Cybersecurity startup PingSafe has raised $3.3 million in a seed round led by Sequoia Capital India and Southeast Asia’s (now known as Peak XV Partners) Surge, with participation from angel investors, including Rahul Chari, Neeraj Arora, Saurya Prakash, Vivek Ramachandran, Gaurav Agarwal and Tanglin Ventures.
According to PingSafe, the funds will ramp up global business development efforts in India and the US. With the Indian government bringing new regulations like Digital Personal Data Protection (DPDP) into law, along with the increasing cybersecurity risk faced by clients as they move to cloud, PingSafe is well positioned to serve the Indian cloud security market needs.
Founded by Anand Prakash and Nishant Mittal, PingSafe is a one-stop shop for all cloud security-related organisational needs.
Powered by Offensive Security Engine, PingSafe’s CNAPP platform helps identify the most critical vulnerabilities within a tech stack by imitating attacks from hackers. It helps security teams prioritise and focus only on the issues exploitable by the attackers.
PingSafe claims to have seen traction, growing 10 times in revenue since last year. It has also quadrupled its customer base, replacing existing security industry incumbents while showcasing its ability to retain and increase revenue from existing customers.
The startup already serves customers across multiple geographies and verticals, including notable names like Flipkart, Razorpay, Near Intelligence Inc., Ujjivan Bank, Skyflow, SBI General Insurance, Recko, and others.
This is the second investment by Peak XV since its rebranding in June. Last month, it co-led a $10 million round in spacetech startup Digantara.