Scrut Automation’s board has issued a special resolution to issue 4,977 Series A CCPS at an issue price of Rs 1,50,188 each, raising Rs 75 crore or $9 million, according to a regulatory filing with the Registrar of Companies.
Lightspeed India and MassMutual Ventures invested Rs 41.5 crore and Rs 24.9 crore, respectively, while Endiya contributed the remaining cash during the round.
According to a startup data analytics platform, the company is valued at approximately Rs 615 crore, or $75 million post-allotment.
Scrut Automation has raised more than $20 million to far. Lightspeed India is the startup’s top shareholder, holding a 20.74% interest, followed by Endiya Partners and MassMutual Investors, which own 15.34% and 12.55%, respectively. Its co-founders, Ayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik, collectively hold 38% of the company.
Scrut, founded in 2020, automates several labor-intensive compliance activities by integrating with cloud and SaaS applications. It automatically collects hundreds of evidence artifacts and monitors entity-level hazards and controls using a single dashboard.
It covers 15 different compliances, including risk management, vendor risk, policy, continuous compliance, evidence collecting, access control, and more. It collaborated with 20 auditors and has a presence in over 25 countries.
During the fiscal year ending March 2023, its revenue from operations was Rs 7.24 crore, up from Rs 44 lakh in FY22. The Bengaluru-based company also suffered a loss of Rs 15.40 crore over the same time.