The IoT smart lock company plans to use the funds for new product development, global team expansion, and infrastructure setup in the Middle East, while targeting logistics, e-commerce, and warehousing industries with security solutions.
26 Nov 2024 | 1371 Views | By Autocar Pro News Desk
Ikin Global, an IoT smart lock brand established by SectorQube, has raised $1 million in a Pre-Series A funding round led by Unicorn India Ventures and Callapina Capital, with additional participation from existing investors. The funds will support the development of new products, expansion of teams across India, the US, ...
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Ikin Global, an IoT smart lock brand established by SectorQube, has raised $1 million in a Pre-Series A funding round led by Unicorn India Ventures and Callapina Capital, with additional participation from existing investors. The funds will support the development of new products, expansion of teams across India, the US, and Europe, and the establishment of infrastructure in the Middle East. Ikin also plans to set up sales and after-sales support for the US and European markets.
The company collaborates with leading e-commerce, quick commerce (QComm), and logistics companies and has secured an order book for 20,000 smart locks. SectorQube’s brand has seen notable growth over the past year, facilitating its entry into international markets. Ikin has deployed its smart locks for 2,500 trucks and 1,500 facilities, including warehouses, vaults, and retail outlets.
The funding will also be used to enhance Ikin’s product offerings, including the integration of AI-powered analytics, advanced sensor technologies, and solutions tailored to specific industries. Additionally, the company plans to expand its team to strengthen sales, marketing, operations, and support functions in key regions. Efforts are underway to scale up production capacity to meet increasing demand, particularly from the logistics sector.
Commenting on the funding, Anil Joshi, Managing Partner at Unicorn India Ventures, highlighted that Ikin Global is addressing critical challenges in supply chain security. He emphasised the growing need for secure shipment solutions in e-commerce and logistics sectors, driven by the integration of IoT and AI technologies. According to Joshi, Unicorn India Ventures sees strong growth potential for Ikin as it expands into international markets while maintaining its leadership position in India.
The company has a revenue target of ₹30 crore from its smart locks business in the logistics sector. Recently, Ikin introduced new products, including Portable iSeals with a one-year battery life as a sustainable alternative to single-use plastic seals and a Smart GPS Truck Lock equipped with advanced sensors for intrusion detection.
Vinod Jose, Managing Partner at Callapina Capital, remarked on the growth of the logistics sector, driven by e-commerce, urbanisation, and supply chain digitisation, which is projected to reach $380 billion in India by 2025. However, challenges such as asset security, real-time tracking, and logistical inefficiencies persist. Ikin’s smart locks provide solutions like real-time tracking, tamper alerts, and remote access control to enhance security and operational efficiency in warehousing, transportation, and last-mile delivery. Jose acknowledged SectorQube’s expertise in product development and highlighted Ikin’s potential to contribute significantly to global security standards in logistics.
Nibu Alias, Co-founder and CEO of SectorQube, stated that Ikin Global aims to address the security challenges faced by the logistics and warehousing industry. He noted that the company’s smart locks, equipped with advanced sensors, secure not just truck doors and shutters but also entire cargoes and facilities. Alias added that Ikin is focused on expanding into the US, Europe, and Middle East markets to offer its solutions to a broader customer base.