Open Appliances Pvt. Ltd, which runs the digital lock maker Openapp, a D2C startup has acquired SectorQube in an all-stock deal at Rs 17.8 crore (around $2.3 million).
With this acquisition, Openapp will launch an indigenous digital lock and SectorCube will become a core part of Openapp’s growth strategy.
The Bengaluru-based Openapp was founded in 2015 by Gotama Gowda, Rajshekar Jenne and Siddhesh Keluskar, it offers digital locks for homes in three categories such as fingerprint enabled, built-in Bluetooth and GSM-enabled smart locks.
Backed by Axilor Ventures, Unicorn India Ventures, Zoho Family Office and Karnataka Semiconductor Venture Capital Fund (KARSEMVEN Fund), It is a tech-first startup, the only company in the US and China to be equipped with the capability to manufacture indigenous end-to-end IP for smart locks.
“Our D2C business currently has a ratio of 45:55 between metros and Tier III-IV towns. We have made the acquisition to be able to exclusively create products for India while taking on the incumbents and traders head-on”, said, Gotama Gowda, CEO of Openapp.
Founded in 2011 by Ani Abraham Joy, Arjun Sarath, Biniyas Valiyaveettil, Midhun Skaria, Nibu Alias and Sabarish Prakash, Kochi-based SectorQube offers engineering solutions such as mobile app solutions, IoT-powered solutions, and services.
The company helps its users by transforming products into products as a service and moving from the physical world to the digital world.
The company was initially launched by leveraging the power of Internet-of-Things (IoT) to manufacture smart kitchen appliances such as smart multi-functional ovens and automatic bread makers.
“We are very bullish about the deal. With our 11 years of expertise in the development of smart products for companies like IFB, Godrej, V-Guard, etc. we are thrilled about building smart products from Openapp that will touch 10 million homes in the next five years”, said, Nibu Alias, CEO of SectorQube.
In 2018, SectorQube had raised an undisclosed amount from Mumbai-based venture capital fund Unicorn India Ventures.
Open Appliances Private Limited is a company that operates with IoT at it’s core. They are in the business of democratising security. The company designs, develops and sells revolutionary smart locks, it’s flagship product targeted at transforming devices into experiences, and technology into value. The ‘smart lock’ is currently solving key management and security issues for clients across sectors.
After a successful pursuit, the company grabbed one of the largest stand alone deals in the space from two of the largest ISPs in India. This has hence motivated the company to look at opportunities that will truly make a difference in the World. Moving Forward: Thus, Open App is currently channeling the Universe’s energy in the making of a SMART ecosystem for Warehousing, Logistics and Internet companies to make operations more efficient.
Any company equipped with this infrastructure, allows for efficient and hassle free keyless experience for both the user and the companies involved. It aggregates computing and information technology which anticipates and responds to the needs of the companies, working to promote their comfort, convenience, security and operational efficiency through the management of technology within the local infrastructure and connects to the world beyond.
SectorQube Inc is a leading provider of a new-generation integrated portfolio of IT Services, Consulting, Business Solutions & Consumer Electronics that delivers real results to businesses worldwide, ensuring a level of certainty & transparency no other organization can match.
SectorQube offers a range of products & services specializing in E-Commerce & Healthcare, with bespoke as well as turnkey software services in these domains, and has more than 80 Customers. With Headquarters in Cochin, India. Their fully owned subsidiaries operate from – New Delhi, India – to Palo Alto, California their unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses.