The round also saw participation from the Narottam Sekhsaria Family Office and Alteria Capital.
Funds will be used to drive higher adoption of cybersecurity solutions across businesses.
Mumbai, November 7, 2023: 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 used 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 business 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 & Response (XDR), Percept Identity Administration & Governance (IGA), Percept Endpoint Detection & Response (EDR) products, and Managed Security Services (MSS).
Sequretek seeks to make the digital world safer with its cost-efficient cybersecurity offerings that combine people, processes, 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, makes up three-fourths of the company’s clientele and includes businesses in BFSI, healthcare, pharmaceuticals, media, manufacturing, and retail & logistics sectors in Tier-1, Tier-2, and Tier 3 cities.
Over the last few years, Sequretek has developed a deep understanding of the SMB ecosystem and has identified the right channels to reach them, which most global companies struggle to achieve. This has driven the company’s business and contributed to a CAGR of 50% over the past five years. Sequretek not only protects 150+ businesses across the globe but also helps them meet regulatory and compliance needs.
“Small and medium businesses have increasingly become more susceptible to cyberattacks in the post-pandemic world. While more SMBs have realized the need for efficient cybersecurity management, a lack of budget-friendly consolidated solutions and inadequate in-house resources have 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, cyberattacks pose a massive threat to the end-point consumer. At Omidyar Network India, we are focused on driving the accessibility of privacy and data governance solutions, especially for small and midsized 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 of 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 set it 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.
CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics.