[laughter]

>> >> And, and, and know, we come from a,

>> >> >> And you are having the laughter after 7, 8 years because you did take the tough path.

>> >> >> we come from that background. So my first job was to build a factory for ITC. Uh, and I really enjoyed that process because you did a lot of hard work, but at the end of two years, you had a physical factory, it was producing goods, there were thousand people employed. Shrinat, his father is also here. His father, in manufacturing-focused business, in, uh, in Tiruvarur, right? So, we, we understood manufacturing from different lenses, and we thought, wouldn't it be nice to build a company like this? And then, of course, we get to live our dream, which is great. Uh, but yeah, we've had to have a lot of like turbulence along the way.

>> >> Amrit, one thing that you would have built in the last seven years, definitely would be a lot of intelligence. I would not just say data, but the intelligence which Amrit is talking about. Does that, what, again, simple and stupid question, but what kind of unfair advantage do you have today that if I had to start, which I will never do, if I had to start a Zetwork equivalent, then how tough or easy will it be for me?

>> >> See, because the opportunity is so vast and deep, even today, there are lots of, uh, [snorts] virgin opportunities which we as a company are not addressing. And that's why I think we need, we need many, many more Zetworks, uh, in India for multiple, multiple sectors. We are literally scratching the surface when we are talking about aerospace and defense. We are doing certain things in radar systems and LAR systems, and those are the supply chains that we are really solving, but that's, there's a lot more to be unpacked there. If you look at other manufacturing sectors which we are not even addressing as a company, right? Could be specialty chemicals manufacturing, or, um, uh, could be, uh, pharmaceuticals and other areas. There are similar supply chain thought process, tech-first thinking that can definitely disrupt those supply chains also, and unpack a lot of value for the customer and for everybody involved in the supply chain. And, and we're seeing that also. Like, uh, I'll plug in our alums, like a lot of folks who are leaving Zetwork, they've touched five-year mark, they're all starting these kind of businesses. People are starting specialty chemicals, people are starting technical textiles, somebody starting aerospace and defense. So hopefully, we'll create that alumni network which

>> >> >> Jet Mafia.

>> >> >> Yeah, yeah. The things we are not able to do, we'll, we'll hope others do.

>> >> >> Very, very phenomenal.

>> >> >> And these are like really very esoteric businesses, you know. It requires people to spend three, four, five years with us to just understand this market even exists. And, and, uh, we have a slightly horizontal view of how we run our business. Uh, reality is, each business opportunity has a lot of depth and verticalization possible. So that's the larger opportunity that somebody else can do.

>> >> Brilliant. Uh, but my other question was that, what if, may I use the startup word, mode?

>> >> >> That you've built today that gives you that solid?

>> >> >> Yeah. See, couple of things. So one is, Shinan said, we work with 10,000 suppliers a month, but to touch the 10,000, we've worked with maybe 50, 60,000 over a period of time, and we have filtered out people who are not as good or who did not meet our expectations of time and quality. Now, for each of those people we work with, we have very deep technical underwriting. Now, it starts with, uh, who they are, what machines they had, what products have they made before, who are their other customers, quality systems. We get like 200, 250 data points per supplier, which we kind of index.

>> >> >> M.

>> >> >> >> Uh, then the third thing is the, every marketplace has a cold start issue, you know. So our cold start issue, partially was solved with good macros. Like, we started the company in 2018, which was one year after GST, which was when the whole economy formalized. Uh, today, it's, uh, very, very hard for, like, in our business, our customers are like Fortune 500 of India and global, right? They are unforgiving. You go to them and say that, look, I will solve this problem for you. It will take them a year to give you a chance. And then after that, if you screw up, you're out of business for the next 5 years, right? So, um, just getting into that one, the thing that would normally take one year, we were able to do it in one month because we had positive macros around GST. Uh, now, when pandemic happened, China was shut, so we were, we were able to position ourselves as an, uh, alternative to China. Today, in a post-tariff world, we have suppliers in Vietnam, we have suppliers in Dubai, we have suppliers in. So we offer that extra option to our customers. So our business, extremely hard to get in, extremely hard to get out. Uh, so, so that's how I would describe it. And, and, uh, and over a period of time, brand is becoming a softer, uh, thing which we did not really appreciate because we are all B2B people. We don't understand what brand and marketing.

