Wednesday, April 24, 2024
Outlook India
Outlook Business

Sequretek Raises $8 million In Series A Round Led By Omidyar Network India

Sequretek offers protection to businesses from cyber breaches through their own AI-powered Percept Cloud Security Platform

Sequretek Raises $8 million In Series A Round Led By Omidyar Network India
(L-R) Anand Naik And Pankit Desai Founders, Sequretek
POSTED ON November 09, 2023 11:58 AM

Sequretek, a global cybersecurity solutions provider, has raised $8 million in a Series A round led by Omidyar Network India, an investment firm focused on impact. The latest funding round also saw participation from Narottam Sekhsaria Family Office and Alteria Capital. The funds will be utilised to scale its global operations and go-to-market strategies. The funds will also be used to drive higher adoption of cybersecurity solutions for businesses in India and other global markets as well as increase market share and profitability in the small and medium businesses segment. 

Founded in 2013 by cybersecurity industry veterans Pankit Desai and Anand Naik, Sequretek offers protection to businesses from cyber breaches through their own AI-powered Percept Cloud Security Platform (CSP). The Percept CSP includes Percept Extended Detection and Response (XDR), Percept Identity Administration and Governance (IGA), Percept Endpoint Detection and Response (EDR) products, and Managed Security Services (MSS). 

Sequretek seeks to make the digital world safer, with its cost-efficient cybersecurity offerings combining people, process, and state-of-the-art technology solutions, especially for mid-size businesses that have limited resources to secure themselves against cyber threats. Small and Medium Businesses (SMBs), one of the largest unaddressed sectors for cybersecurity solutions, make up three-fourths of the company’s clientele and include businesses in BFSI, healthcare, pharmaceuticals, media, manufacturing, and retail and logistics sectors in Tier-1, Tier-2, and Tier 3 cities.  

“Small and medium businesses have increasingly become more susceptible to cyber-attacks in the post-pandemic world. While more SMBs have realised the need for efficient cybersecurity management, the lack of budget-friendly consolidated solutions and inadequate in-house resources has created a large security gap in the sector. With our consolidated offerings and the backing of our investors, we’re channeling our efforts to increase accessibility and create awareness with integrated cybersecurity management for SMBs,” says Pankit Desai, CEO of Sequretek. 

“In today’s hyper-connected digital world, cyber-attacks pose a massive threat to the end-point consumer. At Omidyar Network India, we are focused on driving accessibility of privacy and data governance solutions, especially for small and mid-sized customers. In the last decade, Sequretek has successfully implemented its vision of taking cutting-edge AI-driven cybersecurity products to underserved sectors in India at affordable price points. Their digital plus working model has also demonstrated the business viability in catering to the burgeoning Indian SMB sector which often lacks dedicated information security resources,” says Shilpa Kumar, Partner at Omidyar Network India. 

Sequretek’s consolidated SaaS product offerings and its strong deployment of AI-ML technology have made it stand apart from several global players. Sequretek has not only built world-class products but has also scaled globally. Sequretek’s workforce of 450+ employees strengthens its technical and service deliverables, amidst the dearth of skilled cyber-security talent in the country. 

  • Related Articles

    SecurWeave is focused on building cybersecurity platforms that can stop advanced malware attacks

    Cybersecurity Start-Up SecurWeave Raises Rs 2.8 Crore In Seed Round Led By IAN

    Motwani Jadeja Foundation’s founder Asha Jadeja will spearhead this partnership on behalf of the foundation by sponsoring and supporting five TiE women participants to Silicon Valley

    Motwani Jadeja Foundation and TiE Women Forge Transformative Three-Year Partnership

    Backed by this capital infusion, it hopes to increase its bed capacity to 2300 by 2027

    Regency Health Bags Rs 450 Crore In Investment from Norwest Venture Partners