Cyber security service provider Lucideus Tech has received angel funding from Amit Choudhary, director of Motilal Oswal Private Equity Advisors. The start-up, which was incubated by IIT-Bombay, has previously received funding from Anand Chandrasekaran (former Snapdeal chief product officer) and Flipkart chief financial officer Sanjay Baweja. It helps enterprises assess risks to their IT infrastructure.
“Typically, our angel investors have invested in the range of about USD 50,000-100,000 individually,” Lucideus co-founder and CEO Saket Modi said without disclosing the size of the latest round of funding.
Lucideus will use the funds for expanding its team and business operations. “The funding has also to do more with the mentorship that our angel investors provide. We have started building our own platform that should be ready by next year. We will also use the investment to strengthen our team to 100 people by the end of year (from 70),” Modi said.
He added that the company saw its topline growing 250 per cent to Rs 4.2 crore for fiscal ended March 2016 and expects to close this year with about USD 1.5-2 million (about Rs 13 crore).
The city-based company works with companies like Coca Cola, Tata Sky, ICICI Bank, Standard Chartered, Indigo and KFC among others. It is also responsible for the security of the recently launched Unified Payments Interface (UPI).
Choudhary said Lucideus has shown significant growth in the last 4 years of their business, one of the reasons why he invested in the company.
“They have a strong business model. Cyber-security is going to play a key role in the days ahead and I hope to help Lucideus build a global business,” he added. The company gets about 25-30 per cent of its revenues from clients across geographies including the US, Hong Kong and Middle East, Modi said.
“This funding will also set the tone for our series A that we plan to raise early next year,” he added.