>> >> >> Yeah, I know. First time when I spoke to you during pandemic, you were so reluctant to talk, like, okay, I'm doing this, waste of time. So, but it's like this, you know, that classic thinking of, you can't, so I was at McKinsey. Like, one of the reasons people had McKinsey was, yeah, it's a safe choice. You can't go wrong with going with McKinsey. And, you know, we, little bit becoming like that, you know, you just, uh, you know, give us, give us your requirement, you can forget about it. It's, we are predictable business. We are boringly predictable, in fact, I would say. You can, as a customer, you can spend all your extra bandwidth on solving other problems, you know, but this is one problem which is taken care of, and don't have to think twice before giving it to. Right. So these things compound over a period of time.

>> >> >> Yeah.

>> >> >> >> And in fact, I would say, what's happening today, interestingly, our growth rate this year is higher than our growth rate last year.

>> >> >> So, so at scale, our business is actually accelerating, uh, because, uh, the problems we used to face, which is these constraints of sales cycle, these constraints of awareness, they're actually eroding as time passes. So, so I would not be surprised if we can continue this growth rate for a while.

>> >> >> Yeah. Yeah. You know, Sepal was there from West Bridge day before yesterday, and he said, for any business, valuable business, large business, and scalable business, because they've invested in Indigo and all these businesses, they said, which I picked was profit and predictability. When a business reaches profitability and predictability of revenue and scale, then that business is there to stay. What would you say?

No, I mean, that's extremely something we've been working on for very intentionally. Like, um, what's happened, Shada, in our business is, as I said, it's hard to get in, hard to get out. So once customers trust you, uh, you, they trust you a lot. So in the last, uh, year, actually more this year, we have signed almost 20 contracts with customers for 5-year deals.

>> >> Wow.

>> >> >> That's that's a dream come true sort of an environment which all of us as entrepreneurs understand. Yes.

>> >> >> And so when we aggregate all of that, that's close to a billion dollars of committed spend for the next five years, right? From 20 customers.

>> >> >> How predictable.

>> >> >> Yeah.

>> >> >> And, and, uh, look, it took us time to get here. It took us, uh, see, we had barely two or three such deals one year back, but in, in a year, we've got 20. That's again a reflection of the maturity of the company. And, and, and these are again from all these, like, very, very good solid anchors, right? And in fact, we love Indigo a lot. So one of our, uh, investors is the founder of Indigo, and we've learned a lot from him, just spending time with him.

>> >> >> Like, do the simple things right, you know, be on time, have good service, uh, [clears throat] uh, respect your customer, you know, these things matter a lot over a long period of time. And, you know, those are the values we.

>> >> >> >> That will never change. Yeah.

>> >> >> Uh, for all of us, if could share, which all you talked about, suppliers are in Vietnam, in different, which all geographies are you operating in today from a supply point of view? In Asia, we are present in, uh, of course, we have a very heavy presence in India. Uh, besides India, we are present in Vietnam, we're present in Indonesia, we are present in, uh, parts of, uh, Taiwan and China for electronics.

>> >> >> Uh, that's our Asia footprint. In Europe, we are present in, uh, in Germany, in Spain, and in Eastern Europe. Um, in Latin America, it's predominantly Mexico and, uh, US. We have considerable supply presence. If you look at demand, um, majority of our demand is, uh, India. But besides India, US is an important geography for us. Closer to, uh, like Amrit said, 30% of our revenues come from the US market. Besides US, we have Western Europe also as an important geography.

>> >> You conquered the world. Only everywhere. Again, very proud, very proud, because, you know, both of you will agree with me, 15, 20 years back, a tech, a platform from India having this kind, and especially in a space which is again seen with so much of fear, skepticism, uh, so much of money. We didn't have that story, but you guys have made that story happen. Because in putting your stamp, you are also putting the India stamp in all these geographies.

>> >> No, no. See, building in India first, and building for India. If, if you succeed here, uh, other geographies are relatively easier, is what has been our reflection. And I was, uh, two, three days back, I was at Raipur, addressing some manufacturing entrepreneurs there. And, uh, the, when we talked about our, uh, geographical presence, the entrepreneurs there were very curious. So, how did you go to Mexico and set up a facility? How did you go to, recently we set up something in Hamburg? Like, it's, we feel it's like [laughter] it's.

>> >> >> Wow. Oh, yeah.

>> >> >> >> Yeah. Yeah.

