India's cyber insurance market is experiencing explosive growth, with the sector valued at approximately ₹850 crore in 2024 and expected to grow at a compound annual rate of about 25% between 2025 and 2030. According to Tata AIG, the insurer has set itself a target of capturing 25% of the cyber insurance market over the next five years. The competitive landscape has intensified significantly, with major insurers including ICICI Lombard, HDFC ERGO, Bajaj Allianz, and Tata AIG already building dedicated cyber insurance offerings. The latest entrant is Liberty General Insurance, which has launched Liberty Cyber Resolution, a cyber insurance solution that combines insurance coverage, incident response services, and cyber-risk engineering support.
Indian cybersecurity startup Mitigata has successfully raised $15 million (around ₹141 crore) in a Series B funding round led by Bessemer Venture Partners. The round included participation from existing investors Nexus Venture Partners, Titan Capital, and WEH Ventures. According to reports from Business Standard, the company plans to utilize these funds to expand its AI and engineering teams, scale its security operations centre, and accelerate international expansion. The Bengaluru-based startup, founded in 2023 by Mohit Anand, Sarthak Dubey, Mayank Morya, and Akshit Kaushik, operates as a full-stack cyber resilience platform that helps businesses manage both cybersecurity threats and the financial risks associated with cyber incidents.
The company has announced ambitious expansion plans for its workforce, with cofounders Mohit Anand and Sarthak Dubey revealing they will add another 100 employees in the coming year across different domains. As reported by Business Standard, these funds are specifically allocated to expand the team, with the security operation centres in Bengaluru and Delhi now being enabled by an AI stack that will be able to analyse 10x alerts with the same number of analysts. The startup currently employs approximately 130 people across its Bengaluru headquarters and offices in Delhi and Mumbai, serving a diverse client base that includes Zepto, Zoho, and Motilal Oswal.
The company's technology stack includes Gordon AI, a security co-pilot designed for automated threat detection and incident response; RELIQ, a proprietary cyber risk assessment engine; Dranta, a privacy governance and consent management platform; and Scan by Mitigata, a consumer-focused solution that helps users monitor data exposure risks. Founded in 2023, Mitigata has demonstrated remarkable growth, expanding more than 12-fold over the past year and now serving more than 800 organisations across various sectors including banking, financial services and insurance (BFSI), healthcare, manufacturing, automotive, and ecommerce. The startup's AI-powered security operations centre has reportedly triaged more than 10 lakh security incidents during the same period, with the company claiming to be India's first Insurance Regulatory and Development Authority of India (IRDAI)-regulated insurance broker focused exclusively on cyber insurance.
According to Pankaj Mitra, partner at Bessemer Venture Partners, the accelerating number of AI-driven malicious attacks, combined with a severe shortage of cybersecurity talent, has created a perfect storm for Indian enterprises. As reported by Business Standard, Mitigata CEO Mohit Anand emphasized that cybersecurity is rapidly evolving into an AI-first industry where resilience will become a critical capability for modern enterprises. "Cybersecurity is entering an AI-first era, and resilience will become one of the defining capabilities of the modern enterprise. As AI becomes increasingly embedded into economies and critical infrastructure, security stops being just an IT problem. It becomes a question of trust, continuity and, increasingly, national security," Anand said. The investment comes at a time when the role of artificial intelligence in cybersecurity is under intense scrutiny, with discussions around AI-powered security tools intensifying following concerns related to Anthropic's Claude Mythos model.
According to Mitigata, nearly 95% of its current business comes from India, with the company planning to begin its international expansion with markets in the Middle East, North Africa and Southeast Asia, while also exploring opportunities in the US. The startup previously raised $5.9 million in a Series A funding round led by Nexus Venture Partners in August last year. The company's platform includes integration with security platforms such as Palo Alto Networks, CrowdStrike and SentinelOne, while offering cyber insurance services to enterprises. What sets Mitigata apart from typical cybersecurity vendors is its insurance layer - the company describes itself as an IRDAI regulated cyber insurance broker - meaning it doesn't just help companies defend against attacks but also helps them get compensated when attacks still get through. With the new capital, Mitigata plans to hire AI researchers, cybersecurity professionals and domain experts across industries such as banking and healthcare, while also expanding the capacity of its Security Operations Centres in Bengaluru and Delhi.
