Openapp acquires Kochi based SectorQube valuing the latter at $2.3 Mn
- ByStartupStory | May 6, 2022
Open Appliances Pvt. Ltd, which runs the digital lock startup Openapp, acquired the Kochi-based startup SectorQube, in a move to double its Direct-to- (D2C) business, in a stock deal. This deal has put the valuation of SectorQube at $2.3 Mn. Openapp will be launching indigenous digital locks through this acquisition hence making SectorQube a core part of the growth strategy of Openapp.
Openapp which was founded in 2015, is based in Bengaluru and offers digital locks for homes in three categories. The tech startup is the only company out of America and China that is equipped with the capability to create such indigenous locks. The startup is backed by Unicorn India Ventures, Zoho Family Office, Axilor Ventures, and Karnataka Semiconductor Venture Capital Fund (KARSEMVEN Fund).
Nibu Alias, the CEO of SectorQube, views on the deal were, “We are very bullish about the deal”. They were thrilled to work with Openapp in building smart products, in which they are aiming to touch 10 million homes in the next five years.
SectorQube was founded in 2011 by Biniyas Valiyavetil and was launched initially to build smart kitchen appliances. However, now the startup offers engineering solutions. The startup helps by transforming products into services and also in transit from the physical to the digital world.
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