Enterprise tech Syook raises $1M from IPV, ONGC in Series A funding

Syook co-founders
Syook co-founders
Syook plans to utilize the funds to expand into international markets and to improve and build up its technical staff. Syook, a Bengaluru-based business IT company, revealed on Tuesday that it had secured $1 million in a Series A round from Inflection Point Ventures and ONGC.
“The pandemic has put the spotlight on digitalization,” said Arjun Nagarajan, Co-Founder and CEO of Syook. To stay competitive, businesses all around the globe are seeking for technological solutions. In only the first three months of this fiscal year, we have witnessed a 2X increase in our order book compared to the same period last year. Outside of India, we’re expanding, particularly in the Middle East and Southeast Asia.”
Digital Transformation

The money will be used to expand the company’s foreign markets, particularly in the Middle East and Southeast Asia, as well as to improve and expand its technical staff.

“Syook has been working tirelessly over the last two years to push the effect of real-time location analytics to its customers,” said Vinay Bansal, Founder and CEO of Inflection Point Ventures. We’ve been observing them develop as they accelerated their expansion by attracting some of India’s most prestigious businesses as clients and partners. This company’s rapid expansion requires patient funding and additional assistance to fulfil its international ambitions. We trust in the team enough to back them up by investing again in the firm, given the pipeline accessibility.”

 

Saurabh Sharma, Aman Agarwal, and Arjun Nagarajan, the founding triad of Syook, had each spent roughly a decade working in the oilfield business in various areas of the world before starting the company. They returned to Bengaluru approximately five years ago, driven by the ‘Make in India’ movement, to create Syook to address operational inefficiencies.

It uses its modular, no-code-IoT platform to assist major enterprises with their digital transformation journey in operations across the supply chain.

Starting with a modest trial at a plant in North India, the business now collaborates with top IT companies such as Microsoft, Accenture, Siemens, and Bosch to assist customers with their digitalization.

“We are helping companies that have an applicability in the Oil and Gas sector,” the ONGC Startup Team stated of the funding. We are quite pleased with the improvements in safety, productivity, and compliance that Syook offers at customer sites. This has a wide range of uses in the energy sector, both downstream and upstream.”

Syook claims to have had great momentum outside of India after achieving an early product fit with a few key clients. Its clientele includes companies like Hindustan Unilever, Reckitt Benckiser, FIAT, and the Tata Group.