The DPDP Act calls for increased accountability and strict obligations on data fiduciaries to handle data responsibly, securely, and transparently
Skyflow, a data privacy vault company, has announced significant growth in its India operations, supported by a $95 million funding round from top venture capital firms. This expansion is driven by Indian businesses’ efforts to comply with the newly enacted Digital Personal Data Protection (DPDP) law, which imposes hefty fines of up to 250 crores for non-compliance. The new legislation emphasizes the protection of personally identifiable information (PII), prompting Skyflow to enhance its presence in India to support companies in sectors such as BFSI, e-commerce, and healthcare.
Despite advancements in digital infrastructure, data breaches remained a major global concern in 2023. The Data Security Council of India reported over 400 million cyber threats, averaging 761 detections per minute. Technological advances, particularly in AI, have increased risks, with 38 per cent of Indian companies feeling highly vulnerable, leading to higher investments in data protection. Preparing for the DPDP law is now a priority for most Indian companies, which face challenges in discovering and protecting PII due to inconsistent data management practices and widespread PII sprawl.
The DPDP Act calls for increased accountability and strict obligations on data fiduciaries to handle data responsibly, securely, and transparently. It requires organisations to implement robust data protection measures, conduct impact assessments, and notify data breaches, necessitating increased operational diligence. Skyflow’s PII data privacy vault provides privacy and security for customer PII and Aadhaar data, ensuring compliance with the DPDP law. Using Skyflow’s polymorphic encryption and zero-trust approach, organizations can protect customer PII data at all times. Skyflow also addresses governance, safety, and privacy risks associated with Gen AI, facilitating its adoption for enterprises.
Founded in 2019, Skyflow recently secured a $30 million investment round led by Khosla Ventures, highlighting its crucial role in protecting PII data essential for India’s digital economy growth. Dentsu Ventures also joined the round, making a strategic investment to support Skyflow’s expansion across Asia, where countries like Indonesia and Japan are implementing stringent data privacy laws.
“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,” said Anshu Sharma, Co-founder and CEO of Skyflow.
Vinod Khosla, founder of Khosla Ventures, added, “The newly enacted DPDP law in India needs businesses to rethink how data is managed and protected across their applications, clouds and LLMs. Skyflow’s innovative approach to securing PII and Aadhaar data is critical for business compliance and in building trust in India’s fast-growing digital economy.”
Skyflow is rapidly expanding in India and increasing its investment in the local tech sector, fostering job creation and advancing data protection technologies. With a current team of 38 full-time employees in India, Skyflow plans to triple its go-to-market team and 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, including GoodRx, Lenovo, and Nomi Health, and maintains strategic partnerships with industry leaders such as IBM, Plaid, and Snowflake.
