Noida-based cybersecurity solution provider, Kratikal Tech Private Ltd has lately raised $1 million pre-series A funding. Art Venture, Rajeev Chitrabhanu and Gilda VC led the funding round of the startup. Other investors, who participated in the funding round, Madhusudan Gopinath, Equentia Natural Resources, LetsVenture, Artha Ventures and Shangrila Infotech LLP.
Kratikal will be employing gathered fund to streamline product deployment and development. Further, the company seeks to invest money into field merchandising initiatives and feet-on-the-street marketing.
“Our latest funding round is an important milestone for us, as it underlines the strength of our product innovation capabilities, robust unit economics, and deep cybersecurity expertise. It also brings the right mix of domain expertise and business networking opportunities to the table. This capital funding will help us to unlock the next phase of our business growth by optimising operations and rapidly scaling up our market footprint, both in India and across other high-growth international markets,” Pavan Kushwaha, CEO at Kratikal, said in the company’s official statement
The Noida-headquartered cybersecurity solutions provider will be employing the recent capital infusion for business expansion as well as scaling up its manpower. Furthermore, the garnered capital will be utilised for improving its tech infra, expanding its research and development (R&D) of cybersecurity products and meanwhile, increasing access to fortified business network and network.
By joining hands with Dubai-headquartered VC firm, Gilda VC, the cybersecurity startup will capitalise on emerging business opportunities in the Middle East market. On the other hand, Art Venture will aid the Indian startup in expanding in Banking, financial services and insurance (BFSI) industry. As part of the transaction, Rajeev Chitrabhanu, an acclaimed financial expert, will mentor the startup to help it attain positive return on investments (ROIs).
Gilda VC essentially offers a growth platform to early-stage startups, in turn, aiding them to prosper in their respective businesses. Some of the renowned start-ups funded by the above-cited VC firm are IamHere, Bombay Play, Sensiwise and InstaCar.
ART Venture, which is 100 per cent operated by The Three Sisters: Institutional Office (TTSIO), has primarily reinforced Kratikal to extend its operations across the BFSI segment.
“With its co-founder team, marquee client list, and market-leading products, Kratikal is well-positioned to take advantage of the growing push towards stronger cybersecurity. As one of the few cybersecurity companies to have achieved even cashflows in a short span since its operational launch, I believe that it is bound to achieve exponential success. We need more players like Kratikal to keep businesses and systems secure from advanced cyber threats across the globe,” Mr. Rajeev Chitrabhanu, Founder of Magnetic, said in the company’s official statement.
With the recent funding, Kratikal not only gains momentum to actualise its long-term goals but also aids in delivering more cybersecurity products and solutions to combat rising cyber attacks. According to NITI Aayog, “India secures a spot amongst the top 10 spam-sending countries in the world alongside the USA. The country was ranked among the top five countries to be affected by cybercrime, as per a report by online security firm ‘Symantec Corp’.”
By rising cyberattacks in India and abroad, it becomes important to have the likes of Kratikal to uproot cyberthreats.
Pavan Kushwaha (CEO), Paratosh Bansal (CTO) and Dip Jung Thapa (COO) established Kartikal in 2013. Since its inception, the startup has released several innovative security solutions to curb rising cyberthreats. ThreatCop, an AI and ML-based simulation product created for cyber awareness and employee risk assessment, and KDMARC, a revolutionary email authentication and anti-spoofing tool, aims to address the cyber threats posed by email-based attacks are some of its product solutions. The startup is serving to more than 100 customers comprising Aditya Birla Capital, PVR Cinemas, Himalaya Wellness, Kotak Mahindra Bank, Fortis Healthcare, Drivezy,Pine Labs and Cars24, among others.
The company has its bureaus established in three Indian cities-- Noida, Bangalore and Mumbai. Presently, it is planning to increase its footprint to three more cities comprising information technology hubs of Hyderabad, Chennai and Pune in the offing. It is incubated under Ministry of Telecom (MoT), recognised under Startup India.
John Chambers-run cybersecurity company, Lucideus has lately collected $7 million, soaring its valuation to approximately $100 million. Aioi Nissay Dowa, Japan-based Mitsui Sumitomo Insurance and Western Technology Investment led the funding round of the startup. Both the investment companies were based out of Silicon Valley.
Besides Indian startups, India-based tech giants are also taking steps to avert cybercrimes. The IT major, Wipro is reportedly expanding its footprint in Australian state, Victoria by founding a AUD 1.5 million state-of-the-art Cyber Defence Centre, The Economic Times reported.
The new centre will help provide protection against cyberattacks in the province and at the same time, generate 100 tech jobs additionally.
The transaction has been counted as one of the moves to deepen investment rapport between India and Victoria according to the government’s ten year ‘India Strategy-Our Shared Future’.