Bengaluru-based digital lock startup Openapp today said it has acquired Kochi-based startup SectorQube in an all-stock deal that values the latter at Rs 17.8 crore (around $2.3 million), to roll out a range of affordable and elegant digital locks specifically designed for the country’s middle-class families.
Post-acquisition, SectorQube will become a core part of the growth strategy of Openapp, the statement said.
Founded in 2015, Openapp offers digital locks for homes in three categories such as fingerprint enabled, built-in Bluetooth, and GSM-enabled smart locks. Since its inception, the startup had raised $2.2 million in its funding rounds from Unicorn India Ventures, K50 Ventures, Karnataka Semiconductor Venture Capital Fund (KARSEMVEN), and Axilor Ventures.
On the other hand, SectorQube offers engineering solutions such as mobile app solutions, IoT-powered solutions, and services. The startup helps its users by transforming products into products as a service and transit from a physical world to a digital world.
Initially, the startup was launched to build smart kitchen appliances such as smart multi-functional ovens, and automatic roti makers, by leveraging the power of the internet-of-things (IoT).
“We are very bullish about the deal. With our 11 years of expertise in the development of smart products for companies like IFB, Godrej, V-Guard, etc. we are thrilled about building smart products from Openapp that will touch 10 million homes in the next five years,” said Nibu Alias, CEO of SectorQube.
SectorQube is also backed by Unicorn India Ventures and so far has raised over $173,000 in its funding rounds, according to CrunchBase.
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