Mytek Innovations, an AI-based EPC and Manufacturing marketplace, has raised a Rs 6 crore debt to fuel its expansion plans. The debt funds raised is a part of the company?s overall plans to raise up to $10 million this year to cash-in on the improving macro environment and cater to its growing order pipeline.
The company clocked Rs 251 crore order book at the end of FY24, and now aims to treble it with an order book of Rs 729 crore by FY 25. The strong inflow of orders will also help the company rake-in targeted revenues of Rs 320 crore at the end of this fiscal. Mytek Innovations has been consistently working on increasing its order pipeline over the years. At the end of FY 22-23, the company had an order pipeline of 119 and revenues of Rs 10.48 crore.
Catering to the B2B and B2G segments, Navi-Mumbai headquartered Mytek Innovations was founded by Shivkumar Borade and Ashwajeet Wankhede in 2020. The company?s unified platform enables seamless business activities across multiple formats. It is able to ensure sales with minimum customer acquisition costs and delivers the highest level of operational efficiency to drive performance and productivity. The platform helps timely delivery with real time data which helps customers stay on top of projects and also helps with simplified invoicing. Mytek innovations platform is built on advanced AI tools, block chain, data analytics and advanced algorithms which help it cater to industry-specific requirements. India has one of the largest construction industries in the world, with an estimated size of over $700 billion. And yet, the industry operates in a fragmented fashion, leading to delays, cost overrun, revenue loss compliance-related delays, and substandard quality of work. Mytek?s platform aims to bridge the gaps in the industry by helping contractors organize all aspects of a project, such as workforce, machinery, tools, materials, and technology.
As Mytek gears up to capture a larger share of India?s $204 billion infrastructure market, the company attributes its robust growth to targeted marketing and outreach strategies, customer-centric product launch, value-driven sales approach and strategic partnerships and alliances. ?We are helping SMEs solve a multitude of problems. SMEs don?t have enough working capital to complete the project in defined timelines and also often don?t have the capital to furbish performance guarantees. We help them do end-to-end execution across many issues they face,? Mytek Innovations Founder and Chief Managing Director, Shivkumar Borade, said. At present the focus of Mytek Innovations has been on civil and electrical services. The company now plans to expand to other sectors like Automobile, manufacturing, textile and garments, cosmetics and more. Despite being bootstrapped, Mytek Innovations maintains an impressive EBITDA margin of over 23% through its supplier and contractor apps. With a planned $10 million investment, the company is strategically positioned for continued rapid growth and is well-equipped to handle the rising demands of its expanding order book.
