Seclore Technology pockets Rs.32.5 Crores in Series A Funding
Date: Thursday , May 30, 2013
Seclore Technology, a security software firm, has raised Rs.32.5 crores in Series A from Helion Venture Partners and Ventureast Proactive. Seclore Technology is an industry leader in Information Rights Management (IRM) and secures outsourcing systems. The company was founded by IIT graduates Vishal Gupta and Abhijit Tannu, who serve as the CEO and the CTO of the company respectively. Seclore was started in 2005 and is headquartered in Mumbai. It offers technology that can reduce the risk arising out of information breaches and regulatory non-compliance. Some of its customers include IT services major CapGemini, the Adecco Group and Essar Group.
“This is the first round of institutional capital for the IITBombay incubated firm that plans to use a major chunk of the money to be used for global expansion in South Asia, Europe and North America while the rest will be utilized to expand the technology team,” says Gupta.
"It is also going to be used to drive product development and towards mobile enabling of our technology," Gupta said. Sales from international markets contribute about 55 percent to the company's revenue currently. "We see the (revenue) skew towards international markets going up over the next few years," he added.
Post funding, both Helion and Ventureast, will own about 30 percent of the company. In 2010, the company had raised Rs.2 crores from Ventureast's Tenet Fund and other angel investors.
Seclore is already profitable and has been cash flow-positive for more than two years now. It claims that its revenues have increased almost four-fold in the last couple of years. Seclore has around 80 people on board with the development centre in Mumbai and sales offices in Delhi, Bangalore, Singapore and London.