Skyflow, the data privacy vault company, announces significant growth in its India operation, backed by a consolidated $95 million funding from top venture capital firms. This expansion is driven by Indian businesses’ proactive efforts to comply with the recently enacted Digital Personal Data Protection (DPDP) law that has massive fines of 250 crores for non-compliance. The new legislation, which emphasises the protection of personally identifiable information (PII), has led to a successful expansion of Skyflow’s presence in India to meet the critical needs of companies in the B2C space such as BFSI, e-commerce, healthcare, etc. in India.
In 2023, despite advancements in digital infrastructure, data breaches remained a major global concern. The Data Security Council of India’s report disclosed over 400 million cyber threats, averaging 761 detections per minute. Technological advances, especially in AI, posed significant risks, with 38% of Indian companies feeling highly vulnerable, prompting increased investments in protecting the customer’s sensitive data.
Readiness towards upcoming DPDP law is now a boardroom priority for most Indian companies, as they grapple with the challenge of discovering and protecting PII data due to historical inconsistent data management practices and widespread PII sprawl. The DPDP Act is set to impact both individuals and organizations significantly. It calls for increased accountability for organizations and imposes strict obligations on data fiduciaries to handle data responsibly, securely, and transparently. It also requires organizations to implement robust data protection measures, conduct impact assessments, and notify data breaches, leading to increased operational diligence.
Skyflow’s PII data privacy vault provides unmatched privacy and security for customer PII and Aadhaar data, solving for compliance with the DPDP law. With Skyflow’s polymorphic encryption and zero-trust approach, organizations can ensure the protection of all of its customer PII data at all times. Skyflow also helps organizations solve Gen AI related governance, safety and privacy risks, thereby unblocking GenAI adoption for enterprises.
Founded in 2019, Khosla Ventures recently led a $30 million investment round, underscoring Skyflow’s pivotal role in protecting PII data, crucial for driving India’s digital economy growth. Additionally, Dentsu Ventures has joined the round and made a strategic investment to support Skyflow’s expansion across Asia, where countries such as Indonesia and Japan are implementing rigorous data privacy laws.
According to Anshu Sharma, Co-founder and CEO of Skyflow, “Protecting PII and Aadhaar is crucial. The recent enactment of the DPDP law has set stringent standards for data protection, making compliance essential for companies to avoid severe legal and financial penalties of up to INR 250 crores ($30M) per violation. We at Skyflow address these challenges by empowering businesses to not only comply with these rigorous data protection standards but also to exceed them. We are thrilled by the rapid adoption of our Data Privacy Vault technology in India, with demand tripling in the past year and projected revenue growth of fourfold in the coming fiscal year. Skyflow is dedicated to meeting today’s data protection needs and paving the way for a secure, innovative future.”
“The newly enacted DPDP law in India needs businesses to rethink how data is managed and protected across their applications, clouds and LLMs,” said Vinod Khosla, founder of Khosla Ventures. “Skyflow’s innovative approach to securing PII and Aadhaar data are critical for business compliance and in building trust in India’s fast growing digital economy.”
Skyflow is rapidly expanding in India and intensifying its investment in the local tech sector, fostering job creation and advancing state-of-the-art data protection & privacy-enhancing technologies. With a current team of 38 full-time employees (FTEs) in India, Skyflow plans to triple its go-to-market (GTM) team and aims to double its workforce by year-end. This expansion aims to enhance support for Indian businesses as they navigate the complexities of the DPDP law.
Skyflow serves a global clientele that includes major names like GoodRx, Lenovo, and Nomi Health, alongside strategic partnerships with industry leaders such as IBM, Plaid and Snowflake.