Seclore raises $12 mn in Series B funding from Sistema Asia Fund, others

Mumbai-based enterprise technology firm Seclore Technology Pvt. Ltd has raised $12 million (around Rs 80 crore) in Series B funding from Sistema Asia Fund, Helion Venture, VentureEast and India Alternatives.

Kirill Kozhevnikov, managing director and partner at Sistema Asia Fund Advisors, has joined the Seclore board. In February this year, Russian conglomerate Sistema JSFC had floated a $50 million (Rs 340 crore) Asia Fund to invest in Indian startups in the technology and niche consumer retail sectors.

In April 2013, Seclore had raised $6 million in Series A funding from Helion Venture Partners and VentureEast.

India Alternatives Private Equity Fund is a mid-growth private equity fund founded by Shivani Bhasin Sachdeva. India Alternatives is sponsored by IIFL Wealth Management Ltd. The firm typically invests Rs 250-850 million in fast-growing companies. So far, it has invested in CIBIL, consumer product brand Enamor and Ideacount Education.

Founded in 2005 by IIT alumni Vishal Gupta and Abhijit Tannu, Seclore allows enterprises to secure information shared externally. The company, which also has offices in the US, provides enterprise digital rights management (ERDM) solutions that help organisations to protect sensitive information from cyber-attacks. It claims to have over 4 million users across 400 companies in 29 countries.

Seclore offers its solutions to ICICI Bank, HDFC, L&T, Maruti Suzuki India, Suzlon Energy, TCS, Essar, Aditya Birla Group among others.

"There is a dramatic uptick in the demand for EDRM as the need to collaborate securely with external partners grows. Organisations are finding that persistent, granular file-centric security is the best defense against cyber-attacks and other risks associated with the sharing of sensitive information," said Vishal Gupta, CEO, Seclore. "Our solid growth in the fiscal year ending March, 2016, along with the Series B funding, will enable us to continue driving technological innovations in the EDRM space."

"The Panama Paper leak is the latest example of why organisations need enterprise digital rights management," said Shivani Bhasin Sachdeva, MD and CEO, Indian Alternatives in a statement.