Mytek Innovations, an AI-driven EPC and manufacturing marketplace, has secured Rs.6 crore in a debt funding round as it looks to expand its market presence. The debt fund was raised as a part of the company’s overall plans to raise $10 million this year to cash in on the improving macro environment and cater to its growing order pipeline.

Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, Mytek Innovations helps contractors manage all aspects of a project, including workforce, equipment, tools, materials, and technology. The Mumbai-based startup has created an online platform that streamlines business operations across various formats, enabling sales with minimal customer acquisition costs while maximizing operational efficiency. The platform is powered by advanced AI tools, blockchain, data analytics, and sophisticated algorithms, making it highly adaptable to the specific needs of different industries.

Mytek Innovations, which previously specialized in civil and electrical services, has plans to broaden its horizons by extending services to new sectors such as manufacturing, cosmetics industries, automobile textiles and garments. The startup's objective is serving the differentiated demands of multiple domains through customized solutions that cater precisely to their needs.

One of the founder of the firm, Shivkumar Borade explained that, they stated that they are helping SMEs address a variety of challenges. They noted that SMEs often lack sufficient working capital to complete projects within defined timelines and frequently don't have the capital to provide performance guarantees. They added that their support enables SMEs to carry out end-to-end execution across many of the issues they encounter.

Currently, the company has directed its efforts towards civil and electrical services. However, Mytek Innovations aims to broaden their scope by venturing into additional sectors such as automobile manufacturing, textiles and garments, cosmetics industries with plans to cater for both B2B and B2G segments.