Zicom SaaS (Security as a Service) Private Ltd., a 100% owned subsidiary of Zicom Electronic Security Systems Ltd. (ZESSL), is planning to raise about ₹200 crore to fund its expansion plan, said a top company executive. The company, which was started in 2013, is into IoT based electronic security services and reported a topline of ₹50 crore last year.
The company is looking at strategic investors and private equity investors to raise capital. The parent company ZESSL is currently passing through a tough time following huge losses reported at its middle eastern businesses following crash in oil prices. With debt of more than ₹700 crore, the company has undergone Corporate Debt Restructuring (CDR) and its lenders now own 51% stake in the company.
Commenting on the future, Mr. Rao said: “We are de-focussing from being a purely hardware company to a product services company. So we are putting all our energy behind Zicom SaaS. We have stopped taking projects under Zicom,” he said. Under Zicom SaaS, the company is providing services to ATMs and other clients. It is providing business intelligence to retail clients to count footfalls with the help of CCTVs and also using technology for loss prevention and tracking of individuals and pets. It is also into digital, data and mobile security as well as women’s security.