>> >> >> No. And actually, that's another point. Like, India actually has a lot of depth in manufacturing. It was the original industry before it got, you know, a little bit, we lost our, uh, touch away a little bit in the '90s and early 2000s. But, uh, so there's a lot of depth of engineering expertise. There's a lot of depth of good talent. Uh, and they're not just in, like, big towns, but they're spread out across small towns in India. And, uh, what was missing is, a, that, uh, view that, okay, what is possible? Uh, and b, what was missing was a platform which could kind of take their strengths, marry them,

>> >> >> and, uh, you know, take one plus one and make it five or 10, right?

>> >> >> And, uh, in a way, that's our approach. Like, you see today, 20% of our manufacturing we do in-house, 80% we do third parties. So we are dependent on all of these, uh, suppliers to actually, for our business to succeed. And one of the reasons we have succeeded is that supply pool available. Uh, if that supply pool was not available, then it's very, it's almost impossible to create a business like ours. Uh, especially at the speed at which we have created it. It would have probably taken us 10 years longer. Uh, so the message is, there is a lot of depth in manufacturing. It has not been tapped that well. And, and now, in a good, we have the best macros today that we have ever had. Despite the tariff noise, etc., India is in a very good place. So, so we should, uh, we should, uh, because what we have is a domestic market, which all of these other economies do not have. So I think it's a good time for manufacturing in India.

>> >> >> Yeah. Yeah. For the manufacturers and in India, pre-Zetwork and post-Zetwork, what is the, can they see a considerable scale in the opportunity that you have presented to Indian manufacturers and Indian manufacturing story? And if you can quantify that for us.

See, I think there are a lot of anecdotal um examples of um our supply partners massively expanding in capacity and accessing newer markets, newer uh newer uh geographies. But as we speak, I think we see a lot of capacity buildup happening in India for electronics manufacturing.

>> >> >> Yeah.

>> >> >> >> For renewables manufacturing. Uh, AI data center. There are lots of uh power components manufacturing capacities getting set up. Uh, there are lots of um even metal components manufacturing capacities getting uh set up there. Uh, the PLIs, uh, over the last 3, 4 years have played a very significant role in, uh, not just creating assembly level capacities, but also backward integrated capacities also getting, uh, set up there. So things that 10 years back, our Indian entrepreneurs would have dismissed China, are things that are happening, uh, in India. Uh, if you see the last one year, there has been a resurgence of, uh, private capex in the country, right? Not just, uh, be behind every big company which is investing, uh, $100 million or $1 billion in capex, it is also creating a big ancillary ecosystem, right? And, and I think that's a fantastic thing that's, um, that's happening for the country.

>> >> >> In a more direct way, some of the things you've seen which is interesting is a lot of our suppliers have gone public in the last one, one and a half years. Oh.

>> >> >> >> Um, and, and, uh, also we noticed that.

>> >> >> >> That's quantifiable.

>> >> >> >> That's quantifiable. And the other thing we notice is sometimes, I mean, I track, uh, some of our social media, some of the things I track is when our suppliers get orders from us, they sometimes report it in the exchange that we have won a big order from Zetwork, and then it does something to their share price. Um, so it's interesting to see all of these things also. Um, we do annual supplier survey, and one of the things that came up was, why do people like working with us? You get the usual things that they get more software, they get more revenue. But one of the things that surprised me, which in hindsight is not surprising, is a lot of people said that, look, they have started getting more bank lines. Uh, they've, because they now become very easy to underwrite. The pre-Zetwork problem was, lot of these suppliers had one customer only, and that one customer would give them chunky revenue, 3 months a year or 4 months a year, and back 6 months, the factory would be empty. Now, with us, they're getting orders throughout the year.

>> >> >> So you're creating predictability for them.

>> >> >> >> Getting predictability. They're filing GST every month. Uh, so they're becoming very, very easier to underwrite, uh, for a bank, uh, compared to, let's say, a money lender who they used to access before. Right? So, so we are formalizing that part of the economy in some shape or form. And, and that was very heartening to see. And I kind of get it now, but like, it was not an answer I was expecting when we do our supplier surveys. So, so I think formalization is a big theme for the Indian economy. Lot of other companies are driving it in their businesses and industries. We are driving it in our industry, and I think, uh, that's a long way to go still.

You know, Amrit and Shrinat, I want to do a separate half-day session with both of you, and we'll call all the entrepreneurs to discuss, because I'm thinking inside your brains of seven years, and working with so many categories, with so many suppliers, and across geographies, you'll have so much of insight, so much of intelligence to share in terms of opportunities, what are the possibilities? Right? And not at a theoretical level, but you would be seeing those things. But right now, if you can just share one or two things that you see are the big opportunities and possibilities.

