Livemint: January 16, 2017
New Delhi: Cybersecurity start-up Kratikal Tech Pvt. Ltd. on Monday said it has raised seed funding from Amajit Gupta, former director of Microsoft India along with Praveen Dubey, co-founder MutualPR and J.P. Bhatt, co-founder and chief executive of ImpactQA.
Kratikal has raised close to $500,000, said a company executive, who did not want to be identified. The company will use the funds for product development and building training modules.
The company was founded in 2013 by five alumni of National Institute of Technology, Allahabad—Pavan Kushwaha, Paratosh Bansal, Dip Jung Thapa, Prashant Pandey and Ankit Singh—after Kushwaha’s email account was hacked.
Kratikal provides cyber security services such as vulnerability assessment, security auditing, among others.
“We aim to provide world class cybersecurity solutions globally and work on building the environment and train the IT (information technology) professionals and digital community in India about how to build secure systems,” Kratikal said in a statement.
Kratikal claims to provide training sessions to corporates, law enforcement agencies and education institutes. It claims to have trained over 5,000 candidates from over 131 countries through its online modules.
With a team of 15 employees, Kratikal services more than 30 clients across corporate houses, police departments, law enforcement agencies and individuals in India, US, Australia, New Zealand and South Africa.
The Delhi-based company is also developing a software-as-a-service (Saas) tool to automate its security testing services with the help of built-in artificial technology. “This automated tool will bring down the high cost of security testing and make it economically feasible for all the SMEs (small and medium enterprises) to be secure,” said the company.
The company competes with Chandigarh-based TAC InfoSec Pvt. Ltd and Delhi-based Lucideus Tech Pvt. Ltd. In 2016, TAC raised an undisclosed amount of pre-series A funding in August, while Lucideus had received an undisclosed angel funding from Amit Choudhary, director of Motilal Oswal Private Equity Advisors Pvt. Ltd.
A report published by MarketsandMarkets in July 2016 forecasts the global cybersecurity market to grow from $122.45 billion in 2016 to $202.36 billion by 2021, growing at a compound annual growth rate of 10.6%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.