Software-as-a-service (SaaS) startup Indusface which provides security applications for web and mobile platforms has raised $5 Mn in a funding round from Tata Capital Growth Fund II.
With this funding, Indusface will be looking to accelerate its international expansion plans by acquiring more enterprise customers globally. Indusface will also leverage Tata’s global outreach and expertise in executing growth plans rapidly.
The startup, which has offices in Bengaluru, Delhi, Vadodra, Mumbai, and San Francisco, will also utilise the funds to enhance its product suite. As part of the deal, partner at Tata Capital Growth Fund Pramod Ahuja will join the board of directors of Indusface.
Founded by Ashish Tandon, Indusface is an application security startup which has over 2000 active business customers. The platform is said to support detection of vulnerabilities, protecting data and monitoring applications on a continuous basis.
Indusface claims that its product named ‘Total Application Security’ safeguards clients from attackers besides accelerating the performance of the applications. The solution provided by Indusface is a cloud-based security platform built using its proprietary web application security scanner and a dynamic web application firewall. These tools are integrated with an intelligent global threat information engine and managed by security experts.
In the past, the startup was shortlisted as one of the nominees for the NASSCOM Data Security Council of India’s top security company of the year award. India’s Computer Emergency Response Team (CERT-In) has empanelled Indusface as a trusted scanning vendor.
The Rising Need For Cybersecurity SaaS
In the last decade or so, almost everything has moved online. However, problems like online theft and phishing have also risen along with the number of users. To address these issues, many Indian startups are working with companies and governments around the world.
Recently, Singapore-headquartered cybersecurity startup CYFIRMA raised $3 Mn in Series A round from early-growth private equity fund Z3 Partners. Also, Kratikal raised $1 Mn in Pre-Series A funding in November 2019 while CloudSEK bagged $1.97 Mn in the same month.
Akhil Awasthi, the managing partner at Tata Capital Growth Fund, said that cybersecurity market will continue to see significant growth as securing digital assets becomes a priority with the increased salience of digital business processes and the consequent reliance on a trusted “digital assurance” provider like Indusface.
According to an August 2019 report by Gartner, enterprise information security spending in India reached $1.86 Bn 2019, an increase of 12.4% from 2018, and it’s expected to reach the $2 Bn mark by 2020. Investors around the world are now trying to capitalise on cybersecurity growth.