The new funding will primarily be used for enhancing and scaling up the engineering team
Syook, Bengaluru based enterprise tech startup, has raised $1 million in its Series A round from ONGC and existing investor Inflection Point Ventures. The new funding will primarily be used for enhancing and scaling up the engineering team, the startup said in a statement. While the pandemic has put the limelight on digital transformation, organisations around the world are looking at tech solutions to remain competitive, Arjun Nagarajan, co-founder and CEO, Syook, said.
The startup has seen 2X growth in the revenues of the entire last financial year into its order book in the first three months of this financial year, Nagarajan claimed. The startup is also growing outside India, especially in the Middle East and South-East Asia, he noted.
Hindustan Unilever, Reckitt Benckiser, FIAT and the Tata group are some of the customers that work with Syook. It helps such large enterprise companies in operations across the supply chain using modular, no-code-IOT platform. Syook aims to help its customers on their digital transformation journey.
“Syook has been working relentlessly for the last two years to drive 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,” Vinay Bansal, founder and CEO, Inflection Point Ventures, said.
ONGC is supporting startups that have an application in the oil and gas sector, the startup team at the company said. The team is pleased with the safety, productivity and compliance gains that Syook provides at customer locations. As per the startup team, this has a lot of applications both in the upstream and downstream of the energy sector.
“Ours is a modular, configurable no code platform that provides operational efficiency and gains from day one. It’s really easy to deploy and we start seeing an ROI immediately,” Aman Agarwal, co-founder and CTO, Syook, stated.
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