CIO Angel Network (CAN) has successfully made its first exit from Bangalore-based InstaSafe, for an undisclosed amount within 18 months of its investment, reported ET. BSE listed company ABM Knowledgeware has made an undisclosed investment in the company after buying secondary stake from CAN.
In August 2015, the startup had raised funding led by Vishal Khare and Alok Agarwal on behalf of Indian Angel Network (IAN) with co-investment form CIO Angel Network.
Started in 2012 by Sandip Kumar Panda, Biju George & Prashanth Guruswamy, InstaSafe is a cloud-based security solutions provider that helps mobile and remote workers securely access enterprise apps, email and web on a SaaS model. Unlike appliance-based solutions, InstaSafe offers a hardware free, zero configuration, self-service style, fully redundant Security-as-Service which could be deployed in minutes as well as provide comprehensive reporting.
The strategic stake of ABM in Instasafe will add a bouquet of technology products of Instasafe to an already strong array of services in the offering portfolio of ABM. InstaSafe will use primary funds to improve its product offering technology and expand into international markets while enhancing its marketing and sales teams.
Speaking on the development, Sanjay Mehta, a serial entrepreneur and an investor in Instasafe said, ““In the current environment of selective funding, especially in B2B space, InstaSafe stands out as one of the few startups successfully raising funds and providing exit to its early-stage angel investors.”
NASSCOM, Data Security Council of India (DSCI), expects digital and cyber security services, solutions and product market to grow in next 10 years from the current market size of $4 Bn to $35 Bn by 2025.
Bharat Banka, founder of FideliMent Ventures and sole Transaction Adviser to ABM and Instasafe said “It is a privilege for me to bring together this unique strategic partnership where two excellent teams with strong leadership and innovation capabilities will join forces to offer blended IT product and services in high-growth verticals of e-governance and cyber-security, both mission-critical for next phase of India’s growth.”