Bangalore, January X 2017: Bangalore based SecurAX, a cloud based biometric workforce tracking solutions provider, has raised funding from Axilor, Parampara Early Stage Opportunities Fund and a group of angels. SecurAX will use the funds to enhance technology offerings, expand customer base and scale up its operations across India and the Middle East.
SecurAX is a B2B SaaS platform that empowers customers through biometrics, mobile app and geo-tracking, to track workforce effectively and enhance productivity; resulting in cost savings. The SaaS model helps companies reduce investment in physical infrastructure, maintenance and software licensing costs. SecurAX was co-founded by Prasanna Kotha, Deepak Belavadi and Praveen Reddy in 2012 and services customers such as Myntra, Narayana Health, ITC, SAP and scores of SMEs in India and Middle East.
“The SecurAX platform is being used by 75,000 users across 125 customers. We have grown our SaaS user base by 2.5x in last 6 months,” claims Deepak Belavadi, Co-Founder and COO of SecurAX. “The investment from Axilor Ventures and Parampara will help us scale operations.”
Srinath Batni, Cofounder of Axilor Ventures said, “Cloud based technologies are driving new business models. SecurAX is well positioned to build on its leadership in the biometrics space and scale its SaaS offering, globally.”
“SecurAX is a very good fit for the Parampara fund based on its IP, innovation based business model with excellent market traction both in India and Middle East. SecurAX has just scratched the surface on the market opportunities for their product offering,” said Jatin Desai, General Partner at Parampara.
The funding process was facilitated by seedX, a high touch advisory and performance enhancement services firm that works with early stage ventures.
Growth in biometrics’ market is anticipated due to wide deployment of biometrics technology across various government projects such as Aadhaar program (UIDAI), coupled with issuance of e-passports and visas. The rising technological advancements across various end user sectors such as banking and finance, energy and power, consumer electronics is driving demand for biometric systems. SecurAX is among the first in India in using biometrics in SaaS model and is poised to take lead in cloud based biometrics solutions.
About SecurAX: SecurAX uses Biometrics and Geo-Tracking to provide workforce tracking solutions to B2B customers in SaaS model. SecurAX helps customers reduce cost, increase efficiency and enhance security with easy, plug-n-play solution.
About Axilor: Axilor is a platform for supporting early stage entrepreneurs. Axilor has a 100 day accelerator program and is an active seed investor having made more than 15 investments over the last year in consumer internet, enterprise tech and healthcare.
About Paramapara: Parampara, with offices in Mumbai and Hyderabad, focuses on investing in technology startups with innovation/intellectual property as differentiators across multiple sectors. Prior investments include SCubeFuturetech and Atomberg Technologies. IDFC and SIDBI are key institutional investors in Parampara fund.