A seed round led by Sequoia Capital India and Southeast Asia’s (now known as Peak XV Partners) Surge raised $3.3 million for the cybersecurity startup PingSafe, with participation from angel investors Rahul Chari, Neeraj Arora, Saurya Prakash, Vivek Ramachandran, Gaurav Agarwal, and Tanglin Ventures.
PingSafe claims that the money will be used to intensify international business development initiatives in the US and India. PingSafe is well positioned to meet the needs of the Indian cloud security market given the introduction of new laws like the Digital Personal Data Protection (DPDP) regulation and the growing cybersecurity risk that clients face as they move to the cloud.
PingSafe, which was founded by Anand Prakash and Nishant Mittal, serves as a one-stop shop for all organizational requirements relating to cloud security.
By simulating hacker attacks, PingSafe’s CNAPP platform, which is powered by Offensive Security Engine, aids in locating the most important tech stack vulnerabilities. It enables security teams to prioritize and concentrate only on the problems that attackers can exploit.
PingSafe claims to have gained traction, as evidenced by a tenfold increase in revenue since the previous year. Along with dislodging incumbents in the security sector, it has quadrupled its customer base, demonstrating its capacity to keep and grow revenue from current clients.
The business already caters to clients from various regions and industry sectors, including well-known companies like Flipkart, Razorpay, Near Intelligence Inc., Ujjivan Bank, Skyflow, SBI General Insurance, Recko, and others.
Since changing its name in June, Peak XV has made a second investment. It helped spacetech startup Digantara raise $10 million last month.
