AI-based EPC and manufacturing marketplace Mytek Innovations has raised Rs 6 crore in a debt funding round, with plans to utilize the funds for expansion. Co-founded by Shivkumar Borade and Ashwajeet Wankhede in 2020, Mytek aims to streamline the contracting industry by integrating project elements such as workforce, machinery, tools, materials, and technology into a unified platform. This approach allows the company to ensure sales with minimal customer acquisition costs while maximizing operational efficiency and productivity.
Headquartered in Mumbai, Mytek leverages advanced AI tools, blockchain, data analytics, and sophisticated algorithms to meet industry-specific needs. The company currently focuses on civil and electrical services and has plans to expand into sectors such as automobile, manufacturing, textiles and garments, cosmetics, and more. Mytek reported a robust order book of Rs 251 crore at the end of FY24 and is targeting an order book of Rs 729 crore by FY25. The company also maintains a strong EBITDA margin of over 23% through its supplier and contractor applications, reflecting its commitment to driving high-performance outcomes in the contracting and manufacturing industries.