Bengaluru-based Scrut Automation, a risk compliance automation platform, saw its revenue grow 4.6x in FY24, reaching Rs 33.48 crore, up from Rs 7.24 crore in FY23. The company helps small and medium cloud-native enterprises maintain a robust security posture and comply with various infosec standards by automating compliance tasks through integration with cloud and SaaS tools.
Founded in 2021 by Aayush Ghosh Choudhury, Jayesh Gadewar, and Kush Kaushik, Scrut Automation aims to build the largest SaaS-enabled marketplace for infosec resources, including auditors, penetration testers, and subject matter experts.
The company has raised Rs 168.4 crore across four funding rounds, with its most recent Series A round completed in February 2024. Key shareholders include Aayush Ghosh Choudhury (23.18%), Kush Kaushik (10.37%), and Jayesh Gadewar (4.42%), while the ESOP pool accounts for 9.76%.
Scrut’s expenses surged to Rs 77.01 crore in FY24, up from Rs 22.64 crore in FY23. Key expense categories and trends include:
- Employee Benefit Costs: Increased slightly to 42.41% of total expenses in FY24, compared to 41.74% in FY23.
- Advertisement Costs: Nearly doubled to 10.23% of total expenses in FY24, up from 5.43% in FY23.
- Depreciation: Declined marginally to 0.84% of total expenses in FY24, from 1.28% in FY23.
- Finance Costs: Remained minimal, at 0.20% in FY24 and 0.22% in FY23.
Despite strong revenue growth, Scrut’s losses widened to Rs 43.56 crore in FY24, from Rs 15.41 crore in FY23. Key financial metrics include:
- EBITDA Margin: Improved significantly to -132.97% in FY24 from -207.73% in FY23.
- ROCE: Declined further to -41.12% in FY24, compared to -22.60% in FY23, reflecting continued investments in scaling operations.