Bengaluru-based enterprise tech startup Syook has announced that “It has raised $1 million in series A round funding led by Inflection point ventures in participation with ONGC.
“The raised funds will be used by Syook to pursue its growth in the international markets especially in the middle east and southeast Asia, as well as to enhance and scale up the engineering team,” the statement added.
Speaking on the investment in Syook, Vinay Bansal, Founder & CEO, Inflection Point Ventures said, “Syook has been working relentlessly for the last 2 years to drive the 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.”
“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,” the Spokesperson of the Startup Team at ONGC said.
Commenting on the fundraise, Arjun Nagarajan, Co-Founder & 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.”
“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 & CTO, Syook added.