AI-based EPC and manufacturing marketplace Mytek Innovations raises Rs 6 crore debt

Mytek Innovations, an AI-based EPC and manufacturing marketplace, has raised Rs 6 crore in a debt funding round as it aims to expand its market presence.

Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, Mytek Innovations assists contractors in organizing all aspects of a project, including workforce, equipment, tools, materials, and technology.

The Mumbai-based startup has developed an online platform that streamlines business operations across various formats, ensuring sales with minimal customer acquisition costs while maximising 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 various industries.

Expansion beyond civil and electrical services

Initially focused on civil and electrical services, Mytek Innovations is now looking to expand its services to other sectors, including the automobile, manufacturing, textile and garments, and cosmetics industries.

The startup aims to cater to the diverse needs of various industries by providing tailored solutions that meet specific requirements.

"We are helping SMEs solve a multitude of problems. SMEs don't have enough working capital to complete the project in defined timelines and also often don't have the capital to furbish performance guarantees. We help them do end-to-end execution across many issues they face," said Shivkumar Borade.