Mytek Innovations, an AI-based EPC and Manufacturing marketplace, said that it raised a ₹6 crore debt to fuel its expansion plans.
The debt fund raised is a part of the company’s overall plans to raise $10 million (₹84 crore) this year in debt and equity to cash in on the improving macro environment and cater to its growing order pipeline.
Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, the company clocked a ₹251 crore order book at the end of FY24 and now aims to treble it with an order book of ₹729 crore by FY 25. Mytek also aims to maintain an EBITDA margin of over 23% through its supplier and contractor apps. The funds raised will also help the company target revenues of ₹320 crore at the end of this fiscal.
“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.
Headquartered in Mumbai, Mytek Innovations was established to address the challenges faced by contractors in managing the workforce, machinery, tools, materials, and technology. The platform is designed to streamline business operations across various formats, ensuring sales with minimal customer acquisition costs while maximising operational efficiency.
Mytek’s platform is powered by advanced AI tools, blockchain, data analytics, and sophisticated algorithms, making it highly adaptable to the specific needs of various industries. While Mytek currently focuses on civil and electrical services, it plans to expand into sectors such as automobile manufacturing, textiles, garments, and cosmetics.
