Mytek Innovations, an AI-driven EPC and manufacturing marketplace, has raised Rs 6 crore in debt to accelerate its expansion. This move is part of the company’s plan to secure up to $10 million this year, leveraging favorable economic conditions and a growing order pipeline.
Founded in 2020 by Shivkumar Borade and Ashwajeet Wankhede, the Navi Mumbai-based company has seen rapid growth, with its order book increasing from Rs 119 crore in FY23 to Rs 251 crore in FY24.
Mytek Innovations aims to more than double its order book to Rs 729 crore by FY25, driving projected revenues to Rs 320 crore this fiscal year. The company serves B2B and B2G segments, focusing on civil and electrical services, with plans to expand into sectors like manufacturing and textiles.
Despite being bootstrapped, Mytek has maintained a strong EBITDA margin of over 23%, positioning it for continued growth.
“Our platform is designed to bridge the gaps in the construction industry by helping contractors manage all aspects of a project, from workforce and machinery to materials and technology.
We are helping SMEs solve a multitude of problems. SMEs don’t have enough working capital to complete projects within defined timelines and often struggle with performance guarantees. We help them with end-to-end execution across many issues they face.”
—Shivkumar Borade, Founder and Chief Managing Director of Mytek Innovations.
Featured image: Credit: Mytek
