With nearly 700 million smartphones in use in India, the need to protect them from cyber threats has spawned a number of cybersecurity startups operating in consumer and enterprise segments. To cater to this market, Protectt.ai Labs, a Gurugram-based startup, with its plug-and-play software solutions. “India has more than 200,000 mobile apps developed by Indian companies on Google Play Store. Whenever a company develops a mobile app, they provide security themselves. So we developed a plug-and-play security component that can be integrated into mobile apps and which, by default, provides comprehensive security,” says Manish Mimani, Founder and CEO of Protectt.ai Labs.
On the business side, the startup is currently focusing on the financial sector which mainly deals with highly sensitive data. “India is home to a large number of growing fintech applications. Banking, insurance and stock exchanges are some of the fintech business areas where we are finding huge opportunities,” says Mimani. While the solutions are available for download from the Google Play Store for individual users who can then subscribe to the services after a free trial, the startup is working with its enterprise customers to integrate them into their system and then charge them per user.” Currently, the enterprise segment makes up the bulk of our business with millions of devices under protection. In addition to securing their business, there is a strong demand for a wide range of analytics services,” says Mimani.
Also read: Blaupunkt Google QLED TV (55 inches): a good choice in the mid-range segment
According to him, the demand for analytics is growing every day as companies want to go beyond just identifying threats. With many data points available, enterprises want to use them to understand threat patterns over time while leveraging AI to understand the behavior of devices in their network and to predict how their network security may be altered in the future. “Much of our R&D work includes developing and modifying security and analyzing its impact on various mobile applications, operating systems and devices that our customers may use,” says Mimani.
Over the past two years, as the demand for cybersecurity has increased dramatically due to the digital push induced by the Covid-19 pandemic, the startup has experienced strong growth and continues to ride this wave. “Our first quarter revenue this year is higher than the full fiscal year revenue of last year. We are going to break even this fiscal year,” says Mimani.
Growth since the pandemic has also removed one of the main hurdles the startup faced, which was raising awareness and educating potential customers while creating new kinds of challenges, in terms of evolving threats and extensive engineering needed to defend against them. “As a nation, we have a lot to improve in product engineering and even more in the area of cybersecurity. We are actively working on it,” says Mimani.