With the evolution of internet and its based services, cyber security has been an issue majorly all internet companies are dealing with. It’s like the economy, as it grows it does have increase of robbers too. As per the stats, the size of Indian cyber security market is USD 1.2 Bn and it is expected to grow at 30% CAGR.
However, there has always been lack of good talent pool in the country when it comes to cyber security professional and information security providers. In order to bridge this gap, New Delhi based Saket Modi and Vidit Baxi has launched Lucideus Tech, a web application security and ethical hacking training company.
Founded in 2012, the startup aims at providing corporates with the right security standards and build in internal capacity through regular training, to combat the current threats in the cyber space. This would further help them to build a secure system and compete with global players.
The company’s revenue model is based on two verticals. One is corporate consultancy for information and cyber security, wherein it provides customized security solutions to the organizations, in order to save their websites from external intrusions. The clients include major brands in eCommerce, travel, corporate banks, ministries, etc.
Secondly, it offers the training and development programs for students which are conducted round the year in different sessions. The team provides 1 month, 2 month, 6 months internship/ training programs along with one year diploma programs, mainly for students from computer science or IT background. They also conduct 3 day workshops in topmost engineering colleges of the country such as IIT’s to give students an exposure to world of ethical hacking, thereby luring them towards adopting it as a career option.
All training sessions are conducted offline and as per Saket the company is not looking forward to go for an online version in future.
The team has also developed two non-commercial tools, Luci-Droid and Lucideus Wall-E for their own internal usage & requirements. As per Saket, these tools can do a lot of damage if not utilized sensibly and hence company is not looking forward to commercialize them anytime soon.
The start-up is self-funded and as per the founders, is not looking for any outside funding. As per Saket, till date, the company’s strong word of mouth has been the key driver to its market growth. “Our core competency is our technical capabilities, which are at par with the best global security providers”, he added.
Since its inception, the company has grown approx.100 times till the end of the financial year 2012-13. The founders now plan for international expansion by the end of 2014.
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