See, I think from a category point of view, um, there are still lot more manufacturing categories which needs lot of entrepreneurial work by Indian entrepreneurs. Uh, with, let's talk about AI. AI and the infrastructure required for AI, that itself is a massive opportunity today. Uh, the power consumption of the country is growing massively. Uh, grid is not stable with so much of solar getting into the grid, and all of this energy gets into the grid only during the daytime. Historically, grids have not been designed for this kind of a power fluctuation between day and night. Right? Take, take any one single area, you can disrupt. And unfortunately, [snorts] legacy companies and the R&D spends have not been proportionately, uh, high enough to catch up to the, to the change that is happening.

You've told something very important. But my question here is, for most of us, the question would be like, you said legacy companies, but legacy companies can only do it, the big companies. So, is that a myth which we think as outside, that if you are an Adani or an Ambani, then only you can get into all the spaces? But for normal entrepreneurs, this will require a lot of capital.

>> >> Yeah. No, absolutely. I mean, none of our fathers are politically affiliated or.

>> >> >> Yeah. Yeah. I can see your father.

>> >> >> And, uh, and I think we got to, we, we got to conquer this, uh, in niches and conquer this in islands. Uh, if you take power electronics, let's look at, uh, battery energy storage, right? Lithium, uh, and cell, China say. But at the end of the day, to solve for round-the-clock power, we need very indigenous hardware, software systems that needs to interact with our grid. And it's also the country's problem, energy security. They don't want to rely on, we don't, as a country, we don't want to rely on videshi tech here, right? We need our own battery management system softwares. We need our own energy management system softwares. We need our own power control system hardware and software. This is a, this is a billion-dollar opportunity. I mean, somebody can work on this for, we need 10 strong power electronics engineers and software engineers to work obsessively for 2 years. This doesn't require a lot of capex investment, or this does not require political access to solve for, uh, technology like this. Similarly, if you look at grid stability, simple things, switch gear. Like, switch gear, if you look at the design, this would have been made in 1990s by some German company or by some American company. We'll have to reimagine a switch gear for today's grid. And this is, uh, five people spending 400, 500 person hours. So it requires intent. Uh, we'll have to first of all identify the gap. And this solving this problem is a bill, another billion-dollar opportunity, right?

You know, you can start a consulting for MSMEs and opportunities. [laughter] No, I think that's that. I will also join. Like, I can't do it, but that I think is such a, like, that's what that knowledge that you guys are sitting. We'll have to imagine the AI data center. These are all looks like big, big, uh, this thing. We'll have to double-click it, and you'll really understand bottleneck in the whole supply chain.

>> >> So you're also saying that it is a myth, as common people, that we think that to get into these opportunities will require some accesses, huge capital investment. You can do it.

>> >> >> If you don't have that.

>> >> >> Yeah, I mean, the, the analogy which the classic Silicon Valley is, it's better to start in an alternate market and dominate that market and then expand your addressable market over a period of time. Like, I'll give one more, like, very basic example. Like, like, uh, a solar developer in US needs, uh, this product called a transformer. It's taking 18 months to buy a transformer. Uh, if you can shrink that by 6 months, 12 months, you can have, uh, lot of revenue, revenue. Uh, when you go to a transformer OEM and say, why it's taking 18 months? One of the problems they'll say, I'm struggling to make a transformer tank. Transformer tank is nothing but the chassis of the transformer tank. It's not a very complicated product. It's metal fabrication. Just if you set up a metal fabrication unit for a transformer tank, uh, you can get into the transformer industry. This is the lowest cost way to get into the transformer industry. And then over.

>> >> To take both of you home and write down all the ideas and.

>> >> >> And transformer tank capex would be how much?

>> >> >> Hardly anything.

>> >> >> >> Like, yeah, like couple of crores.

>> >> >> >> Yeah. I mean, we can start on a small lease shed and buy some welding machines and.

>> >> >> Wow.

>> >> >> >> So.

>> >> >> My god, this is the spark in tech. Sparks like this is the hidden jewel of conversation that you're saying that there are so many opportunities that you can go after. Are you guys, uh, funding, investing, angel investing in some of these opportunities?

You know, um, we did it in 2021, which was, uh, you know, how it turned out.

>> >> You shouldn't do in 2021. No, now.

>> >> >> So, we, we, we, of course, we support all our alums. So we invest in all our alums who leave, and we, we wish them well.

>> >> >> Uh, outside of that, we haven't done it in a structured way because honestly, you know,

>> >> >> >> to be a good investor and to be a good founder together is hard. I think, you know, it's, you have to pick one of the two. So we've chosen to at least put money in our own company for the time being.

