Mytek Innovations Secures Rs 6 Crore in Debt Funding to Drive Expansion
Mumbai-based Mytek Innovations, a pioneering AI-based EPC (Engineering, Procurement, and Construction) marketplace, has successfully closed a debt funding round valued at Rs 6 crore. The funding will be utilized to fuel the company’s expansion plans, as announced in a press release.
Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, Mytek seeks to bridge the existing gaps in the industry by providing a unified platform that enables contractors to manage all aspects of a project, including workforce, machinery, tools, materials, and technology. By leveraging advanced AI tools, blockchain, data analytics, and algorithms, the company facilitates seamless business activities across multiple formats, ensuring cost-effectiveness and operational efficiency.
With a focus on civil and electrical services, Mytek aims to expand its services to other sectors such as Automobile, manufacturing, textile, cosmetics, and more. The company has reported a significant increase in its order book, standing at Rs 251 crore at the end of FY24, with a target of reaching Rs 729 crore by FY25. Furthermore, Mytek boasts an EBITDA margin of over 23% through its supplier and contractor apps, underscoring its operational efficiency and profitable growth.
The debt funding will enable Mytek to augment its resources and accelerate its growth trajectory, reinforcing its position as a leading player in the EPC and manufacturing marketplace. The company’s innovative use of technology and commitment to operational excellence promise to drive performance and productivity, setting a high bar for the industry.
