Scrut Automation Raises Rs 75 Crore in Series A Round, Valued at Rs 615 Crore Post-allotment

• ByStartupStory     |    February 15, 2024

Scrut Automation, a risk-focused compliance automation platform, has raised Rs 75 crore or $9 million in its series A round from existing investors, including Lightspeed Partners, MassMutual Ventures, and Endiya Partners.

A regulatory filing sourced from the Registrar of Companies reveals that the board at Scrut Automation 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 invested Rs 41.5 crore and Rs 24.9 crore, respectively, while the remaining amount came from Endiya Partners during the round. According to startup data intelligence platform TheKredible, the company has been valued at around Rs 615 crore or $75 million post-allotment.

With this latest funding, Scrut Automation has secured over $20 million to date. The largest shareholder in the startup is Lightspeed India with a 20.74% stake, followed by Endiya Partners and MassMutual Investors with 15.34% and 12.55% shares, respectively. The co-founders Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik cumulatively own 38% of the company.

Founded in 2020, Scrut Automation streamlines numerous labor-intensive compliance tasks through integration with cloud and SaaS tools. It gathers hundreds of evidence artifacts automatically and helps monitor entity-level risks and controls from a single dashboard. The platform supports 15 compliances including risk management, vendor risk, policy, continuous compliance, evidence collection, and access control. It has partnered with 20 auditors and has a presence in more than 25 countries.

During the fiscal year that ended March 2023, Scrut Automation recorded revenue from operations at Rs 7.24 crore, a significant increase from Rs 44 lakh in FY22. However, the Bengaluru-based company also posted a loss of Rs 15.40 crore in the same period.

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