MyTek Innovations Targets $10 Million Fundraise and Tripling Order Book by FY25
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Mytek Innovations aims to raise $10 million, treble order book of Rs 729 cr by FY25
Infratech firm Mytek Innovations said it aims to raise $10 million to cash-in on the improving macro environment and cater to its order pipeline. The company clocked Rs251 crore order book at the end of FY24, and now aims to treble it with an order book of Rs729 crore by FY25. The strong inflow of orders will also help the company rake-in targeted revenues of Rs 320 crore at the end of this fiscal. At the end of FY23, the company had an order pipeline of 119 and revenues of Rs10.48 crore. As Mytek gears up to capture a larger share of India's $204 billion infrastructure market, the company attributes its growth to targeted marketing and outreach strategies, customer-centric product launch, value-driven sales approach and strategic partnerships and alliances. "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," Mytek Innovations founder and chief managing director, Shivkumar Borade, said. Catering to the B2B and B2C segments, the Navi-Mumbai headquartered firm was founded by Borade and Ashwajeet Wankhede in 2020. The company's unified platform enables seamless business activities across multiple formats and ensures sales with minimum customer acquisition costs. The platform helps delivery with real time data which helps customers stay on top of projects and also helps with simplified invoicing. Mytek innovations platform is built on advanced AI tools, block chain, data analytics and advanced algorithms which help it cater to industry-specific requirements. India has one of the largest construction industries in the world, with an estimated size of over $700 billion. And yet, the industry operates in a fragmented fashion, leading to delays, cost overrun, compliance-related delays, and substandard quality of work. Mytek's platform aims to bridge the gaps in the industry by helping contractors organize all aspects of a project, such as workforce, machinery, tools, materials, and technology. At present the focus of Mytek Innovations has been on civil and electrical services. The company now plans to expand to other sectors like auto, manufacturing, textile and garments, cosmetics and more. Despite being bootstrapped, Mytek Innovations maintains an impressive EBITDA margin of over 23% through its supplier and contractor apps. With a planned $10 million investment, the company said it is strategically positioned for continued rapid growth and is well-equipped to handle the rising demands of its expanding order book.
[2]
Mytek Innovations aims to raise $10 million, treble order book of Rs 729 cr by FY25
Infratech firm Mytek Innovations said it aims to raise $10 million to cash-in on the improving macro environment and cater to its order pipeline. The company clocked Rs251 crore order book at the end of FY24, and now aims to treble it with an order book of Rs729 crore by FY25. The strong inflow of orders will also help the company rake-in targeted revenues of Rs 320 crore at the end of this fiscal. At the end of FY23, the company had an order pipeline of 119 and revenues of Rs10.48 crore. As Mytek gears up to capture a larger share of India's $204 billion infrastructure market, the company attributes its growth to targeted marketing and outreach strategies, customer-centric product launch, value-driven sales approach and strategic partnerships and alliances. "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," Mytek Innovations founder and chief managing director, Shivkumar Borade, said. Catering to the B2B and B2C segments, the Navi-Mumbai headquartered firm was founded by Borade and Ashwajeet Wankhede in 2020. The company's unified platform enables seamless business activities across multiple formats and ensures sales with minimum customer acquisition costs. The platform helps delivery with real time data which helps customers stay on top of projects and also helps with simplified invoicing. Mytek innovations platform is built on advanced AI tools, block chain, data analytics and advanced algorithms which help it cater to industry-specific requirements. India has one of the largest construction industries in the world, with an estimated size of over $700 billion. And yet, the industry operates in a fragmented fashion, leading to delays, cost overrun, compliance-related delays, and substandard quality of work. Mytek's platform aims to bridge the gaps in the industry by helping contractors organize all aspects of a project, such as workforce, machinery, tools, materials, and technology. At present the focus of Mytek Innovations has been on civil and electrical services. The company now plans to expand to other sectors like auto, manufacturing, textile and garments, cosmetics and more. Despite being bootstrapped, Mytek Innovations maintains an impressive EBITDA margin of over 23% through its supplier and contractor apps. With a planned $10 million investment, the company said it is strategically positioned for continued rapid growth and is well-equipped to handle the rising demands of its expanding order book.
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MyTek Innovations, an Indian electronics manufacturing services provider, plans to raise $10 million and aims to triple its order book to Rs 2,200 crore by FY25. The company is expanding its production capabilities and exploring new market segments.
MyTek Innovations' Ambitious Growth Plans
MyTek Innovations, a prominent player in the Indian electronics manufacturing services (EMS) sector, has unveiled its ambitious growth strategy for the coming years. The company, which specializes in printed circuit board assembly (PCBA) and box-build products, is setting its sights on significant expansion and fundraising efforts
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.Fundraising Efforts
At the forefront of MyTek's plans is a substantial fundraising initiative. The company aims to secure $10 million in funding to support its growth objectives. This capital infusion is expected to play a crucial role in financing the company's expansion plans and enhancing its production capabilities
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.Order Book Expansion
MyTek Innovations has set an ambitious target for its order book growth. The company plans to triple its current order book value from Rs 729 crore to an impressive Rs 2,200 crore by the fiscal year 2024-25 (FY25). This projected increase reflects the company's confidence in its ability to capture a larger market share and secure more contracts in the coming years
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.Production Capacity Enhancement
To support its growth targets, MyTek is focusing on expanding its production capabilities. The company currently operates two manufacturing facilities in Manesar, Haryana, with plans to establish additional production units. This expansion is aimed at increasing the company's capacity to meet the growing demand for its services and products
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Diversification into New Segments
MyTek Innovations is not just focusing on expanding its existing business but is also exploring new market segments. The company is particularly interested in entering the electric vehicle (EV) and medical electronics sectors. This diversification strategy is expected to open up new revenue streams and contribute to the company's overall growth objectives
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.Industry Context and Opportunities
The ambitious plans of MyTek Innovations come at a time when the Indian electronics manufacturing sector is experiencing significant growth. Government initiatives like "Make in India" and the Production Linked Incentive (PLI) scheme have created a favorable environment for companies in this sector. MyTek's growth strategy aligns well with these national objectives and positions the company to capitalize on the expanding opportunities in the domestic and global electronics manufacturing markets
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