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Mumbai-based cyber security startup, Sequretek has raised an undisclosed amount in its Series A round of funding from GVFL and Unicorn India Ventures.
Post the investment, Sanjay Randhar, MD, GVFL and Manoj Laddha, Partner, Unicorn India Ventures will join the Board of Sequretek. J.R. Laddha Financial Services Pvt Ltd acted as exclusive financial advisor to Sequretek.
The startup plans to use the raised funds to build its intelligent security platform and enhance its current offerings as well. It also plans to explore newer markets in India and abroad.
Pankit Desai, co-founder and CEO, Sequretek said, “Information security is of paramount concern to enterprises across the world. Unfortunately, the way security has evolved has resulted in silos, each addressing a niche problem. At Sequretek, we believe in trying to simplify security and drive down the overall cost of ownership. Unicorn India Ventures and GVFL’s vision of supporting enterprise focused and massively scalable tech companies fits very well with our vision of partnering with investors who can be accretive to the company’s growth.”
Sequretek focusses on two major areas in security services – building IPs in the security space and offering security-linked services in the market space.
Launched in 2013 by Anand Naik and Pankit Desai, the startup offers a suite of security solutions for enterprises, namely, Avatar, Kawach, and integrated managed cyber security solutions as well. The solutions claim to provide an all-round protection against threats and vulnerabilities. It also has the capability to monitor the customer’s environment on a 24×7 basis for deriving actionable intelligence to assess possible vulnerabilities.
Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures said, “Data has become an important currency for companies and even malicious elements, especially when the data is consumed on multiple devices. Thus, companies want to protect it even more fiercely now knowing how important it is to protect data from any vulnerability especially when the government is focusing on digitisation. Sequretek’s founding team and their ability to generate initial traction among top clients in industry within a short span of launching their business has given us the confidence to back this team.”
As per an official statement, some of the startup’s clients include HDFC Bank, IDBI Federal, HDFC Limited and NCDEX among others.
In January 2017, SecurAX, a Bengaluru-based biometric and surveillance solutions provider also raised an undisclosed funding round. The investment was led by Axilor, Parampara Early Stage Opportunities Fund and a group of angel investors.
In the same month, Delhi-based Kratikal, an end-to-end cyber security solution provider, raised an undisclosed amount of Seed funding from Amajit Gupta (former director of Microsoft India) along with Praveen Dubey (co-founder Mutual PR) and J.P. Bhatt (co-founder and Chief Executive of ImpactQA).
Just today, Delhi-based cyber security startup Lucideus, closed another round of angel investment from a set of marquee investors. Other startups in this domain include TAC Security Solutions etc.
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