Enterprise tech startup Syook raises $1 million led by IPV, ONGC

Bengaluru-based enterprise tech startup Syook today announced it has raised $1 million in a Series A funding round led by angel investment firm Inflection Point Ventures and ONGC.

This is IPV's 27th deal for 2021 and is likely to invest Rs 155 crore this year across 60 plus startups. So far, the firm has invested Rs. 242 Cr across 87 companies.

Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IoT platform. It counts Hindustan Unilever, Reckitt Benckiser, FIAT, and the Tata group as some of its prominent customers.

According to a statement, The startup will use the funding to pursue growth in the international markets especially in the middle east and southeast Asia. Additionally, It will also look forward to enhance and scale up its engineering team.

“The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive, Arjun Nagarajan, Co-Founder & CEO of Syook said.

He further said that the startup has seen 2x growth in revenues of the entire last financial year into the order book in just the first 3 months of the current financial year. "We are also growing outside India, especially in the Middle East and South-East Asia," he adds.

Syook was founded in 2016 by Saurabh Sharma, Aman Agarwal, and Arjun Nagarajan, who spent about a decade each, working in oilfield operations in different parts of the world. 

Vinay Bansal, Founder & CEO, Inflection Point Ventures said:

“Syook has been working relentlessly for the last 2 years to drive the impact of real-time location analytics to its customers. We have been watching them grow as they entered a high growth trajectory by signing some of the most respected brands in India as their customers and partners. This fast growth needs patient capital and more support to realize its ambition to go international. Given the pipeline visibility, we believe in the team to back them by investing again in the company.”

Commenting on the investment, the Startup Team at ONGC said: “We are supporting startups that have an application in the Oil and Gas sector. We are really happy with the safety, productivity, and compliance gains that Syook provides at customer locations. This has a lot of applications both in the upstream and downstream of the energy sector.”

According to the company, The digital transformation has become inevitable for all the businesses, expected the industry to grow from the current $400 billion to about $1 trillion by 2025. Syook’s is aiming to help its customers on their digital transformation journey by providing avant-garde solutions for operations excellence. 

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• LoanKuber raises $1.25M as a fragment of its ongoing Pre-Series A round

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