[Funding alert] IT solutions startup Indusface raises $5M from Tata Capital Growth Fund II
Indusface, a startup providing IT security solutions, has raised $5 million in funding from Tata Capital Growth Fund II.
The funding will be used by Indusface for global customer acquisition and product innovation, Tata Capital said in a release.
"We believe the 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," said Tata Capital Growth Fund's Managing Partner Akhil Awasthi.
Post transaction, Tata Capital Growth Fund Partner Pramod Ahuja will join the Indusface board of directors.
Indusface solutions help customers in detecting security risks and protect them from being hacked. The California-based startup, set up in 2004, has offices across four locations in India and provides application security to over 2,000 active customers globally.
The firm uses a cloud-based security platform built using its proprietary web application security scanner and web application firewall that are integrated with a global threat information engine, managed by security experts. Some of its customers include IndusInd Bank, Future Group, Edelweiss, Qwikcilver, and Avis.
“In this rapidly changing scenario, as more and more businesses accelerate digitisation of their operations via web applications, cloud-based managed application security solutions like ours are projected to be in huge demand,” said Ashish Tandon, Founder and CEO of Indusface.
Launched in 2017, Tata Capital Growth Fund (TCGF) II, which is the successor to Growth Fund I, invests in companies that focus on urbanisation, discrete manufacturing, and strategic services. The private equity fund closed its first fund in 2011 with a corpus of $240 million. The first fund has been completely deployed and has exited five of its portfolio investments, including Home First Finance Co India Ltd and Star Health and Allied Insurance Ltd.
Edited by Megha Reddy