2020-11-27 06:51Press release

India’s Utvyakta Solutions picks Stockholm as its gateway to Europe

Photo: Ola Ericson, mediabank.visitstockholm.comPhoto: Ola Ericson, mediabank.visitstockholm.com

The Indian Industrial IoT company Utvyakta Solutions has chosen Stockholm as its first point of entry into the European market. The Asian company plans to expand across multiple locations in Europe but chose the Swedish capital as its gateway thanks to Stockholm’s strengths in innovation, industrial testing, and access to technology talent.

Utvyakta Solutions is an Industrial Internet of Things (IoT) system integrator specializing in predictive maintenance and performance monitoring. The company offers real-time remote monitoring of critical assets, solutions for energy optimization in industries, and health inspection. Utvyakta Solutions was a participant on the Delhi-Stockholm startup flight, where Invest Stockholm, in collaboration with the Sweden-India Business Council, Swedavia and Air India, invited tech founders, investors and journalists to discover business opportunities within the greater Stockholm region.

“We thank Invest Stockholm and the Sweden-India Business Council for having us part of the Delhi-Stockholm startup flight and giving us the opportunity to connect with some key stakeholders who are now a part of our journey. This trip confirmed our vision to establish in the Stockholm region by giving us access to the startup ecosystem, potential collaborative partners and services to establish our company in Sweden. For any growing company expanding outside their base region, this is the best way to experience a new market before making the decision”, says Akshay Ramachandran, Founder and CEO, Utvyakta Solutions.

Since participating in the Delhi-Stockholm startup flight, the company has completed its incorporation in Sweden as a limited company, or AB, and has begun operations for further expansion in Europe. Today, Utvyakta AB operates from Stockholm and is involved in partnerships and networks across the greater Stockholm region.

“We see an increasing number of Asian tech companies choosing Stockholm as their gateway to access Europe by capitalizing on the good Swedish reputation and innovation capabilities in the region. We welcome them to contribute and enrich our thriving ecosystem with more diversity, new skill sets and international experiences”, says Jenny Berthling, Head of ICT, Invest Stockholm.

For updated investment cases and more information about business opportunities within the ICT-market in the Stockholm region, please contact:
Jenny Berthling, Head of ICT, Invest Stockholm, +46 (0)70 472 8008, jenny.berthling@stockholm.se

For more information about Utvyakta Solutions, please contact:
Frederik Vyncke, Senior Director, Utvyakta AB, +46 (0)76 306 4236, frederik.vyncke@utvyakta.com

About Invest Stockholm

Invest Stockholm is the official investment promotion agency of Stockholm. We work with the marketing and development of the Stockholm region as a business destination under the brand Stockholm – The Capital of Scandinavia. Invest Stockholm is a subsidiary of Stockholm Business Region, owned by the city of Stockholm.