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#News(Startup) [ via IoTForIndiaGroup ]
Security solutions startup Sequretek IT Solutions Pvt. Ltd has raised Rs 27 crore (approximately $3.7 million) in a bridge round of funding led by Mumbai-based venture capital firm Unicorn India Ventures, a top company executive told TechCircle.
Existing investors GVFL, earlier known as Gujarat Venture Finance Ltd, Sharad Sanghi, founder of data centre company Netmagic Solutions and a clutch of international investors also participated in the round, the person mentioned above said.Sequretek plans to launch operations in North America because of the market opportunity there. The Mumbai-based startup will use the fresh capital raised to expand its business, launch new products and develop its go-to-market strategy in India and the US, Pankit Desai, co-founder and chief executive of Sequretek told TechCircle.
“India as a market is growing very fast for us and we will continue to work here. Having said that, the US is the largest security market with over 40% market share and is also a place where next generation companies can find their footing,” Desai said.
The company will have direct presence in the New York area and will set up a product support and research and development facility in Canada. The company also plans to hire some partners to expand its market reach in the United States, Desai added.
He also said that Sequretek will benchmark its products against international standards and has identified two premier benchmarking organisations, one each from the US and Europe, to run it.
“There’s already significant interest from potential partners to carry our offering as part of their portfolio. A combination of both these activities positions us well for the next phase of growth,” Desai explained.
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