GVFL, Unicorn invests into Sequretek

GVFL, Gujarat Venture Finance Limited and Unicorn India Ventures have made an investment of an undisclosed amount in Sequretek, a cybersecurity startup, a company dealing with financial institutions. This is GVFL’s first funding announcement through its GVFL Startup Fund, the firm’s eighth fund with a target corpus of Rs 250 crore.

After a fund-raising of $300,000 in 2015 from wealthy individuals during Sequretek’s inception for an investment of Rs 4.5 crore into its construction, this comes as the company’s first major round of funding. Anand Naik, former Saarc head for Symantec and Pankit Desai, who was in leadership roles at companies such as NTT Delta and Rolta founded the company.

The startup plans to use its fund for building its intelligent security platform and enhancing its current offerings, while also exploring newer markets in India and the US.

Sequretek is a startup focused on Information Security and Information management space, according to company website. The company is trying to build its own intellectual property in the security solutions domain. Its products include security analytics, threat protection platform and digital identity management. The company’s clients include IDBI Federal Life Insurance Company, mortgage lender HDFC Limited, HDFC Bank and commodity bourse NCDEX.

Anil Joshi, managing partner, Unicorn India Ventures, said, “Data has become an important currency for companies and even malicious elements, especially when the data is consumed on multiple devices. Thus, companies want to protect it even more fiercely now knowing how important it is to protect data from any vulnerabilityespecially when country focusing on digitization. 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.”

Sanjay Randhar, MD, GVFL, said, "Given the ever increasing complexity in 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's 'unified threat platform' which eliminates the need for multiple securitytools within enterprise IT security systems was one of the significant aspects that got us excited about the company."

“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,” said Desai.

Sanjay Randhar, MD GVFL and Manoj Laddha, partner, Unicorn India Ventures will be joining the board of Sequretek.

 

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