Cybersecurity specialist Network Intelligence (NII) has raised Rs 33 crore (around $4.8 million) in fresh capital from private equity firm Helix Investments.
According to a joint statement, Mumbai-based NII has been valued at 155 crore ($22.8 million).
The company, which is registered in the US as Network Intelligence LLC, said it will use the money for product development and expanding operations outside India, particularly in the Persian Gulf region.
Founded in 2001 by Kanwal K Mookhey, Network Intelligence said it has grown rapidly over the past few years and is looking to sustain a compound annual growth rate (CAGR) of 40-50% in the near future.
“The cybersecurity market is booming, and we want to continue to be well-positioned to meet the demand,” said Mookhey, chief executive of Network Intelligence. “Helix Investments is committed to supporting our opportunity in cybersecurity services, while at the same time investing in security product development.”
The company offers a full range of assessment, advisory, remediation, training, and managed services to clients across the globe.
It has 450 employees across offices located in India and the Middle East and had recently set up operations in the US and Singapore.
NII has operations centres in Mumbai and Dubai, which offer managed security services to clients globally. It also has partnerships with tech firms such as IBM, HPE, Microsoft and others.
The company has developed products in the security automation and analytics space and has recently begun signing up customers to these platforms, Mookhey said.
“The products we have developed tie in well with our strategy of enhancing service efficiency for our customers while helping to keep security costs under control," he added.
Spice Route Legal acted as an adviser to Helix Investments for the transaction while Phoenix Legal assisted NII.
Helix Investments is an India-focussed PE fund with an investment budget of around $20 million annually in India. It typically invests around $5-15 million in a company at one go.
“We have been following the cybersecurity market for some time, and when we spoke to NII’s clients, we heard tremendous enthusiasm for its work,” said David Danziger, director of Helix Investments.
The PE fund is backed by US-based Culbro LLC, the private investment vehicle of the Cullman and Bloomingdale families. Unlike most PE funds, Helix’s investments have no expiration date. It provides growth capital and strategic support to medium and small size companies. Its previous India investments include Mahesh Tutorials and LearningMate.
Helix has also backed Netscribes India Pvt. Ltd, which offers research and analytics solutions.