Indusface Consulting, a software-as-a-service (SaaS) company that provides cybersecurity solutions, has raised $5 million in an undisclosed round of funding from Tata Capital Growth Fund II, owned and operated by Tata Capital Private Equity.
Founded by IIM Ahmedabad alumni Ashish Tandon, the company provides device and systems security through its proprietary platform available on-premise, as-a-service and on Amazon Web Services (AWS) marketplace.
The San Bruno, California based company claims to have 2,000 active customers in over 30 countries on-boarded on its ‘total application security’ platform. In India, it has offices in Navi Mumbai, Vadodara, Bengaluru and Delhi.
The company did not respond to additional queries until the time of publishing this article.
This is the first external funding raised by the company, as per VCCEdge data. The funding comes at a time when cloud-based security has gained importance as most businesses are operating remotely due to the Covid-19 pandemic.
Indusface plans to use the funds to fuel its growth plans. “In this rapidly changing scenario, as more and more businesses accelerate the digitisation of their operations via web applications, cloud-based managed application security solutions like ours are projected to be in huge demand,” Ashish Tandon, founder and CEO of the company said in a statement.
Tata Capital Growth Fund (TCGF), which raised $240 Million in 2011 for its first fund, focuses on manufacturing, urbanisation and strategic services companies. The fund typically invests between $10 million and $ 35 million per transaction. It primarily holds significant minority stakes in its portfolio companies. TCGF has invested in nine companies and made three exits so far, according to Tata Capital website.
Tata Capital Growth Fund (TCGF) II was reportedly launched in 2011 and Indusface is its first investment, according to media reports. Pramod Ahuja, a partner at Tata Capital Growth Fund, will now join the Indusface’s board of directors.