Cyber-security services start-up Lucideus Tech has raised an undisclosed sum in angel funding from Amit Choudhary, Director, Motilal Oswal Private Equity (MOPE).

In July, the start-up had raised angel funding from Flipkart Chief Financial Officer Sanjay Baweja. It had also received funding from former Snapdeal Chief Product Officer Anand Chandrasekaran.

All three investments were made in the investors’ personal capacities.

“We are a cash-flow positive company and the investments were not something we were looking at. With the latest round of funding, we will get the expertise and mentorship of Amit Choudhary, who has raised many fundings and works closely with start-ups,” Saket Modi, co-founder and Chief Executive Officer, Lucideus, told BusinessLine .

The earlier investments by Baweja and Chandrasekaran also helped in bringing in their expertise into the company, even though none of them holds a Board seat as of now.

The company will look at Series A funding sometime next year, when these investors’ background of raising funds and industry experience will come in handy, he added.

Lucideus was incubated in IIT-Bombay in 2012 and the institute continues to be a shareholder in the start-up. The firm’s first fundraising happened in 2016.

The company’sclientele includes ICICI Bank, HDFC, Standard Chartered, IndiGo and Coca-Cola.

The New Delhi-headquartered company, founded by Modi, Vidit Baxi and Rahul Tyagi, will use the proceeds of the latest angel funding to hire another 25 personnel and reach 100-strong workforce by the end of this year. The company will also use the funding for new technology and platforms.

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