“We began the adventure with application security, and now we have climbed the worth chain by verifying systems, foundation, and cloud, as well,” says Venu Rao, Founder and CEO, WeSecureApp.

With the launch of their flagship product, Strobes, in July this year, the startup has remodeled from a solutions company to associate enterprise security product company, he adds. Strobes won the launch pad award at a shark-tank vogue competition at RSA Conference in Singapore this year WeSecureApp works with startups, together with Netmeds and Grofers, and enterprises, together with State bank of India mutual fund, Aditya Birla Capital, and DSP Investments.

“We work more like a partner than a vendor. We clearly understand our customer’s problems first, learn their goals, and then accordingly design a security road map of 12 to 24 months’ engagement,” says Venu.

The lead item, Strobes, is a security organization and defenselessness relationship stage. It associates with more than 50 defenselessness scanners and following and specialized instruments. Fueled by AI, Strobes investigations more than one million vulnerabilities from various feeds and distinguishes the provisos and indirect accesses that are being misused in a framework. Strobes is available on-premium and as a private SaaS solution. WeSecureApp charges between Rs 12 lakh and Rs 60 lakh per annum for this product, based on the size of the client company.

Most of WeSecureApp’s clients subscribe to their annual engagement programme. According to the founders, the company’s revenue has grown from Rs 50 lakh in FY17 to Rs 2.5 crore in FY19. As indicated by a MarketsAndMarkets report, the worldwide cybersecurity market size was esteemed at $137.63 billion out of 2017 and is anticipated to reach $248.26 billion by 2023, developing at a CAGR of 10.2 percent.

WeSecureApp is currently gearing up to showcase Strobes at the IT security conference RSA in the US in February 2020. The startup is also in talks with angel investors to raise seed funding of $500,000.

The post The security for SBI MF, Aditya Birla Capital, Grofers raised up by WeSecureApp, Hyderabad based startup. appeared first on Startagist.

The merger talks are on slow fire as BigBasket is expecting a big ticket funding. The Bengaluru-based grocery e-tailer has mandated investment bank Morgan Stanley for a $150million fund-raise, which is expected to close by April.

If money flows in through the funding route, the merger moves may be abandoned, The Times of India reported quoting unnamed sources in the industry.

However, if the deal goes through, it will be one of the most significant moves made towards bringing about consolidation in a cash-guzzling consumer internet economy, which has been heavily reliant on investor capital to grow in the recent years.

The talks between the two parties started in November last year, will be brought up during BigBasket’s board meeting scheduled for end of January.

The report says that talks between the two parties started in November last year, will be brought up during BigBasket’s board meeting scheduled for end of January.

Separately, people familiar with the goings-on said Grofer’s heavyweight backers SoftBank and Tiger Global, ploughing fresh funds into the merged entity, could also be an important criterion for deciding the future course of talks. “If their fund-raise doesn’t go too well, the merger is very likely to happen keeping in mind the $60þmillion cash that’s in the bank for Grofers,” TOI quotes the source.

Hari Menon, co-founder, BigBasket, he said, “We do not respond to speculations like these. We are in a very comfortable position on capital availability.” Albinder Dhindsa, co-founder & CEO of Grofers, said, “We don’t comment on speculation. Our business has grown 50% over the last quarter and we continue to work on building a sustainable grocery business. Currently, we are not looking at any investments or strategic options,” he said.

Grofers, which emerged as one of the hottest on-demand delivery startups amassing $130 million, most of it in 2015, had a tough last year as interest around the express delivery sector has waned perceptibly . In order to conserve cash, Grofers spent the whole of last year pruning its business and cutting costs, which stagnated its growth dramatically.

Cost per delivery on the express model has been the big impediment for startups like Grofers, making the business unviable and in constant need for capital. Most players levy minimal charges, which do not cover full delivery cost for them, making their path to profitability a big challenge.

Over the past year, Grofers has been attempting to change its model from a pure-play express delivery outfit to one where it’s stocking inventory through distribution centres similar to BigBasket. It also went back to its merchants for facilitating deliveries to cut costs. BigBasket, which too launched a 90-minute express delivery service last year, saw its sales grow 231% to Rs 563 crore in the financial year ending March 2016.

But net losses zoomed to Rs 277 crore from Rs 61 crore, on the back of increased marketing spends like signing Bollywood actors Shahrukh Khan as a brand ambassador, spiralling cost per delivery , and expenditure incurred on setting up warehouses. Its investors include Abraaj Capital, Ascent Capital, Zodius Capital, World Bank’s IFC, Helion Venture Partners, Bessemer Venture Partners, among others.

While BigBasket claims to be clocking an average of 50,000 daily orders out of which 25% is on its express platform, Grofers does around 10,000 average orders per day . In June last year, the Gurgaon-based Grofers launched scheduled deliveries, which it claims now make up almost 90% of its business with on demand being the rest 10%.

The post BigBasket and Grofers on merger Path appeared first on Startagist.