Cybersecurity firm Sequretek raises $8 million in Series A Round led by Omidyar Network India
Mumbai, 7th November 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 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 & 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 combining people, process and state of the art technology solutions, especially for mid-size businesses who 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-fourth 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/compliance needs.
“Small and medium businesses have increasingly become more susceptible to cyber-attacks in the post-pandemic world. While more SMBs have realized the need for efficient cybersecurity management, 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 an 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 has 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 strengthen its technical and service deliverables, amidst the dearth of skilled cyber-security talent in the country.