- Round also saw participation from the existing investors
- Funds raised to be used for new product development, team expansion across India, US and Europe
- Ikin is also planning to establish infrastructure in the Middle East and set up sales and after sales support for the US and European markets
- The Company works with top tier e-commerce, QComm and logistics companies
- Ikin has a confirmed order book of 20,000 smart locks
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.”
About Unicorn India Ventures
Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests capital in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore From its first
Fund, UIV has invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Internal Rate of Return (IRR) was more than 60 percent year over year. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.
Fund II is a Rs 300 crore fund launched in 2020 that has invested in 20 companies so far like Gamerji, ForeignAdmits, Probus, Daalchini, Esmito, Finin. Most of the portfolio is scaling up fast and has had several uprounds.
Unicorn India Ventures has recently announced its first close of Rs 1000 crore Fund III. The first close reached at Rs 225 crore. With this Fund, UIV aims to build a portfolio of 25 startups that are focused on global SaaS and digital platforms. From the sector’s perspective, the Fund is looking at newer sectors of climate tech, agritech, spacetech and the semiconductor ecosystem. Unicorn has already made 7 investments from Fund III
About Ikin Global
Ikin Global, a subsidiary of SectorQube Technolabs Pvt. Ltd., is a leading provider of smart security solutions for the logistics, retail, and warehousing sectors. Recognized by Forbes India in 2023 as one of the Select 200 companies with global potential, Ikin Global leverages AI and IoT to deliver GPS-enabled smart locks, AI-driven intrusion detection, and cloud-based dashboards. The company has achieved significant traction in India and is now expanding into the USA and the Middle East to offer advanced asset protection solutions worldwide
