Mitigata, a Hyderabad-based startup focused on rapidly building cyber resilience has raised $5.9 million in a Series A funding round. Nexus Venture Partners led the round, with continued participation from existing investors Titan Capital and WEH Ventures.
This new funding will help Mitigata to accelerate its product development, hiring, and growth in Indian and international markets.
AI-Driven Cyber Resilience at the Core
Founded in 2021, Mitigata has built a full-stack cyber resilience platform that integrates cybersecurity, real-time risk management, regulatory compliance, and cyber insurance into a unified, AI-powered solution.
Unlike traditional players that treat these components separately, Mitigata’s platform offers an all-in-one approach. The solution includes features such as:
- Advanced threat detection and monitoring
- Dark web and phishing surveillance
- Attack surface management
- Automated governance, risk, and compliance (GRC)
- Embedded cyber insurance based on dynamic AI risk scoring
The company’s proprietary risk engine called RELIQ quantifies a business’s cyber risk posture in real time. The live scoring model not only drives mitigation efforts but also informs underwriting decisions and insurance policy pricing. Insurance coverage dynamically adjusts in real time to reflect a client’s overall exposure a development that uniquely positions Mitigata in the Indian cybersecurity landscape.
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India’s First IRDAI-Regulated Cyber Insurance Broker
Mitigata also holds the distinction of being India’s first IRDAI-licensed insurance broker solely focused on cyber risk. It has partnered with major insurance companies such as HDFC ERGO, ICICI Lombard, Tata AIG, Bajaj Allianz, and New India Assurance to provide customised cyber insurance policies.
The firm currently serves over 500 enterprises across 25+ industry sectors, including financial services, healthcare, manufacturing, e-commerce, and logistics.
Security Operations Centers and Talent Expansion
As part of its growth strategy, Mitigata is going to open three new global Security Operations Centers (SOCs) in Bengaluru, Mumbai, and Delhi. The SOCs will offer around-the-clock threat monitoring, incident response, and managed security for enterprise customers all around the world.
While Mitigata’s global SOC capacity building is underway, the startup is also hiring across its cybersecurity, insurance, and compliance teams, with staff numbers expected to more than double in the next 12-18 months.
Leadership Backed by Industry Experience
Mitigata was founded by a team of four entrepreneurs: Mohit Anand (CEO), Sarthak Dubey (COO), Mayank Morya (CTO), and Akshit Kaushik (CBO). The founding team brings experience from leading Indian technology and logistics companies including Meesho, Delhivery, Lenskart, CGI, and Khosla Labs.
According to Mohit Anand, most Indian businesses still treat cybersecurity and cyber insurance as separate and reactive functions. He stated that Mitigata’s integrated approach “reimagines cyber resilience” by offering a bundled platform that’s deeply tailored for Indian enterprises combining protection, response, and insurance into a seamless experience.
Investor Confidence and Market Momentum
Nexus Venture Partners’ participation in this round reflects strong investor confidence in the cyber resilience model. Anand Datta, Partner at Nexus, said that the future of cybersecurity lies in a unified lifecycle approach one that not only prevents threats but also offers financial protection through intelligent, AI-based insurance.
Notably, Nexus Venture Partners is also reportedly in the process of raising $700 million for its eighth fund, an amount equal to what it raised in its previous fund which closed in March 2023. The firm has previously backed major startups such as Delhivery, Postman, Unacademy, Zepto, and Druva.
Rising Cyber Threats Make Resilience Critical
The funding comes at a time when cyber threats in India are at an all-time high. According to industry estimates, India witnessed over 500 million cyberattack attempts in just the first quarter of 2024 a 46 percent rise from the same period the previous year.
The evolving threat landscape, in combination with heightened regulatory attention regarding data protection and compliance, now makes cyber resilience a board agenda item. Sectors like fintech, healthtech, and critical infrastructure have more pressure than ever to bolster their cyber defenses.
Mitigata’s end-to-end model which provides threat mitigation and also financial safety nets addresses this gap at a technology and business level.
Future Outlook
With this Series A funding, Mitigata intends to aggressively scale its operations in India, while also entering Southeast Asian and Middle Eastern markets. Mitigata will continue to evolve its AI risk engine, strengthen relationships with insurers, and pay particular attention to regulated sectors where cyber threats come with high legal and operational risk.
By re-evaluating how organizations assess, manage, and insure cyber risk, the intention of Mitigata is to differentiate and, elevate, their offering from a vendor to a partner in the hostile digital ecosystem.
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