Sequoia's Rs 60 crore investment to strengthen Quick Heal's global presence

by Sharon Lobo    Aug 17, 2010

Quick Heal Technologies has announced that Sequoia Capital India has invested Rs 60 crore in the PC security software firm. This investment will not only enable Quick Heal to expand its product portfolio but also help the firm expand its global footprint and fund future acquisitions.

Quick Heal Technologies was established way back in 1993 as a computer maintenance company and overtime entered the PC security space with its Quick Heal antivirus product. Currently the company offers a range of security products for end users and SMEs. “The Indian antivirus market is worth Rs 350 crore of which Quick Heal has a share of Rs 130 crore,” said Kailash Katkar, MD and CEO, Quick Heal Technologies. Katkar further added that with Sequoia’s investment will enable them to expand their product offerings to also cater large corporations.

With Sequoia’s investment, Sumir Chadha, MD, Sequoia Capital will join the board of Quick Heal. Chadha said that Sequoia was looking forward to a long term investment in the company. He further added that Quick Heal, which has a CAGR of almost 100%, will also continue to strengthen its dominant position in India and replicate this success in the overseas market.

With over 600 million mobile connections, India is one of the largest mobile market in the world. Quick Heal is actively looking to tap this space as well. The PC2mobile feature available in the Quick Heal Total Security enables users to scan, detect and delete malware from their mobile phones by connecting it to a PC.

Sanjay Katkar, CTO, Quick Heal, said that earlier the PC security market only meant the antivirus, however these days with the threat scenario being so complex, people expect more from their antivirus. Also with the growth of malware spread through mobile phones it is necessary to have all round protection.