Mytek Innovations, an AI-powered marketplace for manufacturing and EPCs, has raised Rs 6 crore in debt financing.
According to a press release from Mytek, the money will be utilized for expansion.
Mytek was co-founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede with the goal of filling in the gaps in the industry by assisting contractors in managing all project-related elements, including labor, equipment, supplies, and technology. Its unified platform offers the best level of operational efficiency to boost performance and productivity, allows for seamless business operations across various formats, and can guarantee sales with the lowest possible cost of acquiring new customers.
The Mumbai-based company claimed that its platform is based on cutting-edge AI tools, block chain, data analytics, and sophisticated algorithms that enable it to meet industry-specific needs.
With plans to diversify into other industries like automotive, manufacturing, textile and apparel, cosmetics, and more, Mytek presently concentrates on providing civil and electrical services. By FY25, it hopes to have an order book of 729 crore, having recorded a 251-crore order book at the end of FY24. Additionally, it says that its supplier and contractor apps allow it to maintain an EBITDA margin of more than 23 percent.
