Information risk management solutions and services provider Paladion has raised $10 million (just over Rs 60 crore) in fresh funding from Nadathur Holdings, an investment firm of Infosys co-founder NS Raghavan, and an early backer of the company.
The capital will primarily be used for enhancing the company’s cyber security intelligence platform, building a comprehensive cloud security services platform, and global expansion of multiple Security Operation Centres (SOC).
“The confidence showed by NS Raghavan is a big morale booster. We intend to bring a futuristic security intelligence platform to the market around internet of things (IoT). The information security market is entering an exciting phase and we aim to bring a host of new offerings and value to the market,” said Rajat Mohanty, CEO, Paladion.
Paladion provides a spectrum of information risk management solutions and services comprising security assurance, compliance, governance, monitoring, security analytics and security management services to large and medium sized organisations. Its industry expertise extends over sectors like banking-finance-insurance, IT & consulting, R&D and telecommunications, among others.
With a presence in 12 countries, including India, the US, Malaysia, Thailand, the UK, UAE and Canada, Paladion is actively managing information risks for over 700 customers.
According to the company, it is one of the largest information risk management solutions and services providers in Asia with an annual revenue run rate of $35 million. With this capital infusion, Paladion also plans to consolidate its leadership position in Asian markets and pivot to a global canvas with security intelligence technology and cloud security services.
“Nadathur invested in Paladion at the very beginning, when it was just a startup operating in India. Over the years, it has expanded its offices to 12 countries worldwide and has become a leading player in its field. We like the area of information security, but more importantly, we like Paladion's value systems, technology expertise and conservative approach to capital,” said Raghavan.
“This is Nadathur's third major investment in line with our vision of backing scalable entrepreneurs who could build global enterprises,” he added.
Nadathur Holdings had previously provided seed funding of $500,000 to the company back in 2001.
O3 Capital, a mid-market investment bank in India advised on the latest deal.
Nadathur Group has investments spread across multiple asset classes and investment life cycles. As part of the new group strategy of building businesses, Nadathur has acquired majority stakes in companies like SilverNeedle Hospitality, Insight Engineering and MyndBee.
Last November, Aujas Networks Pvt Ltd, which offers risk management, data protection and identity & access management solutions to enterprises, had raised an undisclosed amount in Series B funding from IDG Ventures India, IvyCap Ventures and Rajasthan Venture Capital Fund (RVCF). As part of the deal, RVCF’s CEO Girish Gupta had joined the board of the company.
(Edited by Joby Puthuparampil Johnson)