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Sequoia-backed Quick Heal targets India IPO

  • Mirzaan Jamwal
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Sequoia Capital-backed Quick Heal Technologies (QHT), an Indian security software-maker, expects to file its draft red herring prospectus and begin the formal listing process next year.

Established in 1993, the IT security vendor provides software for mobile, enterprise and home user segments, with 70% of revenues from retail customers. It claims to have 6 million active customers and a 30% market share in India's consumer anti-virus market.

In 2010, Sequoia invested INR600 million (then $12.9 million) in the company. Since then the company's revenue has more than doubled, reaching INR2.12 billion in the 2013 fiscal year.

"We're looking at appointing independent board members as we prepare to list, within the next 18 months," Sanjay Katkar, co-founder and chief technology officer of Quick Heal, told The Economic Times.

The company is also beginning a process of identifying industry benchmarks to determine its market valuation. It will be the first Indian anti-virus software company to go public.

Funds from the IPO will be used to support QHT's expansion into new markets and product lines. Last year the company opened offices in US, Japan and Kenya. It aims to boost its revenue to INR5 billion in three years.

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