Risk-focused compliance automation platform Scrut Automation has raised Rs 75 crore or $9 million in its series A round from existing investors. The round also saw the participation of Lightspeed Partners, MassMutual Ventures, and Endiya Partners.
The 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, its regulatory filing sourced from the Registrar of Companies shows.
Lightspeed India and MassMutual Ventures pumped in Rs 41.5 crore and Rs 24.9 crore, respectively, while the rest of the amount came from Endiya during the round.
As per startup data intelligence platform TheKredible, the company has been valued at around Rs 615 crore or $75 million post-allotment.
Scrut Automation has secured over $20 million to date. As per TheKredible, 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, respectively. Its co-founders Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik cumulatively own 38% of the company.
Founded in 2020, Scrut 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.
It supports 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.
