Mytek Innovations, an AI-based manufacturing and EPC marketplace, has raised Rs 60 crore in a debt funding round as it aims to expand its market presence.
Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, Mytek Innovations helps contractors organize all aspects of a project, including workforce, equipment, tools, materials, and technology.
The Mumbai-based startup has developed an online platform that streamlines business operations across multiple formats, ensuring sales with minimal customer acquisition costs and maximizing operational efficiency.
The platform is powered by advanced AI tools, blockchain, data analytics and sophisticated algorithms, making it highly adaptable to the specific needs of various industries.
Expansion beyond civil and electrical services
Mytek Innovations, which initially focused on civil and electrical services, is now looking to expand its services to other sectors including the automotive, manufacturing, textile, apparel and cosmetics industries.
The startup aims to meet the diverse needs of various industries by providing customized solutions that meet specific requirements.
“We are helping SMEs solve a multitude of problems. SMEs do not have sufficient working capital to complete the project within the defined timelines and often do not have the capital to provide performance guarantees either. We help them to carry out end-to-end execution of many of the problems they face,” said Shivkumar Borade.
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