Bangalore-based cyber security startup PingSafe announced on Thursday that it has successfully raised $3.3 million in its seed funding round led by Peak XV Partners (formerly known as Sequoia India).

The seed round saw participation from Tanglin Ventures and other angel investors, including PhonePe co-founder and CTO Rahul Chari, SquareX founder Vivek Ramachandran, Tata 1mg co-founder and CTO Gaurav Agarwal, Edu91 co-founder Neeraj Arora and Saurya Prakash. 

The funding signals the growing demand for cloud-native cybersecurity products. Reports suggest that the market for the same is estimated to grow by $30 billion by 2030.

Founded and headed by ethical hackers CEO Anand Prakash and CTO Nishant Mittal, the startup markets itself as a one-stop shop for all products in the cloud security-related segment.

The funds raised will be used for product innovation and to expand business development efforts in South-East Asian countries and the US. The startup currently employs around 60 employees. 

Razorpay, Flipkart, Near Intelligence Inc., Skyflow, Ujjivan Bank, PolicyBazaar, SBI General Insurance, Tata 1mg and Recko are among the top customers that the startup serves across multiple geographies and verticals.