Mumbai, June 24: Ikin Global, an IoT smart lock brand created by SectorQube has raised $2 million in Pre–Series A2 led by Unicorn India Ventures, Callapina Capital and AWE Funds, which is an early growth venture capital firm in India that invests in innovative, tech-led businesses that promote gender equity and sustainability.
Funds raised will be strategically deployed to facilitate geographical expansion into new markets including the US, Europe and West Asia. The funds will also be utilized for new product development, specifically to build a comprehensive security platform tailored for the oil & gas industry in India. Furthermore, they will be directed towards team expansion and operations scaling that will help increase production capacity in India and strengthen field operations to support international rollout.
Founded in 2012, by Nibu Alias, Co-founder & CEO, IKIN Global / SectorQube, is a B2B smart-security company protecting cargo across supply chain logistics. Its tamper-proof smart locks and bolt seals deliver real-time tamper-detection alerts to a central dashboard, along with geo-fencing, mobile-based access control and complete audit trails — addressing the theft, unauthorised access and compliance gaps that conventional locks and plastic seals leave open. The company has gained recognition for using advanced IoT and advanced technologies to reduce cargo thefts, improve operational visibility and strengthen supply chain security. Ikin’s anchor clients include marquee names like Amazon, Swiggy, Flipkart, Zepto, Blue Dart, Licious, Sequel Logistics, Nesto and Syngenta.
Commenting on the fund raise, Nibu Alias, Co-founder & CEO, IKIN Global / SectorQube says, “Cargo theft is a multi-billion-dollar problem that traditional seals and padlocks cannot effectively address. At IKIN, our mission is to provide a reliable and intelligent solution that helps logistics operators improve operational efficiency by reducing theft, pilferage, and cargo losses through real-time monitoring, tamper detection, and secure access control. We are excited to have the backing of a strong group of investors who share our vision of making global cargo transportation more secure, transparent, and efficient as we continue to expand across the US, Europe and West Asia.”
In the last 12 months, the company has increased its lock deployment from 2500 trucks to 10,000 and has achieved more than 5 million successful lock/unlock cycles. Additionally, IKIN has successfully conducted trials for various clients in the United States, United Arab Emirates, and the United Kingdom.
The company has launched new products iBS Pro (reusable smart bolt seal) ; a reusable bolt seal capable of 2,000+ lock/unlock cycles on a single charge, giving real time location tracking and tamper alerts, replacing one-time-use plastic seals for road, ocean and rail containers along with Smart GPS Truck Lock (iTSS); A fixed smart lock with an AI-based intrusion-detection sensor array for whole-cargo protection.
Anil Joshi, Founder & Managing Partner, Unicorn India Ventures says, “IKIN Global is solving a real business problem, as e-commerce and logistics sector expand, the need for intelligent asset protection is expected to grow. There is a high demand for smart warehouses, digital supply chain and connected logistics networks that has created a rise in demand for IoT enabled security solutions. The company has been doing exceptionally well and we believe it has a strong potential to strengthen its positioning not only in India but in the International markets as well. Their growing capabilities is the reason we continue to back them.”
In the next 12-18 months, Ikin plans to expand its operations in the US, Europe and West Asia market. It aims to obtain market-specific certifications for global deployment, introduce edge-computing-enabled locks, and venture into new verticals. Additionally, the company plans to enhance its sales and after-sales operations across India, the US, and the UK.
The company’s roadmap targets high-value, security-sensitive verticals — including cold chain, oil & gas, defence cargo, mining, ocean freight, railway cargo and cash management along with the localised service teams.