Margao based IT startup, Mrinq Technologies, looks ready to scale up after successfully closing a funding deal with investors, reports Shoma Patnaik
Goan startups are steadily finding acceptance from investors. Few days back, Margao based Mrinq Technologies LLP, one of the first local IT companies to be certified under the state’s Startup Goa policy, announced success in raising seed funds from outside investors.
The company got funding for innovative work in IOT technology of products that offer solutions in smart access control systems. Three investors from Dubai, US and Goa jointly put in money in Bleiotech, a holding company of Mrinq Technologies.
The investors, Ajay Pandey, co-founder of a Dubai based management consulting firm, Tervin Aranha, a US based entrepreneur and Goa based Suraj Daivajna, co-founder of Stratevic Consulting sound upbeat about the future prospects of Mrinq.
Speaking of his investment, Daivajna, said, “The company’s product concept is innovative and powerful enough to bring a change in the access security control market. We see a massive opportunity for the product and are very confident about the team and their understanding of IOT. The founders are very aggressive and have a strong technical background with a track record of building wireless products and solutions.”
Mrinq Technologies co-founders Rohin Parkar and Malcolm Dsouza are buoyed at crossing their first milestone. While unwilling to disclose the exact amount of seed funding, they reveal that their company recently launched a smart access control product under the brand name Spintly. The product allows users to gain access securely through locked doors using their smart phones. It is a very cost effective, revolutionary yet simple replacement to RFID based access. The solution has applications in office attendance management, residential access management, hotel access management etc. It reduces the installation cost substantially and is very easy to use and install.
Both the co-founders reveal that, Spintly products were showcased at the IoT Expo 2019 on February 19 at the Pragati Maidan, Delhi, where it received an overwhelming response. They explain that, the potential for Spintly range is huge and is expected to help the company achieve targeted monthly revenue of Rs 20 lakh in a year time from the current revenue average of Rs 3.5 lakh per month.
Says Parkar, “Until now we were self-financed but with the strategic investment we are very excited as we believe it allows our company launch products into the market and also invest in new product development. The proceeds have come at a right time when Spintly brand products are about to launch in the market.” While, partner, Dsouza, adds, “It will help us take the next step and to scale up. With the funds we plan to build our team, hire senior level workforce and invest in new R&D areas.”
He points out that, the company’s other product is wireless lighting which is equally high in promise. “The wireless technology allows control of lighting on the smart phone. It is seamless to use and has the facility of adjusting the brightness. The wireless switch is expected to do away with fixed switches. It can be placed near the bedside and operates on a battery that will last for five years,” explains Dsouza.
Founded in September 2017, Mrinq Technologies is an IT solution provider with hardware as its core. The company has tangible products with IoT, hardware design, prototyping services and staffing solutions as its business divisions. Until now the hardware side was mainly assembled but in future the company plans to set up its own manufacturing facility.
Goa’s startup ecosystem comprises several companies that have moved base to metro cities such as Hyderabad, Bengaluru and Pune. But Dsouza says that his company has no plans to shift headquarters. He believes that local startups have an advantage vis-a-vis their metro counterparts. “The advantage is of less competition,” he says, adding that, setting up the work team is also relatively easy due to the availability of local talent. .
Parkar and Dsouza were batch mates at Goa Engineering College, although they went separate ways after passing out from college. Parkar worked as a scientist with BARC, Trombay before moving to the US. In between he had a short stint at Tata Consultancy Services- Goa where Dsouza was also employed. Both the friends discussed the idea of starting up and ended by putting their idea into action several years afterwards.
The holding company Bleiotech Pvt limited was incorporated in September 2018 with Parkar, Dsouza and wives Vaibhavi Parkar and Joann Fernandes as directors. Says Parkar, “Our company has grown to 15 engineers in one year and most of the team is from GEC. We pride ourselves for training local engineers.” He adds, that Mrinq Technologies is one of the first companies to be certified as a Goan start-up and is on track to receive incentives under the state Start-up Policy.