WhizHack, a Gurugram-based cybersecurity startup, has raised pre-Series A funding of $3 million (around Rs 24.4 crore) from its existing investors Vedswasti Holdings and SAA Capital, which valued the company at $40 million.

As per the startup, the raised funds will be used for product development, geographical expansion and building a centre of excellence in IIT Jodhpur and National Power Training Institute. 

WhizHack | Vertically Integrated Cyber Security Organisation

Founded by Kallol Sil, Kaushik Ray and Sanjay Sengupta in 2020, WhizHack builds security product IPs and provides global security services and security training for enterprises and students. 

Its product portfolio is creating a secure digital cyberspace, ranging from surveillance tools, predicting impending advanced attacks and also remediation engines post attacks. 

Speaking about the development, Kaushik Ray, Co-founder of WhizHack, said, 

“Following growth in both research and development as well as getting customers that include Defence, Energy Sector and Universities, we are excited to emerge from stealth.”

The Gurugram-based cybersecurity startup claims to have grown in enterprise and consumer segments by over 200% and maximized shareholder value by over 20 times in less than two years. Built for massive scale and efficiency, its products and services are used by leading defence, power and education institutions in India.

A report by NASSCOM -DSCI highlighted that the Indian cybersecurity services industry is expected to grow at a CAGR of about 21% to touch $13.6 billion by 2025. 

Last year, numerous cybersecurity startups, including SafeHouse Tech, Securden, SubCom (Subconscious Compute) and BluSapphire Cyber Systems, raised funds.

Additionally, cybersecurity startup Traceable AI raised $60 million as a part of its Series B funding. The round was led by Institutional Venture Partners (IVP), with participation from Tiger Global Management and existing investors Unusual Ventures and BIG Labs.  

In 2021, the cybersecurity services and product industry in India generated a revenue of USD 9.85 billion, according to a report by the Data Security Council of India (DSCI). 

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