- The round also included participation from existing investors.
- The funds will be utilized for developing new products and expanding the team across India, the US, and Europe.
- Ikin plans to establish infrastructure in the Middle East and set up dedicated sales and after-sales support teams for the US and European markets.
- The company collaborates with leading e-commerce, quick commerce (QComm), and logistics firms.
- Ikin boasts a confirmed order book of 20,000 smart locks.
Mumbai, November 26, 2024: Ikin Global, the IoT smart lock brand by SectorQube, has successfully raised $1 million in a Pre-Series A funding round led by Unicorn India Ventures and Callapina Capital, with additional backing from existing investors. The funds will be strategically utilized to enhance the current product portfolio with AI-powered analytics, advanced sensor technology, and industry-specific solutions. Additionally, the company plans to expand its presence across key geographies, including India, the US, and Europe, while scaling up its production capabilities to meet increasing demand from the logistics sector.
Over the past year, Ikin Global has experienced significant growth, setting the stage for its entry into international markets. The company has already secured 2,500 trucks and 1,500 facilities, including large warehouses, vaults, and retail outlets.
Commenting on the funding, Anil Joshi, Managing Partner at Unicorn India Ventures, said:
“SectorQube is solving a critical challenge in the supply chain and warehousing industry. With the rapid growth of e-commerce, the demand for securing shipments, whether in transit or stored in third-party warehouses, has never been higher. The integration of IoT and AI into their solutions positions Ikin Global as a leader in deep-tech applications, enabling them to expand into major international markets. With nearly a decade of investing experience, we see tremendous potential in AI- and IoT-driven businesses, and Ikin Global’s innovative solutions will accelerate their growth trajectory while strengthening their market leadership in India.”
The company has set ambitious goals, including an order book of 20,000 smart locks and a revenue target of ₹30 crore from the logistics sector. Ikin Global has also introduced new products like Portable iSeals, which offer a year-long battery life, replacing single-use plastic seals, and Smart GPS Truck Locks equipped with advanced sensors for real-time tracking and intrusion detection.
Vinod Jose, Managing Partner at Callapina Capital, added:
“The logistics sector, driven by e-commerce growth, urbanization, and digitized supply chains, is projected to reach $380 billion in India by 2025. However, this growth has brought challenges such as asset security and operational inefficiencies. Ikin Global’s smart locks are tailored to address these issues, providing real-time tracking, tamper alerts, and remote access control. SectorQube’s strong track record in product innovation and its commitment to ‘Make in India’ position it to redefine global security standards in logistics.”
Nibu Alias, Co-founder and CEO of SectorQube, stated:
“At Ikin Global, our mission is to become the leading provider of smart lock solutions for the logistics and warehousing industry. Security remains a major pain point in this sector, and our advanced, tech-driven locks are designed to protect valuable assets, mitigate losses, and enhance operational efficiency. With our expansion into the US, Europe, and the Middle East, we are bringing world-class solutions to address global challenges.”
As Ikin Global gears up for international expansion and launches new cutting-edge products, this funding milestone underscores its commitment to advancing the logistics and warehousing industry through innovation and technology.
