Information security products firm Seclore raises $6mln in Series A from Helion, Ventureast

Thu Apr 25, 2013 6:55am IST

Related Topics

Mumbai-based Seclore Technology Pvt Ltd, which provides information security products to enterprises, has raised $6 million (Rs 32.5 crore) in its series A funding from Helion Venture Partners and Ventureast Proactive Fund, a top executive of the company told VCCircle.

As part of the deal, Helion MD Rahul Chandra and Ventureast's general partner Raghuveer Medhu will join the board of the company.

A major chunk of the money will be used for global expansion while the rest will be utilised to expand the technology team.

Set up in 2008 by IIT Bombay alumnus Vishal Gupta (CEO) and IIT Kharagpur alumnus Abhijit Tannu (CTO), Seclore operates in areas like information rights management and secure outsourcing. It provides security, privacy and compliance solutions to organisations operating in the fields of cloud computing, BYOD (bring-your-own-device) and external collaboration. Seclore started commercial operations in 2010 and has acquired more than three million users globally across more than 300 enterprises. It has presence in more than 15 countries in South Asia and Western Europe.

"Seclore's underlying technology allows information to be remotely controlled. It also enables enterprises to achieve the mutually conflicting goals of security and collaboration by breaking down traditional tenets of information security via distribution control," said Medhu.

The company is already profitable and has been cash flow-positive for more than two years now. It claims that its revenues have increased almost fourfold in the last couple of years. Seclore has around 80 people on board and has its development centre and headquarters in Mumbai. It has sales offices in Delhi, Bangalore, Singapore and London.

About the business model, Seclore co-founder Gupta said, "Enterprises deploy our system on-premise or use the hosted service and pay as they go, depending on usage. The pricing is largely based on the number of people using the system."

The startup sees significant opportunities in its home market in India. "Only a few years ago, Indian enterprises were lagging in information security and privacy practices. But with Seclore FileSecure, there is an opportunity for Indian enterprises to leapfrog their security and compliance systems and processes," said Chandra.

-- Copyright 2013 VCCircle.com. All rights reserved. This content/article is provided by Mosaic Media Ventures Private Limited and not by Reuters. All rights, including copyright, in this content/article provided by VCCircle.com are owned or controlled by Mosaic Media Ventures Private Limited. The content may not be copied, broadcast, downloaded and stored (in any medium), transmitted, adapted or changed in any way whatsoever without the prior written permission of Mosaic Media Ventures Private Limited.

FILED UNDER:

REUTERS SHOWCASE

WTO Trade Deal

WTO Trade Deal

WTO clinches first global trade deal in its history  Full Article 

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Read 

OPEC Meeting

OPEC Meeting

Saudis block OPEC output cut, oil price sinks further.  Full Article 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

India moves to allow more businesses to offer basic financial services.  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage