NEW DELHI: Early-stage fund Parampara Capital, post its announcement of a tie-up with IDFC Alternatives, the private equity arm of IDFC Group, has announced its first investment in NCRbased cyber security and cyber intelligence startup Data Resolve Technologies. The startup had earlier raised angel funding from a couple of German investors.
The joint venture has invested $1 million in Data Resolve. This is Parampara’s second investment in a security startup after it invested an undisclosed amount in Bengaluru-based startup SecurAX along with Axilor Ventures in January this year. The deal was executed by boutique investment bank Dexter Capital.
As per CEO Dhruv Khanna, the startup will use the funding for scaling up its sales and tech teams, executing its expansion plans across India and the Middle East and for launching innovative products. The company has on-boarded over 100 clients, a mix of companies ranging from startups, small and medium-sized businesses to multinationals.
“We are quite bullish on security and within the vertical, cyber security is a fast-evolving market. India has a very long way to go,” said Jatin Desai, general partner at Parampara Capital.