Security solutions startup Sequretek IT Solutions Pvt. Ltd has raised an undisclosed amount in funding from Unicorn India Ventures and GVFL Ltd.
The startup said in a statement that it will use the funds to improve its product offerings and enter new markets within India and outside.
GVFL, earlier known as Gujarat Venture Finance Ltd, invested through its Rs 250-crore GVFL Startup Fund. This marks the first investment of the fund.
“Given the ever-increasing complexity in cybersecurity industry, we believe that enterprises are looking for an effective and comprehensive solution that helps them to detect, monitor and respond to advanced cyber threats on a daily basis,” said Sanjay Ranadhar, managing director at GVFL.
Sequretek was founded in 2013 by Anand Naik and Pankit Desai. Prior to starting up, Naik served as the managing director of India and South Asia at Symantec while Desai worked in various roles at Rolta India Ltd. It had raised $300,000 from a clutch of investors in 2015.
Sequretek focuses on building intellectual property in the security solutions segment and offering security-linked services, according to its website. Its products include digital identity management, threat protection platform and security analytics.
The company’s clients include HDFC Bank, IDBI Federal Life Insurance Company, mortgage lender HDFC Ltd and commodity bourse NCDEX.
GVFL, considered one of the oldest venture capital firms in the country, claims to have supported more than 80 companies including cold-storage provider Schedulers Logistics and online bus booking platform Travelyaari.
Unicorn India has hit the first close of its maiden fund, which has invested in startups such as Grab on Rent, Inc42, Neuro Equilibrium, Vanity Cube, Roder, Pharmarack and micro-lending startup SmartCoin.
“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,” said Anil Joshi, managing partner at Unicorn India.
Cybersecurity startups have garnered a lot of investor interest in the past six to eight months.
Last month, Innefu Labs Pvt. Ltd, a startup which develops cybersecurity solutions using artificial intelligence, raised $2 million (Rs 13 crore) in its Series A investment round from IndiaNivesh Venture Capital Fund.
In March, Noida-based Data Resolve Technologies Pvt. Ltd, which runs cybersecurity and cyber intelligence startup Data Resolve, raised over $1 million from IDFC Parampara Early Stage Opportunities Fund. Two months earlier, Bangalore-based security solutions provider InstaSafe Technologies Pvt. Ltd received investment commitment from e-governance solutions provider ABM Knowledgeware.
J.R. Laddha Financial Services Pvt. Ltd acted as the financial adviser to Sequretek.
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