Mumbai 26th Nov, 2024: Ikin Global, an IoT smart lock brand created by SectorQube has raised $1 million in a Pre Series A round led by Unicorn India Ventures and Callapina Capital. The round also saw participation from existing investors. Funds raised will be used for enhancing the current product line with new launches that would offer AI-powered analytics, advanced sensor technology and industry specific solutions. In addition to the new launches, Ikin will also be expanding its team presence across key geographies including India, US and Europe to bolster its sales, marketing, operations, and support teams. The Company also plans to increase its production capacity to streamline with growing demand coming from the logistics sector.
SectorQube’s brand Ikin Global has been growing over the last 12 months, giving the company a boost to enter international markets. Ikin has been instrumental in securing 2500 trucks and 1500 facilities including large warehouses, vaults and retail shops.
Commenting on the fund raise, Anil Joshi, Managing Partner, Unicorn India Ventures, says, “SectorQube is addressing a major supply chain and warehousing challenge. As our world increasingly moves online, there is a huge demand from e-commerce and logistics companies to secure shipments whether on the move or stored in third party warehouses. Integrating IoT and AI is a strategic move towards deep tech applications, which will further broaden Ikin’s horizon as they look to enter large international markets. As a fund, with nearly 10 years of investing track record in India, we have a clear thesis on AI and IoT applications led businesses and we believe SectorQube’s growth trajectory will be accelerated as they enter new markets and strengthen their leadership positioning in the Indian market.”
The company has an order book of 20,000 smart locks with a revenue target of Rs 30 crore from smart locks business in the logistics sector. Ikin has also launched new smart products like Portable iSeals with a 1-year battery life, replacing one-time-use plastic seals for containers and Smart GPS Truck Lock with advanced sensors for intrusion detection.
Vinod Jose, Managing Partner Callipina Capital adds, “The logistics sector, fueled by rapid growth in e-commerce, urbanization, and supply chain digitization, is on track to reach $380 billion in India by 2025. However, this expansion has also amplified challenges around asset security, real-time tracking, and operational control, with rising incidents of theft, tampering, and logistical inefficiencies. SectorQube’s Ikin Smart Locks are purpose-built to meet these demands, offering real-time tracking, tamper alerts, and remote access control—all critical for secure, efficient operations in warehousing, transportation, and last-mile delivery. The investment is further strengthened by the team’s unique capabilities: a proven track record in product design and a decade-long partnership during which they developed multiple original products. SectorQube embodies the spirit of ‘Make in India’ with a world-class solution ready for a global stage, and we’re confident they are positioned to redefine security standards in the logistics industry.”
Nibu Alias, Co-founder CEO, SectorQube, says, “At Ikin Global, our goal is to become the leading provider of smart lock solutions for the logistics and warehousing industry. This sector faces major challenges with security, and technology-driven solutions are essential to protect valuable assets and reduce losses during transit and storage. Our talented tech team has developed smart locks with advanced sensors that secure not just truck doors and shutters but the entire cargo or facility. We’re excited to expand our reach to the US, Europe, and Middle Eastern markets, bringing our solutions to more companies worldwide.”
