Cybersecurity firms Sequretek, SecurWeave, furnishings marketplace Vaaree, insurtech startup Bimaplan and software-as-a-service startup OnFinance.ai have secured early-stage funding, the companies said on Tuesday.
Sequretek has raised $8 million (Rs 66.6 crore) in a Series A funding round led by Omidyar Network India.
The round, which was a mix of equity and debt infusion also saw participation from Narottam Sekhsaria Family Office and Alteria Capital.
The company raised $5.5 million in equity, while the remaining $2.5 million was the debt component in the round, said Pankit Desai, co-founder, Sequretek.
The funds will be used to scale its global operations and go-to-market strategies, drive adoption of cybersecurity solutions for businesses in India and other geographies as well as to increase market share and profitability in the small and medium businesses segment.
Founded in 2013 by Desai and Anand Naik, Sequretek offers protection to businesses from cyber breaches through their own artificial intelligence (AI)-powered percept cloud security platform (CSP).
It counts clients across sectors such as banking and financial services (BFSI), healthcare, pharmaceuticals, media, manufacturing, retail and logistics sectors in Tier-1, Tier-2, and Tier 3 cities.
Prior to the current funding round, the startup had cumulatively raised Rs 35 crore across two rounds.
Vaaree has secured $4 million (Rs 33.3 crore) in a seed funding round led by Peak XV’s (formerly Sequoia Capital India & Southeast Asia) rapid scale-up program Surge. The round also saw participation from PeerCapital, All In Capital, and Better Capital.
The new funding will be used to hire talent and improve the user experience for its online platform.
Founded in 2022 by Garima Luthra, Pranav Arora, and Varun Vohra, Vaaree is a home furnishings, decor, and accessories marketplace. Its online marketplace claims to have over 20,000 products. It recently launched its first retail store in Bangalore as well, thus expanding its offline presence.
It had raised a pre-seed round in 2022 from a host of angel investors including Kunal Shah (Cred),Vineeta Singh (Sugar Cosmetics), Ghazal Alagh (Mamaearth) amongst others.
Bimaplan
Bimaplan has raised $3.5 million (Rs 29 crore) in a pre-Series A funding round led by Orios Venture Partners. The round also saw participation from existing investors Finsight Ventures and 2am VC.
The startup has raised $6 million in total funding so far.
It plans to use the funds to improve its technology stack, expand its product portfolio and launch new verticals to improve its reach.
Bimaplan, operated by Coverplan Technology Pvt Ltd, was set up by Vikul Goyal, who founded Carcrew, a startup that was acquired by TVS.
“With this new funding, we endeavor to build a sustainable and profitable distribution network, removing the inefficiencies across the value chain with our technology suite,” said Goyal, founder and chief executive officer, Bimaplan.
“Insurance penetration in India has been historically low compared to the west presenting a massive opportunity...Bimaplan seems to have cracked the code for building insurance products for Bharat,” said Sukhmani Bedi, partner at Orios Venture Partners.
OnFinance.ai has raised $1.05 million (Rs 8.7 crore) in a seed funding round co-led by Silverneedle Ventures and Indian Angel Network (IAN). The round also saw participation from LetsVenture Fund, SSV Fund, and Kunal Shah (Cred), amongst others.
The Bengaluru-based startup will use the funding to expand its engineering team and to scale its solution globally, primarily in the US.
Founded by Anuj Srivastava and Priyesh Srivastava, OnFinance.ai offers generative AI SaaS solutions for banking institutions, asset management companies, and wealth management firms. The company's foundational Large Language Model (LLM), NeoGPT, powers AI co-pilots for various internal teams, improving productivity and simplifying data-driven processes.
"Generative AI offers banks and wealth management firms a streamlined approach to their complex internal processes. Our product solves this; NeoGPT is like having a smart assistant that not only simplifies data but also helps internal teams pave the way for smarter and efficient decision making," said Anuj Srivastava.
SecurWeave
SecurWeave has raised $336,258 (Rs 2.8 crore) in a seed funding round from IAN.
The startup plans to use the funding to strengthen sales, improve its research and development (R&D) and expand field support.
SecurWeave is focused on building cyber security platforms that can stop advanced malware attacks against which conventional security solutions are unable to tackle. The company has made deployments in both private and defense sectors in India and is dedicated to developing cybersecurity platforms designed to thwart advanced malware attacks.
SecurWeave's cybersecurity technology brings critical risk mitigation to one of the world’s highest risks i.e. Cyber risks. Secureweave’s strategy and team are well poised to build a substantial business within the cybersecurity sector," said Padmaja Ruparel, co-founder, Indian Angel Network (IAN)