Cyber-security startup Sequretek has raised Rs 27 crore in a bridge round led by Unicorn India Ventures and co-investors include GVFL and Sharad Sanghi, MD & CEO, Netmagic. Both Unicorn India Ventures and GVFL invested in Sequretek last year in a pre-Series A round. Sharad Sanghi has invested in this round in a personal capacity. This is second institutional round raised by Sequretek.
This bridge fund will be used up to expand their activities both in India and overseas. The overseas venture may start with North America (read US and Canada) with Sequretek setting up offices there and recruiting hands.
“The Company has been growing much faster than expected. Our enterprise client base is expanding with newer segments such as manufacturing, pharma, services and retail coming on board whilst maintaining a strong traction in the financial sector. These freshly infused funds will help Sequretek scale up faster in India as well as internationally too,” Pankit Desai, Co-founder & CEO, Sequretek said.
In addition to all these, Sequretek plans to release a proprietary product EDPR, which is described as an enterprise grade endpoint security solution. Sequretek is very hopeful of doing well with this product.
“At Unicorn India, our belief is to identify passionate entrepreneurs with an acute business sense and a drive to scale up their ventures. We see that quite clearly in Sequretek. We want to continue to be their growth partners and hence we decided to lead this round to provide them with runway in order achieve the milestones they have set for themselves,” Anil Joshi, Managing Partner, Unicorn India Ventures said in a statement.
Sequretek boasts of over 50 satisfied customers in sectors like banking services and finance and insurance (BSFI) and media besides pharma and manufacturing as indicated above. Employing more than 300 professionals, the company is already out of the red. That says a lot about the prospects of the company started just five years back.