Infratech startup Mytek Innovations raises Rs 6 crore debt

AI-based EPC and Manufacturing marketplace Mytek Innovations has secured Rs 6 crore in a debt funding round. 

The funds will be used for expansion, Mytek said in a press release.

Co-founded by Shivkumar Borade and Ashwajeet Wankhede in 2020, Mytek 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. Its unified platform enables seamless business activities across multiple formats and is able to ensure sales with minimum customer acquisition costs, and delivers the highest level of operational efficiency to drive performance and productivity.

The Mumbai-based frim said that its platform is built on advanced AI tools, block chain, data analytics and advanced algorithms which help it cater to industry-specific requirements.

Mytek currently focuses on civil and electrical services and plans to expand to other sectors like Automobile, manufacturing, textile and garments, cosmetics and more. It claims to have clocked a 251 crore order book at the end of FY24, and  aims to have an order book of 729 crore by FY25. It also claims to  maintain an EBITDA margin of over 23% through its supplier and contractor apps.