How Two Men Working from Home Turned a Rs 5 Lakh Investment into a Rs 10.5 Crore Turnover Tech Startup

Shivkumar Borade and Ashwajeet Wankhede started MyTek with a small investment of Rs 5 lakh, working from their homes. Today, the company has grown into a business with a turnover of Rs 10.5 crore in the last financial year.

MyTek is an AI-based EPC (Engineering, Procurement, and Construction) and Manufacturing marketplace. It connects project bidders - who receive government or agency work orders - with contractors and helps them manage all aspects of a project, including workforce, machinery, tools, materials, and technology.

Shivkumar Borade (sitting) and Ashwajeet Wankhede started MyTek working from their homes in 2020 (Photos: Special Arrangement)

“Our major customers are the ones who take work orders from the government or other agencies but are not able to execute it due to lack of funds, lack of subcontractors, or resources. Or else they want to sublet the job, and this is where MyTek steps in,” Shivkumar explains.

“Once the work system is in place, MyTek also does the monitoring and scheduling and decides the next steps for on-time delivery. We help the bidder to get the project done and also help the subcontractors to get these contracts, eventually helping both sides of the project.”


MyTek, headquartered in Navi Mumbai under the registered name MyTek Innovations Pvt. Ltd. The company primarily serves MSMEs and A+ grade companies and currently focuses on civil work, IT & ITES, telecom, automobile, and architecture & mechanical-electrical-plumbing domains.

Some of its key clients include Piramal Pharma, Adani, Ultratech, CITI, Johnson Controls, MindsTech, and Technocrat. While MyTek operates across India, its major presence is in Maharashtra, Punjab, Karnataka, Goa, and Telangana.

The company focuses on streamlining project management for various industries, making it easier for businesses to plan, collaborate, and track progress efficiently.

The journey of MyTek began modestly. In its first year, the company received an order worth Rs 2 crore, prompting the founders to shift to a 500 sq ft office in Navi Mumbai. Today, they operate from a 4,000 sq ft office in the same building, with a team that has grown from two to fifty members, mainly in tech and sales.

Shivkumar worked various jobs during his younger days to supplement the family income

On average, a project takes around three years to complete. MyTek does not charge suppliers or labourers but takes a 20% commission from the MSMEs or companies placing the work orders.

Shivkumar adds, “Once the bidder receives the project, then the bank, MyTek, and the bidder get into an agreement, which is called ESCROW. Before getting into the project, my team thoroughly checks the P&L of the project and its margins.”

On average, MyTek handles business worth Rs 2 crore every month. This year alone, it has secured work orders worth over Rs 700 crore from bidders. The registration process on the MyTek website is simple and free for bidders, suppliers, and contractors.

The company’s financial journey shows steady growth, closing at Rs 70 lakh in 2020-21, Rs 1.48 crore in 2021-22, Rs 10.40 crore in 2022-23, and Rs 10.5 crore in 2023-24.

Shivkumar’s journey to success was shaped by early struggles. Born in the Bagalkot district of Pandharpur Tehsil in Solapur, Maharashtra, he completed his Class 12 from Yashwant Vidyalaya, Pandharpur, in 2002.

To support his family and education, Shivkumar started working at a young age while studying at the local government school. He took up various jobs, including welding, working in a garage, painting, teaching karate, and even delivering newspapers every morning.

Sharing a memorable anecdote, he says, “I started learning karate in the third standard, and by the fifth standard, I began teaching it to my juniors for a fee of Rs 15 per month. Teaching not only gave me pocket money but also helped me improve my own skills, so it was a win-win.”

Since his family had limited resources, he pursued higher education through Yashwant Rao Chauhan Open University instead of attending a regular college.

“After graduation, my family wanted me to find a stable government job for a secured future. But I wanted to run my own business and make a significant impact,” says Shivkumar.

He initially worked at Central Industrial Security Force (CISF) in Kota in 2008 for about a year before moving into the insurance sector with ICICI Bank. Over time, he grew in the industry and had agents working under him.

Shivkumar met his co-founder, Ashwajeet, through a client

Later, he entered the healthcare sector, supplying medicines to hospitals. In 2013, he expanded further, setting up cardiac centres with a doctor friend to offer EECP (Enhanced External Counter Pulsation) treatment. These centres are still operational.

During his work in the healthcare sector, Shivkumar interacted with government offices and observed the challenges faced by project bidders after receiving work orders.

“When a government contract is awarded, it typically takes three to four months to mobilise resources, involving multiple subcontractors and local manpower. Delays often lead to cost overruns, which eat the profits,” he explains. This insight led him to start MyTek.

Shivkumar met his co-founder, Ashwajeet Wankhede, through a client. Ashwajeet, who holds an MBA in Marketing and HR, brought experience from MNCs like NIIT, TCS, and UST Global.

“When Shivkumar first shared the idea of MyTek with me, I was immediately convinced of its potential. Before developing the MyTek platform, we focused on pitching the concept to key stakeholders - bidders, contractors, subcontractors, and investors - to bring them on board,” Ashwajeet recalls.

“Once we secured their interest, we built and launched the platform. We shared an interesting journey before the launch. In the early days, our office was a café in Mumbai’s Chembur.

“Every morning, we would settle in, order coffee worth Rs 1,000, and work there all day. After a few months, we realised we were spending nearly Rs 30,000 a month on coffee alone -enough to justify getting an office of our own.”

Ashwajeet Wankhede, co founder, MyTek

For aspiring entrepreneurs, Shivkumar advises, “Do a good analysis of the market before entering it. Customer acquisition is very important for every business, it must be taken care of well. One must also not forget to maintain cash flow and wait till the right time for expansion without hurrying.”

Shivkumar now lives in Kharghar, a suburb of Mumbai, with his parents, wife Gauri Borade, and their son Pawan, who is in Class nine. In his free time, he enjoys learning about business and reading related books. - ©TWL