Mumbai: 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 utilized 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 international 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 protects 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 with 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 & 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 proper channels to reach them, which most global companies need help 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 channelling 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 endpoint 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 robust 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 shortage of skilled cyber-security talent in the country.
Sequretek is a global cybersecurity company dedicated to safeguarding businesses from evolving cyber threats through its Percept Cloud Security Platform (CSP). Percept CSP offers a comprehensive suite of AI-ML-based cybersecurity solutions, namely, Percept XDR, Percept IGA, Percept EDR and Managed Security Services. Sequretek’s offering, combined with people, process and state-of-the-art technology, empowers businesses to protect their critical assets detect and respond to cyber threats in real-time, whilst ensuring compliance with regulatory standards. Through a trusted partnership with Sequretek, organizations can take control of their cybersecurity posture and navigate the digital world with confidence while simplifying security.
Leading global research & analyst firms recognize Sequretek. Some of the recent awards include the National Award for e-Governance, the National Startup Award by the Government of India, the NASSCOM Emerge 50 and the TiE50 Awards. Sequretek was recently featured in the list of Top 250 MSSPs globally by MSSP Alert. Sequretek’s achievements have also been lauded by leading online and print media channels.
About Omidyar Network India:
Omidyar Network India invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class. To drive empowerment and impact at scale, we work with entrepreneurs in the private, nonprofit and public sectors who are tackling India’s most complex and most chronic problems. We invest in Advancing Cities, Digital Society, Education and Employability, Emerging Tech, Financial Inclusion & Well Being and Property Inclusivity. We also focus on several emerging investment areas, such as Open Digital Ecosystems, Sustainable Living, The Equal Opportunities Lab, and the India Innovation Insights Hub. Omidyar Network India is part of the Omidyar Group, a diverse collection of companies, organizations and initiatives supported by philanthropists Pam and Pierre Omidyar, founder of eBay.