Scrut Automation Secures Fresh Fund worth $9 million in Series A Funding
IT startup Scrut Automation, which specializes in Governance, Risk and Compliance (GRC) automation, has recently raised Rs. 75 crore or $9 million in its series A round from existing investors. The funding round was also brightened by the presence of Lightspeed Partners, MassMutual Ventures, and Endiya Partners.
The regulatory filing of the Registrar of Companies revealed that, board at Scrut Automation has passed a special resolution to issue 4,977 Series A CCPS at an issue price of Rs. 1,50,188 each to raise Rs. 75 crore or $9 million.
Lightspeed India and MassMutual Ventures showered Rs 41.5 crore and Rs 24.9 crore, respectively in the pool of fund while the rest of the amount came from Endiya during the round.
According to the data intelligence platform The Kredible, the company has been valued at around Rs. 615 crore or $75 million post-allotment. Till date the company has secured over $20 million. Lightspeed India is the largest shareholder in the startup with a 20.74% stake followed by Endiya Partners and MassMutual Investors with 15.34% and 12.55% shares.
The founders of the company Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik cumulatively own 38% of the company. Scrut Automation which was launched in 2020 streamlines numerous labor-intensive compliance tasks through integration with cloud and SaaS tools and collects hundreds of evidence artifacts automatically and helps monitor entity-level risks and controls from a single dashboard.
It is assisting, 15 compliances including risk management, vendor risk, policy, continuous compliance, evidence collection, access control, and others. It partnered with 20 auditors and has a presence in more than 25 countries.
During the fiscal year that ended March 2023, its revenue from operations was recorded at Rs. 7.24 crore, rising from Rs. 44 lakh in FY22. The Bengaluru-based company also posted a loss of Rs. 15.40 crore in the same period.
The regulatory filing of the Registrar of Companies revealed that, board at Scrut Automation has passed a special resolution to issue 4,977 Series A CCPS at an issue price of Rs. 1,50,188 each to raise Rs. 75 crore or $9 million.
Lightspeed India and MassMutual Ventures showered Rs 41.5 crore and Rs 24.9 crore, respectively in the pool of fund while the rest of the amount came from Endiya during the round.
According to the data intelligence platform The Kredible, the company has been valued at around Rs. 615 crore or $75 million post-allotment. Till date the company has secured over $20 million. Lightspeed India is the largest shareholder in the startup with a 20.74% stake followed by Endiya Partners and MassMutual Investors with 15.34% and 12.55% shares.
The founders of the company Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik cumulatively own 38% of the company. Scrut Automation which was launched in 2020 streamlines numerous labor-intensive compliance tasks through integration with cloud and SaaS tools and collects hundreds of evidence artifacts automatically and helps monitor entity-level risks and controls from a single dashboard.
It is assisting, 15 compliances including risk management, vendor risk, policy, continuous compliance, evidence collection, access control, and others. It partnered with 20 auditors and has a presence in more than 25 countries.
During the fiscal year that ended March 2023, its revenue from operations was recorded at Rs. 7.24 crore, rising from Rs. 44 lakh in FY22. The Bengaluru-based company also posted a loss of Rs. 15.40 crore in the same period.
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