Tata Capital Growth Fund II invests US$ 5 million in SaaS startup Indusface
- IBEF
- April 24, 2020
Tata Capital Private Equity-led Tata Capital Growth Fund II (TCGF II), has invested US$ 5 million in software-as-a-service (SaaS) start-up Indusface to assist the firm accelerate its global customer acquisition and product innovation plans.
Indusface is the California-based startup, having offices across four locations in India, offers application security to over 2,000 active customers globally. A cloud-based security platform built is used by proprietary web application security scanner and web application firewall that are integrated with a global threat information engine, managed by security experts.
“We believe that the cyber security 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 Mr Akhil Awasthi, managing partner at Tata Capital Growth Fund.
Mr Pramod Ahuja, partner at Tata Capital Growth Fund would join the board of Indusface after this investment.
“In this rapidly changing scenario, as more and more businesses accelerate digitization of their operations via web applications, cloud-based managed application security solutions like ours are projected to be in huge demand," said Mr Ashish Tandon, Founder and chief executive of Indusface.
TCGF II is the second fund being raised by Tata Capital Growth Fund, which plans to make investment into themes of urbanization, discrete manufacturing and strategic services. In 2011, the private equity fund closed its first fund with a corpus of US$ 240 million. The first fund has been completely deployed and has exited five of its portfolio investments, consisting of Home First Finance Co India Ltd and Star Health and Allied Insurance Ltd. The fund typically invests between US$ 10 million and US$ 35 million per transaction.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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