On Tuesday, Mumbai-based cyber-security startup Sequretek announced raising an undisclosed amount of funding as a part of their Series A round from GVFL and Unicorn India Ventures. The firm will use the funds for building on intelligence within their current product offerings while also looking to foray into newer markets within India and abroad.
Started in 2013 by Anand Naik and Pankit Desai, Sequretek offers a comprehensive suite of products and services for securing information for their enterprise customers.
The company essentially has three offerings for its customers – Avatar, Kawach, and Integrated Managed Cyber Security – which aim at providing 360-degree protection, ranging from insider threats to external advanced persistent threats, to enterprise customers.
The solutions mix the capability to monitor the customer’s environment on a 24x7 basis for deriving actionable intelligence to assess vulnerabilities, if any.
At present, enterprises are managing multiple security tools, which operate in silos, from several vendors, thus adding to the complexity of handling targeted cyber threats. To combat this issue, Sequretek is building an integrated technology platform capable of providing complete protection to enterprises and meeting their security needs.
Among the clientele the company lays claim to are the likes of HDFC Bank, IDBI Federal, HDFC Limited, and NCDEX, along with other clients in the financial, retail, pharma, and IT/ITES sectors.
Speaking on the need for such a solution, Anil Joshi, Managing Partner, Unicorn India Ventures, said,
“Data has become an important currency for companies and even malicious elements. Therefore, 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 time has given us the confidence to back them.”
Sanjay Ranadhar, MD at GVFL, said,
"Given the ever-increasing complexity in the cyber-security industry, we believe that enterprises are looking for an effective and comprehensive solution that helps them detect, monitor, and respond to advanced cyber threats on a daily basis. Sequretek's 'unified threat platform', which eliminates the need for multiple security tools within enterprise IT security systems, was one of the significant aspects that got us excited about the company."
JR Laddha Financial Services Pvt Ltd acted as exclusive financial advisor to Sequretek.
As part of the funding, Sanjay and Manoj Laddha, Partner, Unicorn India Ventures, will be joining the board of Sequretek.