New Delhi-based enterprise application provider LoginRadius has raised a $17 Mn Series A funding round led by ForgePoint Capital and Microsoft’s venture fund, M12.
All existing major investors — including Real Ventures, BDC Capital, and Yaletown Venture Partners — also participated in the round. ForgePoint Capital and M12 will now join LoginRadius’s board of directors.
Rakesh Soni and Deepak Gupta founded LoginRadius in 2011. Being a global company, LoginRadius’ cloud-hosted service provides the platform to securely manage and transact with billions of customer identities while keeping privacy and compliance regulations (such as GDPR) in mind.
Leveraging over 200 pre-built integrations, turnkey configuration and customer identity and access management (cIAM) solutions-focused data security and access management functionality, LoginRadius enables businesses to deliver an unified customer registration, login, and self-service experience in months.
The funds will be used to accelerate product innovation, customer acquisition, and global expansion. It further plans to accelerate product innovation and expand globally to serve the fast-growing $20B customer identity market.
“Forward-thinking companies are looking for secure, cloud-based identity solutions that can serve a global customer base and handle complex scenarios,” said Nagraj Kashyap, corporate vice president at Microsoft and global head of M12. “We’re excited to invest in LoginRadius because they are delivering on their promise to simplify customer identity management, which allows enterprise companies to more easily achieve their digital transformation ambitions.”
LoginRadius: Triple-Digit Growth Since 2016
Since its launch in 2012, LoginRadius has been relentlessly focused on customer identity and has experienced triple-digit annual growth for the past two years.
The company has grown to support global offices in Vancouver, London, San Francisco, Sydney, and Jaipur, with plans to more than double its workforce in the next 12 months.
“With increasing customer experience expectations and growing cybersecurity threats, enterprises need a modern cloud-based identity platform that can be the foundation for digital transformation and provide peace of mind when it comes to security,” said LoginRadius CEO and co-founder Rakesh Soni.
LoginRadius’ enterprise-grade identity platform is being used by over 3,000 businesses, including brands such as Weather Network, Vogue, Canadian Broadcasting Corp (CBC), Viacom, Avatar, and Kind Snacks.
It is currently serving over 700 Mn identities and handling 7.5 Bn API calls per month. The platform has been deployed on new and legacy applications across multiple channels including web, mobile, IoT, POS and kiosks.
“Customer identity is at the intersection of security, digital business, and compliance. This requires significant expertise to build and maintain in-house, resulting in an extended go-to-market time,” said Deepak Gupta, CTO and co-founder, LoginRadius.
“LoginRadius provides the answer to this critical challenge with its out-of-the-box solution,” he added.
IBM, ILANTUS, Happiest Minds are a few other notable names in this segment among others.