Mushin Innovative Labs secures Rs 2 Cr in seed funding to enhance sales, R&D, and innovation for its AQUA platform, which helps Tier 1 and Tier 2 manufacturers optimise compliance and reduce costs by up to 85%.
14 Nov 2024 | 2187 Views | By Autocar Professional Bureau
Mushin Innovative Labs has raised Rs 2cr in a Seed Series funding round led by Inflection Point Ventures. Mushin plans to use the funds to expand its sales and marketing efforts, accelerate research and development, and drive product innovation. This focus aims to help the company enhance its market presence, ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
Mushin Innovative Labs has raised Rs 2cr in a Seed Series funding round led by Inflection Point Ventures. Mushin plans to use the funds to expand its sales and marketing efforts, accelerate research and development, and drive product innovation. This focus aims to help the company enhance its market presence, improve its product offerings, and address the evolving demands in the automotive manufacturing sector.
Mushin Innovative Labs, a SaaS startup, offers digital solutions for automotive manufacturing, including its AQUA platform, designed to optimize compliance and quality management. The platform allows Tier 1 and Tier 2 manufacturers to improve operational efficiency and reduce costs by up to 85%. Mushin has established partnerships with key suppliers to well-known automotive brands like Maruti, Honda, and Hero and has achieved a profitable 27% EBITDA shortly after its launch.
Inflection Point Ventures, which has invested over Rs 800 crore across more than 260 startups, led this funding round. According to Vikram Ramasubramaniam, Partner and CIO of Inflection Point Ventures, Mushin’s AQUA platform addresses the compliance and quality management challenges faced by Tier 1 and Tier 2 manufacturers. The solution's accessible price point is intended to provide an efficient option for these manufacturers while meeting industry standards.
Founded by Rachit Srivastava and Amman Batra, Mushin Innovation Labs brings extensive industry expertise to automotive manufacturing. Srivastava, a B. Tech graduate from Delhi Technological University with experience at Philips India, holds a U.S. patent in IoT and has developed technologies for organizations like DRDO, ISRO, and NPCIL. Batra, who holds a degree in Mechanical Engineering from Florida Tech, has over 13 years of experience in automotive manufacturing and has worked with Maruti Suzuki as an ancillary supplier. Together, they aim to improve audit and compliance management processes for Tier 1 and Tier 2 manufacturers.
Mushin's AQUA platform is designed to meet IATF, VDA, and ISO compliance standards, offering a customizable, real-time audit solution tailored to the specific needs of each factory. Integrating AI and ML capabilities, the platform facilitates paperless operations, predictive analytics, and improved operational efficiency. Currently, Mushin operates both in India and internationally, delivering compliance and quality management solutions to a range of automotive manufacturers. The company serves prominent automotive brands and supports their digital transformation needs in a competitive global market.
Within its two years of operation, Mushin has secured partnerships with 15 major automotive brands and onboarded 70 factories. It has passed the Maruti Vendor System Audit and obtained Letters of Intent from 15 additional factories. With 14 active deployments and a pipeline of 52 factories, Mushin has generated interest from global OEMs like Volkswagen, Skoda, Volvo, JCB, and Aston Martin, further establishing its industry presence.
The total addressable market for Mushin’s AQUA platform within automotive manufacturing is estimated at ₹7 lakh crore annually. The serviceable available market for Tier 1 and Tier 2 manufacturers in India is valued at ₹45,000 crore, with a serviceable obtainable market estimated at ₹4,500 crore. These figures reflect Mushin's growth potential within the sector as it continues to expand its market reach.