New Delhi, February 9 According to sources, Josh Foulger, the head of Zetwerk's electronics business, which is set to go public, has resigned from the company.
This is the second high-profile exit from the company within a month, ahead of its planned initial public offering.
"Josh Foulger is no longer with Zetwerk," a source told PTI.
Foulger has left Zetwerk after just two years with the company. He previously headed Foxconn's India business unit, Bharat FIH.
Last month, Zetwerk's chief marketing officer Amrit Raj resigned and joined venture capital firm Jungle Ventures.
When contacted, a Zetwerk spokesperson said, "Josh Foulger has been instrumental in shaping Zetwerk Electronics during its early and growth stages. As he has decided to move back to Chennai for personal reasons, we thank him for his contribution and wish him the very best for his future endeavours.”
Zetwerk has earmarked Rs 1,000 crore in investment for expanding its electronic manufacturing capacity in 2024 after Foulger took over the role.
The company is in discussion with bankers and is expected to file draft papers for the IPO soon.
Zetwerk's last disclosed valuation was over USD 3.1 billion, while gross merchandise value scaled from about USD 100 million to more than USD 2 billion.