SaaS Firm Nirmata Bags $9.6 Mn Funding Led By Peak XV’s Surge

Nirmata, a cloud-native policy and governance solutions provider, has raised $9.6 million in a funding round led by Peak XV’s Surge.

Dallas Venture Capital, Dreamit, Z5 Capital and Uncorrelated Ventures also participated in this round.

The company will use the new funds to expand in India, improve its go-to-market strategy, and speed up product development for security, governance, and compliance across applications and IT infrastructure.

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Jim Bugwadia, co-founder and chief executive officer of Nirmata, said, “Nirmata is well positioned to address the growing need for robust security and governance in the rapidly evolving cloud-native ecosystem. This funding highlights the strong market demand for our solutions and empowers us to scale our operations, helping more organisations strengthen the security and efficiency of their cloud-native environments.”

“The security of our software is at a pivotal moment, as the increasing complexity of cloud-native environments is overwhelming security and platform teams, leading to burnout and stifled innovation. By automating security in delivery pipelines, organisations can maintain governance at speeds that prevent breaches before they even happen,"said Saqib Syed, a Nirmata board member."

In August 2021, Nirmata raised $4 million in funding round led by Z5 Capital, with participation from Uncorrelated Ventures, Samsung Next, Benhamou Global Ventures, and angel investors.

About Nirmata 

Founded in 2013 by Jim Bugwadia, Ritesh Patel, and Damien Toledo, Nirmata provides Kubernetes policy and governance solutions. Its main product, Kyverno, is an open-source tool that helps manage and automate Kubernetes settings, ensuring security and compliance for cloud applications.

Kubernetes is an open-source system that helps businesses run applications across multiple servers automatically.

Nirmata has a 35-40 member team worldwide, with nearly half in India. The company plans to double its workforce to 80, expanding in sales, marketing, and customer support.

Nirmata says its Kyverno tool has been downloaded over 3.2 billion times as more businesses move to cloud-based technologies.

In India, its customers include fintech firm Razorpay and gaming startup Games24x7.

The company plans to grow to 60-100 global customers in the next 12-18 months and aims for $10-15 million in revenue.

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