Mitigata plans expansion across India and Middle East with fresh funding, say co-founders

AI-native cyber resilience firm Mitigata has raised $15 million in a Series B round and plans to use the proceeds to expand across major Indian cities and enter the Middle East, the startup's co-founders said. Founded in 2023, Mitigata currently serves more than 800 organisations across 22 sectors, is nearing ₹40 crore in annual revenue and will prioritise research, product development and scaling operations in Delhi, Mumbai, Chennai and overseas markets including the Middle East, Singapore and wider APAC.

"Most of the funds that we have raised are going towards R&D, building products, and scaling our operations to multiple regions — Delhi, Mumbai, Chennai, as well as the Middle East in the next couple of quarters," said co‑founder and Chief Executive Officer Mohit Anand.

Funding and investor base

The $15 million Series B was led by Bessemer Venture Partners, with participation from existing investors Nexus Venture Partners, Titan Capital and WEH Ventures. Co‑founder and Chief Operating Officer Sarthak Dubey said the fresh capital will largely be channelled into strengthening the company's technology stack and expanding customer-facing teams to support regional rollouts.

• Round size: $15 million (Series B)
• Lead investor: Bessemer Venture Partners
• Participating investors: Nexus Venture Partners, Titan Capital, WEH Ventures
• Customers: 800+ organisations across 22 sectors
• Revenue: close to ₹40 crore

Demand dynamics and sector mix

Mitigata says demand continues to be led by regulated sectors such as banking, financial services and insurance (BFSI) and healthcare, but is seeing growing interest from manufacturing and retail as AI-driven cyber threats prompt enterprises to increase spending on prevention, compliance and risk management. "We are more sector-agnostic. We serve more than 22 sectors across different industries, but the most prominent customers are definitely from BFSI and healthcare," Dubey said. "However, we have been seeing a lot of demand from sectors that we would think would not be impacted by cyberattacks, like manufacturing and retail."

The company expects its revenue mix to remain evenly spread across cybersecurity, insurance and compliance services, reflecting an enterprise shift toward allocating budgets across risk prevention, mitigation and transfer. Dubey highlighted that the nature of threats is changing rapidly with the adoption of artificial intelligence by attackers: "What used to be a two-day job for a threat actor or a one-week job for a threat actor has become a job of just a few minutes."

Operational focus and market approach

Anand emphasised that a large portion of breaches in India are still driven by human factors, noting that "Forty to fifty percent of the attacks are happening because of employees and phishing links. So we need to start from there." The company plans to build on an India‑based operating model that it believes offers advantages in cost‑efficiency and quality as it scales into the Middle East and APAC, markets Anand said share similar priorities.

Mitigata's near-term roadmap includes strengthening presence in Delhi, Mumbai and Chennai before formal market entries in the Middle East and selected APAC geographies. With fresh capital earmarked for R&D and product development, the startup aims to accelerate capability building to counter faster, AI-enabled attack techniques and to broaden its sector footprint beyond regulated industries.