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Mytek provides AI-based digital platform for infra, civil, and more

Entrackr · 1y ago

Medial

Mumbai-based Mytek aims to provide a unified AI based digital platform for Infra & Civil, IT – ITES, telecom, architecture and other engineering services related purposes. Founded in 2020 by Shivkumar Borade and later joined by Ashwajeet Wankhede, Mytek has already scooped up over 100 projects so far. It also has more than 500 certified workforce as well as served more than 50 clients. We spoke to the founder and CMD Borade to learn more about Mytek, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts: There are not many startups operating in the civil and engineering space. How did you come up with the idea? Me and my co-founder come with deep experience in both public and private sector projects. We identified that there are several complexities and challenges, mostly common, that lead to delays in government projects. Key issues for enterprises with government contracts included improper project planning, capital exhaustion and lack of skilled contractors. Local hurdles, permissions, and subcontractor challenges were also prevalent. To address these, we came up with Mytek, essentially a unified AI based digital platform. Here, contractors can select their expertise, regions, and project capacities. The platform notifies them of relevant opportunities and streamlines project planning for existing contracts. Vis a vis Client gets to know real-time project progress vs the planned one, for each and every activity and milestone. Clients can also assess the quality of the work sitting at one place. How does this unified digital AI based platform work? Please help simplify. The platform caters to Mytek employees (who also act as project management consultants), clients, subcontractors, suppliers, Mytek management, and business associates. For projects awarded to Mytek, details are logged, stakeholders tagged, and subcontractors selected based on skills. AI tools generate auto schedules with milestones, managing permissions to prevent delays. Notifications prompt tasks, while suppliers receive material requests. Site supervisors upload reports and real-time photos, and clients access project details including progress reports. Mytek management tracks project funding and cash flows. For projects awarded to other contractors, they enjoy the same benefits, including assigning their teams and applying for project funding to mitigate working capital challenges. Please help us understand how you generate revenues. After offering the digital platform’s features free of charge to all contractors, including auto project scheduling, Mytek aims to provide project funding and share margins with contractors holding work orders. The Suppliers app serves dual purposes: for Mytek’s existing contracts, it facilitates major supply acquisitions, saving significant costs by sourcing inquiries among a pool of suppliers, thereby generating indirect revenue for Mytek. Additionally, any business or direct client seeking doorstep delivery of materials can create inquiries on the Mytek portal. Mytek then obtains the best quotes from registered suppliers through a reverse auction process, identifying the most favorable quote. Mytek further enhances services by offering transportation, quality checks, and timely delivery to end clients, incorporating its margin into the received input cost. This serves as an efficient supply chain management for B2B, B2G and B2C clients as well. What are your short-term and long-term goals in terms of product and business expansion and diversification? The short-term objective is to provide the platform to all SMEs requiring project planning at no cost and secure a 20% market share in infrastructure. The long-term vision is to expand the Digital Platform’s reach to encompass all engineering sectors globally.