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Scrut Automation launches its Series A round with a $9 million donation, exclusively

Updated: Feb 15

Scrut Automation, a risk-focused compliance automation platform, has secured $9 million, or Rs 75 crore, from current investors in its series A round. Lightspeed Partners, MassMutual Ventures, and Endiya Partners were also involved in the financing.

According to Scrut Automation's regulatory filing, which was obtained from the Registrar of Companies, the board approved a special resolution to issue 4,977 Series A CCPS at an issue price of Rs 1,50,188 apiece in order to raise Rs 75 crore, or $9 million.

Lightspeed India contributed Rs 41.5 crore and MassMutual Ventures contributed Rs 24.9 crore, respectively, to the round; Endiya provided the remaining funds.

The company's post-allotment valuation at about Rs 615 crore, or $75 million.

Thus far, Scrut Automation has raised more than $20 million. Lightspeed India, with a 20.74% interest, is the startup's biggest stakeholder Endiya Partners and MassMutual Investors, with 15.34% and 12.55% of the shares, respectively, are next in line. Together, co-founders Kush Kaushik, Jayesh Gadewar, and Ayush Ghosh Choudhury hold 38% of the business.

Founded in 2020, Scrut integrates cloud and SaaS platforms to automate a number of labor-intensive compliance processes. From a single dashboard, it automatically compiles hundreds of evidence artifacts and assists in monitoring risks and controls at the entity level.

It covers fifteen compliances, such as access control, evidence gathering, continuous compliance, risk management, vendor risk, and policy. It is present in more than 25 countries and has partnered with 20 auditors.

Its operational revenue increased to Rs 7.24 crore in the fiscal year that concluded in March 2023 from Rs 44 lakh in the previous year. During the same time frame, the Bengaluru-based company reported a loss of Rs 15.40 crore.


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