A private equity fund managed by Tata Capital Ltd, the financial services arm of Tata Group, has invested $5 million (Rs 38 crore) in Indusface Consulting Pvt. Ltd, an application security-focussed software-as-a-service company.
Tata Capital said in a statement it invested in Mumbai-based Indusface through Tata Capital Growth Fund II. The fund mainly invests in companies across three themes – urbanisation, discrete manufacturing and strategic services.
Indusface, set up in 2004, will use the capital to accelerate its global customer acquisition and product plans.
Indusface founder and chief executive officer Ashish Tandon said the company would also use the investment to leverage Tata Capital’s global reach for its own expansion plans.
As part of the investment, Tata Capital Growth Fund partner Pramod Ahuja will join Indusface’s board of directors.
“We believe that the cybersecurity market will continue to see significant growth as securing digital assets becomes a priority with the increased salience of digital business processes,” Tata Capital Growth Fund managing partner Akhil Awasthi said.
Indusface provides a total application security solution that detects, monitors and takes protective action for applications on a continuous basis. According to its website, some of its customers include IndusInd Bank, Future Group, Edelweiss, Qwikcilver and Avis.
Tata Capital Growth Fund II is the successor to Growth Fund I, and was launched in 2017, according to VCCEdge, the data research arm of Mosaic Digital. Tata Capital says the investment vehicle identifies and invests in companies that are positioned to create or redefine markets.
Some of the investments it has made from the fund include Star Health & Allied Insurance Ltd, Sai Life Sciences and Home First Finance Company.
Tata Capital had started fundraising for Tata Opportunities Fund and Tata Growth Fund in 2018. A few months later, the company also began raising its second healthcare PE fund.
