Cyber Security solutions startup Sequretek IT Solutions Pvt. Ltd has raised Series A funding of an undisclosed amount in the new funding round. The funding round was led by GVFL (formerly Gujarat Venture Finance Limited) and Unicorn India Ventures.
This is the first funding marked by GVFL, which they invested through its Rs 250-crore GVFL Startup Fund. Post the investment, Sanjay Randhar, MD, GVFL and Manoj Laddha, Partner, Unicorn India Ventures will join the board of Sequretek.
The Mumbai-based security startup was founded in 2013 by Pantik Desai and Anand Naik. Both the co-founders worked as top management roles across Symantec, Sun Microsystems, Rolta, NTT Data and IBM India.
Sequretek is a cyber security startup which intends to secure and manage the customer’s information assets so that they are better equipped to handle the changing digital landscape and service needs that lead to their organisational growth. Sequretek delivers value through advisory, consulting and technology services in the area of Information Security, Data Management and Enterprise Management.
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.The startup has three flagship products which offer their customers – Avatar, Kawach and Integrated Managed Cyber Security.
Sequretek claims that their client base includes HDFC Bank, IDBI Federal, HDFC Limited, NCDEX and other. This is Sequretek’s first major round of funding. Earlier, the startup raised $300,000 in 2015 from wealthy individuals, while the founders had put in Rs 4.5 crore while launching the company in 2013.
Commenting on their investment, Sanjay Ranadhar, managing director 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 to detect, monitor and respond to advanced cyber threats on a daily basis.”
Sequretek will use their fresh funding to improve its product offerings, building on intelligence and enter new markets within India and outside. Read more about Indian Startup Ecosystem.