Protectt.ai Bags INR 76 Cr To Help Enterprises Protect Apps Against Cyber Fraud

Mobile app security startup Protectt.ai has secured INR 76 Cr (about $8.7 Mn) in a Series A funding round led by Bessemer Venture Partners. 

The company plans to use the fresh capital to enhance its AI-driven mobile security platform, develop new AI security solutions, expand internationally in the US, Middle East & APAC and hire cybersecurity talent.

Founded in 2020 by Manish Mimani and Mohanraj Selvaraj, Protectt.ai provides mobile threat defence solutions, helping businesses safeguard apps against cyber threats and fraud. Its platform also acts as a compliance hub for mobile app owners, ensuring adherence to regulations from entities such as RBI, SEBI and NPCI. 

The company claims its technology monitors security configurations and threat events in real time, enabling seamless audits and regulatory compliance.

The startup claims to cover over 300 Mn smartphones and process 2 Bn mobile app sessions per month while preventing 200 Mn cyber threats and fraud attempts.

Its solutions cater to banking, fintech, insurance, NBFCs, stock exchanges, and government apps.

“This investment will enable us to enhance our technology, scale our operations, and expand into new geographies, reinforcing our position as a leader in mobile app security ensuring hyper growth.” said Manish Mimani, founder and chief executive of Protectt.ai.

The development comes at a time when many players in the cybersecurity space in India are making their move to get an edge over their rivals.

For instance, cybersecurity firm Astra Security raised $2.7 Mn in a funding round led by Emergent Ventures in February this year.

Meanwhile, TAC Security, which is aggressively expanding overseas, is planning to acquire Greece-based Web3 security company CyberScope to strengthen its presence in the Web3 security sector. 

The acquisition is expected to contribute $1.2 Mn in revenue to its growth strategy, according to the company. Additionally, TAC Security has broadened its global reach by establishing a UK-based subsidiary, VULMAN Ltd, to provide cybersecurity solutions in the UK and Europe.

Similarly, WhizHack, another cybersecurity startup, secured $3 Mn in a Pre-Series A funding round last year and aims to raise additional Series A funding in early 2025 as part of its expansion into North America and Europe.

Notably, a report by cyber intelligence firm CloudSEK said that India ranked as the second most targeted country for cyberattacks worldwide, with 95 Indian entities falling victim to data breaches in 2024.