- Mushin will strategically deploy the funds to strengthen its Sales and Marketing initiatives, accelerate Research and Development, and drive innovation within its product offerings.
- Mushin has successfully partnered with Tier 1 and Tier 2 manufacturers, including key suppliers to renowned automotive brands like Maruti, Honda, and Hero.
- The company reached profitability swiftly after launch, achieving a notable 27% EBITDA.
- So far, Inflection Point Ventures has invested over INR 800 Cr across 260+ startups
New Delhi – 15th November 2024– Mushin Innovative Labs, has raised $250K in Seed Series Round led by Inflection Point Ventures. Mushin Innovation Labs intends to utilize the raised funds to bolster its sales and marketing operations, accelerate its research and development efforts, and fuel the innovation of its product suite. The strategic focus on these areas will allow Mushin to expand its market presence, enhance its product offerings, and develop cutting-edge solutions that address the evolving demands of the automotive manufacturing sector. With this approach, the company aims to drive growth, strengthen customer relationships, and solidify its leadership position in the industry.
Mushin Innovation Labs, a pioneering SaaS startup, is transforming the automotive manufacturing industry with its advanced digital solutions. Through its flagship platform, Mushin AQUA, the company enables Tier 1 and Tier 2 manufacturers to optimize compliance and elevate quality management, delivering operational excellence and achieving up to 85% cost reduction. Led by a team with extensive industry expertise, Mushin is dedicated to fostering innovation in automotive manufacturing, driving collaboration, and supporting sustainable growth for clients in a rapidly evolving market.
Rachit Srivastava, Founder & CEO of Mushin is a B. Tech graduate in Electrical Engineering from Delhi Technological University. He is a product development and technology expert with experience at Philips India, where he contributed to IoT innovations such as Philips Hue and smart lighting systems for the Yamuna Expressway. He also holds a US patent for his work in IoT and has developed technologies for organizations like DRDO, ISRO, and NPCIL. Amman Batra, Co-founder & COO brings over 13 years of experience in the automotive manufacturing industry. A graduate in Mechanical Engineering from Florida Tech, USA, Amman has worked with top-tier companies like Maruti Suzuki as an ancillary supplier. He is a VSA & VSME certified professional and a Kaizen Award winner, having successfully led automotive factories with turnovers exceeding ₹50 Cr. Together, they aim to revolutionize audit and compliance management for Tier 1 and Tier 2 manufacturers.
Vikram Ramasubramaniam, Partner and CIO, Inflection Point Ventures says, “The automotive manufacturing industry has stringent compliance standards to follow while minimizing costs and maintaining top-notch quality. Many Tier 1 and Tier 2 manufacturers struggle to meet these demands efficiently due to fragmented processes and outdated systems. Mushin Innovation Labs addresses this challenge and streamlines compliance and enhances quality management in an accessible price range, making lives easier for tier 1 & 2 manufacturers. IPV believes Mushin is well-positioned for sustainable growth, making it a right investment choice.”
Mushin Innovative Labs leverages over 40 years of combined expertise in the automotive manufacturing sector to deliver a cutting-edge solution for real-time audit automation. Designed to meet the stringent requirements of IATF, VDA, and ISO compliance, the company’s platform offers a highly customizable solution, tailored to the specific needs of each factory. By streamlining operational and audit processes, Mushin achieves up to an 85% reduction in costs. As a first mover in the Indian automotive market, the company operates in an environment with no direct local competition. Additionally, Mushin integrates AI/ML capabilities to facilitate paperless operations, predictive analytics, and significantly improved efficiency.
Mushin Innovation Labs operates both pan-India and globally, providing its cutting-edge compliance and quality management solutions to Tier 1 and Tier 2 automotive manufacturers. With a strong international presence, the company serves prominent automotive brands, driving digital transformation and supporting sustainable growth in a competitive global market.
Rachit Srivastava, Founder & CEO, Mushin, says, “At Mushin Innovation Labs, we are committed to transforming the automotive manufacturing industry with innovative digital solutions that redefine compliance and enhance quality. As Henry Ford aptly stated, “If everyone is moving forward together, then success takes care of itself.” Guided by the philosophy of the Bhagavad Gita, “You have the right to perform your prescribed duties, but you are not entitled to the fruits of your actions,” we focus on the journey of continuous improvement and innovation. We believe that dedication to excellence and a shared vision will drive the future of automotive manufacturing.”
Mushin Innovation Labs has made impressive strides in a short span, securing partnerships with 15 leading automotive brands and onboarding 70 factories within two years. The company has successfully passed the Maruti Vendor System Audit (VSA) and obtained Letters of Intent (LOIs) from 15 factories, reflecting strong industry confidence in its solutions. With 14 active deployments and a robust pipeline of 52 factories, Mushin continues to expand its footprint. The company has also garnered interest from prestigious global OEMs, including Volkswagen, Skoda, Volvo, JCB, and Aston Martin, further validating its impact in the automotive industry.
Mushin Innovation Labs operates in a highly lucrative and expansive market. The total addressable market (TAM) for the automotive manufacturing industry, relevant to their product Mushin AQUA, is estimated at ₹7 lakh crore annually. The serviceable available market (SAM), specifically targeting Tier 1 and Tier 2 manufacturers in India, is valued at ₹45,000 crore per year. Based on the company’s current capabilities and market focus, the serviceable obtainable market (SOM) stands at ₹4,500 crore annually, underscoring the substantial growth potential within the sector.
