SUMMARY
- Mytek Innovations has raised Rs 6 crore in a debt funding round.
- The funds will be utilised for the company’s expansion efforts,
- Mytek’s platform is equipped with AI technologies, blockchain, data analytics, and sophisticated algorithms for industries.
Mumbai-based Mytek Innovations, a leading provider of AI-based EPC and Manufacturing marketplace solutions, has raised Rs 6 crore in a debt funding round.
The funds will be utilised for the company’s expansion efforts, as announced in a press release.
Established in 2020, Mytek was founded by Shivkumar Borade and Ashwajeet Wankhede with the mission to address industry-wide challenges by facilitating contractors in managing all facets of a project, including workforce, machinery, tools, materials, and technology.
Its comprehensive platform facilitates seamless operations across various formats, ensuring minimal customer acquisition costs and delivering exceptional operational efficiency to enhance performance and productivity.
Mytek’s platform is equipped with cutting-edge AI technologies, blockchain, data analytics, and sophisticated algorithms, enabling it to meet the specific needs of various industries.
Presently, the infratech startup specializes in civil and electrical services, with plans to broaden its scope to include sectors such as Automobile, Manufacturing, Textiles and Garments, Cosmetics, and more.
It achieved an order book of 251 crore at the end of FY24 and targets an order book of 729 crore by FY25. Moreover, Mytek aims to maintain an EBITDA margin exceeding 23% through its innovative supplier and contractor applications.
