Bengaluru-based enterprise tech startup Syook on Tuesday said it has raised USD 1 million from Inflection point ventures and ONGC in a Series A round. After establishing an initial product market fit with some leading customers, the company is seeing strong traction outside of India, the company said.
Funds raised in this round will be used to pursue growth in the international markets especially in the middle east and southeast Asia, it said in a release adding that a significant part of the funds will also be used to enhance and scale up the engineering team.
Syook helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IOT platform. The company works with giants like Hindustan Unilever, Reckitt Benckiser, FIAT and the Tata group as some of its customers.
“We have seen 2X growth in the revenues of the entire last financial year into our order book in just the first 3 months of this FY. We are also growing outside India, especially in the Middle East and South-East Asia,” Syook Co-Founder and CEO Arjun Nagarajan 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.” Startup Team at ONGC said.
Categories: Venture Capital