Cybersecurity startup PingSafe Raises $3.3 Million in Seed Funding led by Peak XV Partners
Bengaluru-based cybersecurity startup, PingSafe, has successfully raised $3.3 million in seed funding in a round led by Peak XV Partners (formerly Sequoia India), indicating the increasing demand for cloud-specific cybersecurity solutions. The market for cloud-native application protection platforms (CNAPP) is projected to reach $30 billion by 2030, according to industry reports.
This marks the second funding announcement for Peak XV Partners following their recent rebranding from Sequoia India. In June. Angel investors, including Rahul Chari, co-founder and CTO of PhonePe, Gaurav Agarwal, co-founder and CTO of Tata 1mg, Vivek Ramachandran, founder of SquareX, and others, also participated in the funding round.
PingSafe, founded and led by ethical hackers Anand Prakash (co-founder and CEO) and Nishant Mittal (co-founder and CTO), specializes in producing cloud security solutions. The startup plans to utilize the seed funding to focus on product innovation and expand its presence in North America. Currently, PingSafe employs around 60 professionals. The company boasts an impressive customer list, including well-known names such as Flipkart, Razorpay, Near Intelligence Inc., PolicyBazaar, Ujjivan Bank, SBI General, and Tata 1mg.
Rahul Chari of PhonePe expressed confidence in PingSafe’s capabilities, stating, “As organizations grow and scale applications in the cloud, holistic cloud security management is critical to ensure resilience against threats and breaches. PingSafe’s team is highly motivated and has the right market experience to make PingSafe a leader in this space.”
Saurabh Tiwari, CTO at PolicyBazaar, praised PingSafe’s comprehensive CNAPP platform, mentioning its unique features like secret scanning and dynamic cloud misconfiguration checks that helped overcome initial security challenges.
Anand Prakash, co-founder and CEO of PingSafe, said,”We will be using this seed funding on product innovation. It also be used for our expansion plans in North America.” The startup currently has a workforce of around 60 employees.
This marks the second funding announcement for Peak XV Partners following their recent rebranding from Sequoia India. In June. Angel investors, including Rahul Chari, co-founder and CTO of PhonePe, Gaurav Agarwal, co-founder and CTO of Tata 1mg, Vivek Ramachandran, founder of SquareX, and others, also participated in the funding round.
PingSafe, founded and led by ethical hackers Anand Prakash (co-founder and CEO) and Nishant Mittal (co-founder and CTO), specializes in producing cloud security solutions. The startup plans to utilize the seed funding to focus on product innovation and expand its presence in North America. Currently, PingSafe employs around 60 professionals. The company boasts an impressive customer list, including well-known names such as Flipkart, Razorpay, Near Intelligence Inc., PolicyBazaar, Ujjivan Bank, SBI General, and Tata 1mg.
Rahul Chari of PhonePe expressed confidence in PingSafe’s capabilities, stating, “As organizations grow and scale applications in the cloud, holistic cloud security management is critical to ensure resilience against threats and breaches. PingSafe’s team is highly motivated and has the right market experience to make PingSafe a leader in this space.”
Saurabh Tiwari, CTO at PolicyBazaar, praised PingSafe’s comprehensive CNAPP platform, mentioning its unique features like secret scanning and dynamic cloud misconfiguration checks that helped overcome initial security challenges.
Anand Prakash, co-founder and CEO of PingSafe, said,”We will be using this seed funding on product innovation. It also be used for our expansion plans in North America.” The startup currently has a workforce of around 60 employees.
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