Lucideus Receives Funding, Plans to Expand Business

Lucideus, an IT Risk Assessment and Digital Security Services provider announced that it has received angel funding from Amit Choudhary, Director, Motilal Oswal Private Equity. With this funding, the company now plans to build its team and expand business operations both in India and abroad.

The company headquartered at New Delhi is looking to use the investment in strengthening the team, with a plan of reaching a head-count of 100 by the end of year. The company is looking at a top line growth of 200-250% in FY16.

Commenting on the funds received, Saket Modi, CEO & Co-Founder, Lucideus said, “We are happy that Choudhary decided to invest in us. We have been bootstrapped for 4 years now and have seen significant growth year on year. The funding will further help us to boost our growth and expand operations. More importantly, we are looking at the mentorship. We are a young team and with Choudhary’s strong background in the finance, we are looking at having the right investment strategy in the future.”

Also commenting, Amit Choudhary, Director, Motilal Oswal Private Equity said, “Lucideus has shown significant growth in the last 4 years of their business. They have a strong business model and with the rise of digital in the country, cyber-security is going to play a key role. Lucideus is one of the few start-ups which is making an impact in the cyber-security industry and has a clear vision. I am investing in that vision and hope to help Lucideus build a global business.”

The company has worked with leading businesses both in India and abroad like Coca Cola, Tata Sky, ICICI Bank, Standard Chartered, Indigo and KFC to name a few. The company is also responsible for the security of the recently launched Unified Payments Interface (UPI).