&w=3840&q=100)
CloudSEK sees 5-fold jump in valuation in $19 million fundraise round
Cybersecurity firm CloudSEK has raised $19 million in a fresh funding round from a clutch of investors at a five-fold increase in valuation to around $118 million (about Rs 1,000 crore) compared to its previous funding round, a top company official said.
CloudSEK Co-Founder and CEO Rahul Sasi told PTI that the company has raised fund after a period of three years, mainly to set up its operations in the United States.
"We have raised USD 19 million from some of the strategic investors after a period of about three years. In three years, our revenue has grown five times, and so has our valuation. We have raised funds at a valuation of around Rs 1,000 crore mainly to set up our US operations," Sasi said.
The round saw participation from a mix of India and US-based investors, such as MassMutual Ventures, Inflexor Ventures, Prana Ventures, Tenacity Ventures, and select strategic investors, including Commvault.
Meeran Family (founders of Eastern Group), StartupXSeed, Neon Fund and Exfinity Ventures are among CloudSEK's existing investors "Our significant amount of revenue comes from America. We have been selected by a US delegation to set up a base in the US. This is the first time the US is calling and supporting an Indian cybersecurity firm to set up a base there with investment and other support. We build in India for cybersecurity problems which are global. With fresh funds, we plan to build a 100 people team in the US over the next 2-3 years," Sasi said.
CloudSEK claims to have around 100 member teams in India at present.
Sasi said CloudSEK is cashflow positive and close to profitability.
"We will also use the fund to develop AI-based cybersecurity models to protect systems. We will not compete with large language models but develop a model based on wisdom for cybersecurity-related problems," he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
32 minutes ago
- Hindustan Times
Prestige Group to launch housing projects worth ₹42,000 cr in FY'26 to tap strong consumer demand
New Delhi, Jun 1 (PTI) Realty firm Prestige Estates Projects Ltd will launch multiple housing projects across major cities this fiscal year with an estimated revenue of more than ₹42,000 crore, as it looks to expand business to capitalize on strong consumer demand. According to its latest investors presentation, Bengaluru-based Prestige Estates plans to launch as many as 25 residential projects having 44.80 million sq ft of developable area, with an estimated gross development value of ₹42,120 crore, in this financial year. These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa. During the 2024-25 financial year, the company launched a lesser number of projects due to delays in regulatory approvals. Prestige Estates launched 26.28 million square feet during the last fiscal year, with a combined gross development value of ₹26,222.8 crore. Last year, the company's sales bookings or pre-sales were affected. Prestige Estates sales bookings during the 2024-25 fiscal declined 19 per cent to ₹17,023.1 crore, "reflecting the impact of deferred launches amid approval delays", the company had said in April. The company was not able to achieve the targeted sales bookings of ₹24,000 crore last fiscal. Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y (year-on-year). Total units sold stood at 5,919 last fiscal. The average realisation for apartments, villas, and commercial products rose to ₹14,113 per square feet, an impressive 36 per cent increase Y-o-Y. Plot sale realisation increased to ₹7,167 per square foot, registering a 50 per cent Y-o-Y growth. On the financial performance front, during 2024-25 fiscal, Prestige Estates net profit fell sharply to ₹467.5 crore, from ₹1,374.1 crore in the preceding year. Total income too declined to ₹7,735.5 crore in the last fiscal year, from ₹9,425.3 crore in the 2023-24 fiscal. Prestige Group has developed more than 300 projects so far and is constructing a large number of properties across major states.
Mint
35 minutes ago
- Mint
Indian airlines having more planes provide rationale for investments: AI chief Campbell Wilson
New Delhi, Jun 1 (PTI) Indian carriers having more planes in their fleets provides businesses a rationale to invest in the country's aviation space as there will be a local market as well as an export market for services and support, according to Air India chief Campbell Wilson. In an interview to PTI, Wilson said there is a lot of interest in India and a lot of people are keen to partner with Air India. "There is an air about India". The country's aviation industry directly employs 3,69,700 people and generates USD 5.6 billion of GDP. When indirect, induced and tourism impacts are included, the total rises to 7.7 million jobs and USD 53.6 billion of GDP (1.5 per cent), as per global airlines' grouping IATA, which is holding its annual general meeting in India after a gap of 42 years. "There is a lot of confidence people are drawing from the transformation of Air India but also Indian aviation. (People are more) willing to invest in India. "The fact that there is going to be a much more sizeable Indian-domiciled fleet gives all sorts of businesses a rationale to invest because there is a local market in addition to an export market for services and support. So, surely the interest is coming and I think the benefits will accrue in the years to come," the Air India CEO and MD said. More than 2,500 civil aircraft are expected to come into India in the next 20 years. Air India and IndiGo have placed orders for more than 1,000 planes in recent years. The Tata Group-owned Air India is also in the middle of a five-year transformation plan. Wilson also stressed that there is a healthy competition in India among airlines. While emphasising that there is an air about India, Wilson, who has been helming Air India for nearly three years, also said the country is having an increasing say and an increasing share of voice at the OEMs (Original Equipment Manufacturers). "The biggest aircraft orders in history have been made by the Indian carriers in the last couple of years. India is a large market and by far, the fastest growing large market in the world," he said. On Friday, IATA Director General Willie Walsh said India's place in global aviation has changed dramatically, particularly over the last decade. The country has seen record aircraft orders, impressive growth, and world-class infrastructure developments, he added. The International Air Transport Association (IATA) represents about 350 airlines comprising over 80 per cent of the global air traffic.
Mint
36 minutes ago
- Mint
Air India to recalibrate plans on Turkish Technics maintenance works for its wide-body planes
New Delhi, Jun 1 (PTI) Air India will look to send its wide-body planes, whose heavy maintenance is being done by Turkish Technic, to other MRO entities, as part of recalibrating its plans taking into cognisance the recent developments related to Turkiye, according to the airline's CEO Campbell Wilson. Against the backdrop of Turkiye backing Pakistan and condemning India's strikes on terror camps in the neighbouring country in May, aviation security watchdog BCAS, on May 15, revoked the security clearance for Turkish company Celebi Airport Services India Pvt Ltd in the "interest of national security". On May 30, aviation safety regulator DGCA granted a one-time final extension of three months to IndiGo on damp leasing of two Boeing 777 aircraft from Turkish Airlines till August 31 but directed the airline to terminate the lease within the three-month period. When asked about some of Air India's wide-body aircraft being sent to Turkish Technic for maintenance works, the Air India CEO and MD said it is a global business and a global supply chain. "It does take a while to adjust when the circumstances change around us but we are obviously sensitive to the national sentiment and perhaps the national wishes. So, regardless of which country we are talking about, we would clearly take cognisance of what people like us to do and expect us to do," he told PTI in an interview. Heavy maintenance works of some of the airline's wide-body B777s and B787s are done by Turkiye-based Turkish Technic. In the short-term, Wilson said the airline needs to send some aircraft for MRO works overseas to places in the Middle East, South East Asia, the US and in a couple of cases, business to Turkish Technic as it will take some time for India to have the capacity to do such works. "With this most recent development, we will look to recalibrate where we sent our aircraft, reduce the amount that we are sending to Turkiye and send it to other places. "But that does take some time because aircraft have to be maintained... we are cognisant of recent developments and we will look to adjust our plans," he said. MRO refers to Maintenance, Repair and Overhaul. Currently, Air India has a fleet of 191 planes, including 64 wide-body aircraft.
