Risk-focused compliance automation platform Scrut Automation raised $9 M Series A funding
Scrut Automation, a platform for risk-focused compliance automation, has raised Rs 75 crore, or $9 million, from current investors in its series A round. In addition, Lightspeed Partners, MassMutual Ventures, and Endiya Partners participated in the round.
The regulatory filing obtained from the Registrar of Companies indicates that the board of Scrut Automation has approved a special resolution to issue 4,977 Series A CCPS at an issue price of Rs 1,50,188 each in order to raise Rs 75 crore, or $9 million.
During the round, Endiya provided the remaining funds, with contributions from Lightspeed India and MassMutual Ventures contributing Rs 41.5 crore and Rs 24.9 crore, respectively.
TheKredible, a startup data intelligence platform, estimates the company’s post-allotment valuation at approximately Rs 615 crore, or $75 million.
Thus far, Scrut Automation has raised more than $20 million. According to a media report, MassMutual Investors and Endiya Partners hold 12.55% and 15.34% of the startup’s shares, respectively, making Lightspeed India the company’s largest shareholder with a 20.74% stake. Together, co-founders Kush Kaushik, Jayesh Gadewar, and Ayush Ghosh Choudhury own 38% of the business.
Founded in 2020, Scrut integrates cloud and SaaS tools to automate several labor-intensive compliance tasks. From a single dashboard, it automatically compiles hundreds of evidence artifacts and assists in monitoring risks and controls at the entity level.
It facilitates fifteen compliances, such as access control, vendor risk, policy, continuous compliance, evidence gathering, and risk management. It has partnerships with twenty auditors and operates in over twenty-five countries.
Its operating revenue was reported at Rs 7.24 crore for the fiscal year that concluded in March 2023, up from Rs 44 lakh for the previous year. The Bengaluru-based business reported a Rs 15.40 crore loss during the same time frame.
