Ikin Global Secures Funding to Drive Expansion
Mumbai-based IoT smart lock startup Ikin Global has successfully raised $2 million in a Pre-Series A2 funding round. This initiative was spearheaded by Unicorn India Ventures, Callapina Capital, and AWE Funds. The newly acquired funds will be directed towards expansion efforts in the US, Europe, and West Asia, as well as enhancing product development, growing the team, and scaling manufacturing and field operations.
About Ikin Global
Founded in 2012 by Nibu Alias, Ikin Global, a division of SectorQube Technolabs, creates IoT-enabled smart locks and bolt seals specifically designed for supply chain and logistics firms. The company’s products deliver features like real-time tamper detection, geo-fencing, mobile access control, and comprehensive audit trails to ensure secure cargo transit.
Impressive Clientele
Ikin Global is proud to have a diverse range of notable clients, including Amazon, Swiggy, Flipkart, Zepto, Blue Dart, Licious, Sequel Logistics, Nesto, and Syngenta.
Recent Achievements
In the last year, Ikin Global has significantly boosted its operations, expanding its deployment from 2,500 trucks to 10,000 trucks and facilitating over 5 million lock and unlock cycles. Furthermore, the company has successfully completed pilot projects in the US, UAE, and UK.
New Product Launches
As part of its growth strategy, Ikin Global has rolled out two innovative products: the iBS Pro, a reusable smart bolt seal, and the Smart GPS Truck Lock (iTSS), a fixed smart lock equipped with AI-driven intrusion detection features.
Future Plans
According to Nibu Alias, who serves as the founder and CEO, Ikin Global aims to secure market-specific certifications, unveil edge-computing-enabled locks, and explore new sectors such as oil and gas, defence logistics, cold chain management, mining, ocean freight, railway cargo, and cash management within the next 12 to 18 months. The startup is also focused on fortifying its sales and after-sales services in India, the US, and the UK.