>> >> >> Uh.

>> >> >> >> But we do see, we do more emotional investing. We don't do investing for return. I mean, if somebody's solving a problem that we can relate to, and we think, uh, it's impactful, and we like the person who is actually solving that, uh, problem. Yeah. I mean, our Saturdays, half day goes in this only. We just meet people with no agenda. So we're happy to meet.

>> >> >> You know, you both also look like founders who wouldn't have, who would have not started the company with money as an agenda. Yeah. And even now, we are both, you can make out, right? Like [laughter] So now you have done IPO or IPO?

>> >> >> We are thinking about it. So in the sense that we have, we are, we'll most likely try and go public next year. Um, that's our intent.

>> >> >> But tell me, why are companies going for IPO? Is it also for someone like you, because you have such a phenomenal revenue and growth? Is it because we are reading a lot that people are going for IPO also to give exit to their, uh, investors?

>> >> >> No, luckily we don't have that challenge. Our company, as I said, 8-year-old business, we'll touch 8 years old next year. So we're still 7 years old. And, and, uh, you know, this most funds have a fund life of 7, 10 years. And, and so we are halfway in that investing cycle.

>> >> >> Uh, so there's definitely no pressure from our investors. What we think is, look, we're growing at 40, 50% year on year. We would like public market investors to see the company in that growth phase. Wow.

>> >> >> Um, and, and, uh, so that is, that is one thought process.

>> >> >> And second is, uh, as I said, there is lot of intangible benefits for a company like us going public. So when we talk to all our customers, they will take us way more seriously. We are a public limited company in your, in our business. Yeah. In our business, right? Especially. Second is, tomorrow, access to capital becomes incrementally easier. Like, if you want to take a larger decision, we started to do some M&A, we started buying some companies, and we use stock as a currency, you know, these things just incrementally become easier when you're public. And so, uh, any company like us will spend way more time in public markets than than in private. So why delay that decision beyond.

>> >> >> And your why is also so clear in your space. And you've acquired companies in India or across the world?

>> >> >> We've very small. Like, we have like acquired like, as I said, see, our, in our business, again, like, we, we try and think out of the box whenever possible. So in our business, what happens is, I said, getting a customer is the hardest thing. For them to spend, get credibility. Uh, so, so we bought a factory, for example, last year in Germany for like, one.

>> >> >> Wow. Indian startups buying factory in Germany. That's a matter of pride.

>> >> >> No, and the interesting thing about this, this is brokered to us by one of our customers. They only told us, please buy them, because it's a very good business. But the founder was 85, was about to shut it down. And, um, and we bought it. And then through that process, we acquired a lot of, uh, German customers in that industry, right? Which would have taken us on our own 3 years, 5 years to get. And one of those customers is giving us a large order today, almost $50 million.

>> >> >> Wow.

>> >> >> >> So.

>> >> >> >> Wow.

>> >> >> >> So the, and this is like, very out of the box thinking. How do I get into that supply ecosystem? I will, of course, knock all doors, do my hard work, but sometimes being very tactically smarter and opportunistic about these things can be helpful. So, uh, so we've not done large M&As. Um, we may do that, doesn't mean we may not do. But historically, that's been our, our thinking here.

>> >> >> Wow. Wow. Uh, Shrinat, Amrit, we can continue talking like, you know, and all of you know that this is so genuine. We can continue listening and we can continue talking. This is so valuable. What you guys have done is so genuinely, Zetwork is our India story for the world. We have two entrepreneurs who have shown that it is possible, impossible space, very difficult space, not, I will still say very unsexy space, they have gone there, built it, and created such a value, and India value. I would not say if they are winning, then it's not they who are winning. They are of course winning, but we as India story is winning. Noh, Germany, precision engineering, this, that, in their win, India is winning. And congratulations, kudos, and very proud of you guys.

>> >> Thanks a lot. I think Zetwork is ahead of us. Uh, uh, like directly, we have created, of course, in our company, 2,500 jobs, but indirectly, through all our suppliers, I think we would have created close to one lakh jobs. So that's.

>> >> >> Wow.

>> >> >> >> Uh, you know, we want to create a million jobs in manufacturing. I think long way to go for.

>> >> >> Wow. Wow. Very, yeah. God bless. I can continue talking, but my team is so. Yes, let's give a big round of applause to Zetwork. And whenever we have to talk from India to the world story, we will talk about the Zetwork story. Thank you. Thank you. So.

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