Unicorn India Ventures, Callapina Capital, and AWE Funds led a $2 million Pre-Series A2 fundraising round for Mumbai-based IoT smart lock firm Ikin Global.
The additional funds will be utilized for product development, team expansion, manufacturing and field operations scaling, and expansion throughout the United States, Europe, and West Asia.
Ikin Global, a division of SectorQube Technolabs, was founded in 2012 by Nibu Alias and creates IoT-enabled smart locks and bolt seals for supply chain and logistics businesses. To safeguard cargo movement, its technologies provide audit trails, mobile-based access control, geo-fencing, and real-time tamper detection.
Among its clients include Amazon, Swiggy, Flipkart, Zepto, Blue Dart, Licious, Sequel Logistics, Nesto, and Syngenta.
Ikin recorded over 5 million lock and unlock cycles and expanded its deployment from 2,500 to 10,000 trucks during the previous year. Additionally, the business has finished pilot projects with clients in the UK, US, and UAE.
In addition to the fundraiser, Ikin introduced two new products: Smart GPS Truck Lock (iTSS), a fixed smart lock with AI-based intruder detection capabilities, and iBS Pro, a reusable smart bolt seal.
Over the next 12 to 18 months, the company intends to acquire market-specific certifications, implement edge-computing-enabled locks, and grow into industries like mining, oil and gas, defense logistics, cold chain, ocean freight, railway cargo, and cash management, according to founder and CEO Nibu Alias. Additionally, the business wants to improve its sales and post-purchase processes in the US, UK, and India.
