New Delhi-based leading customer identity and access management (cIAM) provider LoginRadius has raised ₹117 crores ($17 million) in series A funding led by ForgePoint Capital and Microsoft’s venture fund, M12. Both ForgePoint Capital and M12 will also be joining the board of directors for LoginRadius.
Other existing major investors that participated in this round included Real Ventures, BDC Capital, and Yaletown Venture Partners.
The freshly infused funds will be used to accelerate product innovation, customer acquisition, and global expansion.
LoginRadius was founded by Rakesh Soni and Deepak Gupta in 2015. LoginRadius’ cloud-hosted service provides the platform to securely manage and transact with billions of customer identities while keeping privacy and compliance regulations (such as GDPR) in mind.
Leveraging over 200 pre-built integrations, turnkey configuration and cIAM-focused data security and access management functionality, LoginRadius enables businesses to deliver a unified customer registration, login, and self-service experience in months.
The company has experienced a triple-digit annual growth for the past two years. It has also grown to support global offices in Vancouver, London, San Francisco, Sydney, and Jaipur, with plans to more than double its workforce in the next one year.
Rakesh Soni, Chief Executive Officer and Co-founder, LoginRadius, said,“With increasing customer experience expectations and growing cybersecurity threats, enterprises need a modern cloud-based identity platform that can be the foundation for digital transformation and provide peace of mind when it comes to security. This funding is a testament of LoginRadius’ ability to deliver on this promise to our customers and sets the foundation for our future growth.”
LoginRadius’ platform is being used by over 3,000 businesses around the globe, along with over 1,50,000 websites using its cIAM solutions. Businesses using its platform include brands like Weather Network, Vogue, Canadian Broadcasting Corp (CBC), Viacom, Avatar, and Kind Snacks.
It is serving over 700 million identities and handling 7.5 billion API calls in a month. The platform has been deployed on new and legacy applications across multiple channels including web, mobile, IoT, POS and kiosks.
Other significant players in this domain include IBM and ILANTUS, among others.