Ikin Global, an IoT smart lock brand developed by SectorQube, has secured $1 million in a pre-series A funding round. Unicorn India Ventures and Callapina Capital led the investment, with participation from existing investors. The funds will support the development of advanced smart lock products, enhanced with AI-powered analytics and cutting-edge sensor technology.
Ikin Global Smart Locks
Ikin Global plans to use the funds to introduce innovative products tailored to industry-specific needs. The new lineup includes Portable iSeals with a one-year battery life and Smart GPS Truck Locks equipped with advanced sensors to detect intrusions. These upgrades aim to address security challenges in logistics, warehousing, and retail.
The company also intends to expand its presence in India, the US, and Europe. This expansion will involve strengthening sales, marketing, operations, and support teams to meet increasing demand. Additionally, production capacity will be scaled up to align with the growing need for smart locks in the logistics sector.
Growth in Logistics Sector
Over the past year, Ikin Global has grown substantially, securing 2,500 trucks and 1,500 facilities, including warehouses and retail shops. The brand’s success has paved the way for its entry into international markets. With an order book of 20,000 smart locks, Ikin targets Rs 30 crore in revenue from its logistics-focused smart locks business.
Anil Joshi, Managing Partner at Unicorn India Ventures, emphasized the strategic importance of integrating AI and IoT in logistics. “There’s a rising demand for secure shipment solutions due to the e-commerce boom. Ikin’s approach to addressing these challenges with deep tech applications positions it strongly for international expansion,” he said.
Vinod Jose, Managing Partner at Callapina Capital, highlighted the rapid growth of India’s logistics sector, projected to reach $380 billion by 2025. He noted that the rise in e-commerce and urbanization has amplified challenges like theft and operational inefficiencies. Ikin’s technology aims to tackle these issues with real-time tracking and advanced security measures.
Looking Ahead
With this funding round, Ikin Global is poised to strengthen its leadership in the Indian market while expanding its reach globally. By leveraging AI and IoT, the company aims to revolutionize security and efficiency in logistics, addressing critical challenges in the industry.
