Mumbai-based cybersecurity startup Sequretek has raised ₹27 crores ($3.7 million) in a bridge funding round led by existing Mumbai-based venture capital fund Unicorn India Ventures.
Other investors that participated in the round include Gujarat-based venture capital firm GVFL, formerly known as Gujarat Venture Finance Limited, along with Sharad Sanghi, CEO of managed hosting and cloud services provider Netmagic.
Mumbai-based JR Laddha Financial Services Pvt Ltd acted as the financial advisor for Sequretek for the transaction.
The funds raised will be used to scale up in India, along with North America, as the startup looks to set up offices, hire talent, launch new products and garner clients.
Sequretek was founded by Anand Naik and Pankit Desai in 2013. It provides various products and services to its clients to help them secure their data in the digital ecosystem.
“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,” Desai said.
The cybersecurity startup has over 40 enterprise customers spanning across domains including financial, pharmaceutical, IT/ITES, retail, and logistics. Some of its clients include HDFC Bank, IDBI Federal Life Insurance Company, among others.
As the US is the largest security market with a market share of more than 40%, Sequretek is looking to establish itself in the American market, as it continues to strengthen its position in the growing Indian market.
Sequretek last raised an undisclosed amount of fund in series A round from GVFL and Unicorn India Ventures.
Other players in the cybersecurity space competing with Sequretek include Bengaluru-based Network Intelligence, Fortinet, FireEye, Symantec, Lucideus, and AppsPicket, among many others.
According to a report, the Indian cyber security market is expected to grow at a CAGR of over 19% during 2018-2023. As the government pushes towards the digitization of the Indian economy, more opportunities are expected to be created in sectors like healthcare, BFSI, and education, among others.