The Bootstrap Champ will have demonstrated the ability to win customers and earn revenue for at least a year. It should possess the potential to scale into a large enterprise.
In a statement, the startup said it will utilise the fresh capital to expand operations, strengthen the salesforce, and invest in new innovative technologies.
ThetaRay s technology uses artificial intelligence to identify financial cyber threats like money laundering so users can take action against suspicious transactions.
SIDBI is an existing investor in Anicut Capital and has invested in both of its debt funds. The bank had invested Rs 140 crore (about $16.9 million) in Anicut s second debt fund.
The Sebi chairperson admitted that this is a very complex problem requiring intelligence, and added that the algorithm being built will have the essential tools to detect misselling like flagging the case of a 90-year-old being sold the product with a long lock-in period.