Mytek Innovations, an AI-based EPC and manufacturing marketplace, has successfully raised Rs 6 crore in debt to accelerate its expansion plans. This funding is part of the company’s broader strategy to secure up to $10 million this year, capitalizing on the improving macroeconomic environment and a burgeoning order pipeline.
The company, which ended FY24 with a substantial order book of Rs 251 crore, aims to more than double this figure to Rs 729 crore by FY25. This ambitious target is expected to drive revenues to Rs 320 crore by the end of the current fiscal year.
Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, Mytek Innovations is headquartered in Navi Mumbai. The company has demonstrated significant growth, with its order pipeline expanding from Rs 119 crore at the end of FY22-23 to a substantial Rs 251 crore in FY24. Revenues have also surged from Rs 10.48 crore to a projected Rs 320 crore, reflecting the company’s rapid ascent in the industry.
Mytek Innovations caters to both B2B and B2G segments, offering a unified platform that integrates advanced AI tools, blockchain, data analytics, and sophisticated algorithms. This platform enhances operational efficiency and minimizes customer acquisition costs, ensuring timely delivery and simplified invoicing. It addresses the fragmented nature of India’s $700 billion construction industry, which often suffers from delays, cost overruns, and compliance issues.
“Our platform is designed to bridge the gaps in the construction industry by helping contractors manage all aspects of a project, from workforce and machinery to materials and technology,” said Shivkumar Borade, Founder and Chief Managing Director of Mytek Innovations. “We are helping SMEs solve a multitude of problems. SMEs don’t have enough working capital to complete projects within defined timelines and often struggle with performance guarantees. We help them with end-to-end execution across many issues they face.”
Currently focused on civil and electrical services, Mytek Innovations plans to expand into additional sectors, including automobile, manufacturing, textiles and garments, and cosmetics.
Despite being bootstrapped, Mytek Innovations has maintained an impressive EBITDA margin of over 23% through its supplier and contractor apps. With the recent $10 million investment, the company is well-positioned for continued rapid growth and is prepared to meet the rising demands of its expanding order book.