Tata Capital Growth Fund II (TCGF II) managed by Tata Capital has invested a sum of $5 million in a US-based security software-as-a-service (SaaS) startup Indusface to help give a boost to the firm's global customer acquisition and product innovation plans.
Pramod Ahuja, partner at Tata Capital Growth Fund, will, as a part of the deal, join the board of directors at the startup.
The startup that is based out of California claims to secure customers applications globally by analyzing risks and creating a firewall so that they don't get hacked. It claims to use a cloud-based security platform built using its proprietary web application security scanner and a web application firewall integrated with global threat information engine.
“In this rapidly changing scenario, as more and more businesses accelerate the digitization 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 & CEO of Indusface.
“TCGF II is excited to support Indusface and its top-notch team led by Ashish in their growth plans. We believe that 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,” says Akhil Awasthi, Managing Partner, Tata Capital Growth Fund.