Protectt.ai: Safeguarding Digital Assets with Deeptech Against Cyber Threats
Mumbai-based Protectt.ai addresses the surge in mobile cyber threats, particularly in the financial sector, with its innovative Run Time Application Self-Protection (RASP) solution.
The startup, founded by Manish Mimani and Mohanraj Selvaraj, aims to provide comprehensive security solutions for mobile applications, devices, and transactions.
Founder:
Manish Mimani, an MBA graduate from the Indian Institute of Information Technology and Management, launched Protectt.ai in 2020. With a background in information technology and experience in companies like Aviva India, ICICI Prudential, and Reliance Nippon Life Insurance, Manish identified the growing cyber threats in the mobile application space.
Startup’s Focus:
Protectt.ai specializes in mobile threat defence (MTD) for businesses. In response to the increasing cyber attacks against financial institutions, the startup offers solutions that seamlessly integrate with mobile apps, providing cost-effective and scalable alternatives to traditional cybersecurity frameworks.
Offerings:
Protectt.ai provides a range of defence solutions, including AppProtectt, AppProtectt Lite, AppBind, MProtectt, and RealTime Protectt. These solutions utilize advanced algorithms, data analysis, and behavioural analytics to identify and respond to real-time security risks. Notably, the startup employs RASP technology to detect and mitigate mobile threats effectively.
Revenue Model:
The startup operates on a freemium model, charging clients an annual subscription fee based on the number of users or app downloads. With a pay-as-you-go system, Protectt.ai eliminates upfront licensing costs, making advanced mobile security solutions accessible and cost-effective for organizations of all sizes.
Customer Base:
Protectt.ai’s clientele includes around 60 apps in sectors such as banking, insurance, NBFCs, fintech, and stock exchanges. Some notable clients are Bombay Stock Exchange (BSE), RBL Bank, Yes Bank, Fincare, IIFL Securities, and 5Paisa. The startup’s solutions ensure compliance with RBI Digital Payment Security Control Guidelines for mobile banking apps.
Financial Performance:
Protectt.ai demonstrated a remarkable 500% growth in revenue in FY23 and anticipates another 500% growth in FY24. Despite competition from international players like Zimperium and LookOut, the startup’s unique approach and flexible business model have contributed to its strong market presence.
Conclusion: Protectt.ai’s focus on addressing the vulnerabilities in mobile applications, especially in the finance sector, reflects the need for innovative solutions to combat evolving cyber threats. The startup’s RASP technology and comprehensive defence solutions position it as a significant player in the deeptech cybersecurity space.