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Innefu Labs, an authentication security firm, is in talks to raise $2.5-3.5 million venture capital (VC) funding in exchange for up to 20 per cent stake.
The New Delhi-based company intends to close the ‘Series A’ funding (first institutional fund raising) in the next three months.
“We are in talks with three separate VCs for the fund-raising, and one of them has already done a valuation process. However, since the talks are yet to conclude, we would not like to name the investors,” said Tarun Wig, co-Founder of Innefu Labs.
‘No angel round’“This is our first fund-raising and we are not going in for the angel round,” he added.
The information security consulting company was started in September 2010 by entrepreneurs Tarun Wig and co-founder Abhishek Sharma with a standard ₹1 lakh capital.
The founders value the company at about ₹68 crore. Innefu Labs will use the proceeds for expanding market presence both in India and across at least six geographies, especially to market its flagship product AuthShield.
Apart from India, the company intends to expand marketing and sales presence across Sri Lanka and Bangladesh in the first phase, followed by Africa and finally to New Zealand and Australia.
AuthShield currently caters to organisations including Defence Research and Development Organisation and Reserve Bank of India, apart a number of private firms.
The company is already marketing another product – Link Analysis – in Bangladesh and Kenya.
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