[Funding alert] Enterprise tech startup Syook raises $1M in Series A from IPV, ONGC
Syook will use the funding to pursue growth in the international markets and to enhance and scale up the startup's engineering team.
Tuesday August 24, 2021,
3 min Read
Bengaluru based enterprise tech startup Syook on Tuesday announced that it has raised $1 million from Inflection Point Ventures and ONGC in a Series A round.
The startup aims to use this funding to pursue growth in international markets, especially in the Middle East and Southeast Asia, and also enhance and scale up its engineering team.
Arjun Nagarajan, Co-Founder and CEO of Syook said,
“The pandemic has put the limelight on digital transformation. Organizations around the world are looking at tech solutions to remain competitive. 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.”
Vinay Bansal, Founder and CEO, Inflection Point Ventures stated, “Syook has been working relentlessly for the last 2 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.”
Prior to Syook, the founding trio – Saurabh Sharma, Aman Agarwal and Arjun Nagarajan — had spent about a decade each, working in oilfield operations in different parts of the world. Inspired by the ‘Make in India’ movement, they returned to Bangalore about five years ago to build Syook to solve for operational inefficiency.
It helps large enterprise companies with their digital transformation journey in operations across the supply chain using their modular, no-code-IoT platform.
Aman, Co-founder and CTO, Syook, said, “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.”
Starting with a small pilot at a factory in North India, the startup currently works with leading companies in the tech space including Microsoft, Accenture, Siemens, and Bosch, helping customers on their digital transformation journey.
On the investment, the Startup Team at ONGC 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.”
After establishing an initial product-market fit with some leading customers, Syook claims to have witnessed strong traction outside of India. It works with giants like Hindustan Unilever, Reckitt Benckiser, FIAT, and the Tata Group as some of its customers.
Edited by Saheli Sen Gupta