Description
Problem
The Indian cyber insurance sector, despite its burgeoning growth, is encountering systemic challenges, particularly in harmonising insurance premiums with the corresponding coverage scope. This mismatch, acutely observable in the consumer segment, points towards a market inefficiency that necessitates more bespoke cyber insurance solutions.
Solution
Mitigata Insurance provides a comprehensive suite of services, including employee and corporate cyber insurance, to secure all aspects of your digital presence. Their comprehensive solutions blend risk assessment and active monitoring which helps in bridging the gap in accurate evaluation of risk and thus leading to more rationalised premiums. Simultaneously, their robust cybersecurity offerings like Network Security, VAPT, EDR, and Risk Management services provide a 360-degree protective shield against cyber threats, making them a reliable partner in the digital world.
Market Opportunity
According to a Deloitte market report, India’s cyber insurance market is currently valued at $50-60 Mn, poised to grow at a staggering compound annual growth rate (CAGR) of 27-30% in the next 3-5 years. Globally, the size of the cyber insurance market was over $12 Bn in 2022. Over the next seven years, the market will grow at a CAGR of ~26% to over $63 Bn in 2029.
Following are a few highlights of Mitigata:
- They have already developed strong partnerships with insurers like HDFC Ergo and ICICI Lombard
- They have launched the product in the market from September 2023 and have already generated a revenue of INR 7 lakh in the last 60 days
- They are already working actively with 8+ clients
About the Founders
- Mohit Anand – CEO & Co-founder – IIT BHU 2017 – 6 years of experience in building Technology products
- Sarthak Dube – COO & Co-founder – MIT Manipal 2018 -5 years of experience in building Technology products
- Mayank Morya – CTO & Co-founder – IIT BHU 2017 – 7 years of experience in building Technology products
Details of the round
They are raising INR 5 Cr, out of which INR 4 Cr has been committed by Titan Capital and WEH Ventures, and an allocation of INR 1 Cr is available to Lead Angels Investors on a first come first served basis. Their pre-money Floor is INR 35 Cr and their Cap is INR 50 Cr.
The investment in Mitigata is open through our SEBI-
