Synopsis Existing investors Lightspeed and Endiya Partners participated in the funding round to raise their stake in the company, Choudhury said. ETtech IT startup Scrut Automation , which specialises in Governance, Risk and Compliance ( GRC ) automation, has raised USD 7. 5 million in a funding round led by MassMutual Ventures , a top company official said on Tuesday.
Scrut Automation CEO and Co-Founder Aayush Ghosh Choudhury told PTI that the fresh round of funding took place at 4 times higher valuation compared to the last funding round a year ago when the company raised USD 3 million. Existing investors Lightspeed and Endiya Partners participated in the funding round to raise their stake in the company, Choudhury said. "We still have 40 per cent of the amount in the bank that we raised in last round.
The fresh round of funding is more of strategic in nature," he said. The company will utilise the fund in product development as the company aspires to increase client base by 30-40 times by end of this year. "We at present have around 50 logos.
Now we are looking to increase logos to 1,500- 2,000 by end of 2023," Choudhury said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company currently works with customers in India, Singapore , and the US, providing them with a unified view of an organization's compliance posture. ".
. . we believe their (Scrut's) robust compliance and security offerings will assist rapidly growing companies around the world in accelerating revenue growth," MassMutual Ventures Managing Partner Anvesh Ramineni said.
Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Tuesday, 21 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies ET Markets More Bourses Review Extension of Equity F&O Trade Hours Stock exchanges are reviving plans of longer trading hours for equity derivative contracts, said two people with direct knowledge of the matter. The National Stock Exchange (NSE), which is spearheading the effort, is in preliminary discussions with market participants to extend timings for stock futures and options (F&O) trading, they said.
Govt Hopeful of Work Starting on at least One Semicon Unit by Yr end The Centre is hopeful that at least one among the “few” semiconductor manufacturing projects it expects to approve in 2023 will commence “ground-breaking” at its manufacturing unit by the year end, a top official told ET. Small Packs Fit Inflation-hit Urban Baskets With retail inflation on the rise again, packaged goods companies are pushing small packages even in urban markets across soaps, toothpaste, confectionery, coffee, soft drinks and detergents at kirana stores, modern trade and online platforms. These are already contributing 20-50% of sales, executives said.
Read More News on Scrut Automation massmutual ventures Scrut Automation funding Aayush Ghosh Choudhury singapore IT startup grc Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. .
. . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields.
Is it the right time to invest in property? 8 mins read 3 insights to kick-start your day, featuring Swiggy’s “poor judgement” 3 mins read Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read Subscribe to ETPrime.
