Ahmedabad-based security services company Red Fox Protection Services Pvt. Ltd has raised an undisclosed amount in an angel round from a high-net-worth individual, it said in a statement.
Sunil Rawtani, who is chief executive officer at Artifice Advisors Pvt. Ltd, picked up 1% stake in the firm, he told VCCircle.
“Red Fox is providing services at a 30% bargain compared with other top three organised security service players,” said Rawtani who will serve as a strategic advisor to the firm.
Rawtani’s Artifice Advisors provides investment banking and portfolio management solutions.
“The company made a turnover of nearly Rs 20 crore in financial year 2016-17. We have a workforce of more than 3,000 security personnel,” said Rajendra Shekhavat, chief executive officer of Red Fox.
Shekhavat previously worked as a subordinate officer with Border Security Force.
Currently, Red Fox is providing services in Gujarat and Rajasthan. It started its operations in July 2009.
The company’s clients include shopping malls, hospitals and industrial establishments. It also provides security services to celebrity events and cricket matches.
The companies in the organised security services space include Security and Intelligence Services (India) Ltd, Tops Security Ltd and G4S India.
Earlier this month, Security and Intelligence Services, which is backed by private equity firm CX Partners, got listed on stock exchanges.
Companies that operate in facility management, cash logistics and similar segments include Quess Corp and Tenon Group. Quess Corp is part of Indian-origin Canadian billionaire Prem Watsa’s Fairfax group and has struck many acquisitions over the past couple of years. Tenon has been looking to raise private equity funding.