Tata Capital Private Equity-led Tata Capital Growth Fund II (TCGF II), Thursday said it has invested $5 million in software-as-a-service (SaaS) startup Indusface to help the firm accelerate its global customer acquisition and product innovation plans.
The California-based startup, which also has offices across four locations in India, provides application security to over 2,000 active customers globally. The firm uses a cloud-based security platform built using its 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 Akhil Awasthi, managing partner at Tata Capital Growth Fund.
After the transaction, Pramod Ahuja, partner at Tata Capital Growth Fund would join the board of Indusface.
“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 Ashish Tandon, Founder and chief executive of Indusface.
TCGF II is the second fund being raised by Tata Capital Growth Fund, which invests into themes of urbanization, discrete manufacturing and strategic services. The private equity fund closed its first fund in 2011 with a corpus of $240 million. The first fund has been completely deployed and has exited five of its portfolio investments, including Home First Finance Co India Ltd and Star Health and Allied Insurance Ltd. The fund typically invests between $10 million and $35 million per transaction.
Source: Mint