How GPS tech firm Vehere changed directions to fight cyber crime
In 2006, Naveen Jaiswal (36) and brother Praveen (35) set up Vehere Interactive in Kolkata to work on GPS and GIS technology. But, an opportunity from a law enforcement agency changed the course of their journey.
“Vehere’s solutions help law enforcement and national security agencies neutralise crime and terror,” the company website claims.
“We are the only Indian company that offers end-to-end solutions in communications intelligence,” Praveen claims in an interview to BusinessLine. Vehere’s competitors are mostly from the developed world, especially from the Israel and the US.
The company has already opened sales office in a GCC country, and is set to open offices in London and Singapore shortly. “We are an out-and-out product company with an R&D base in Kolkata,” he says. Praveen heads business development of the company.
Communications intelligence now contributes nearly 95 per cent of the company’s revenue, which Praveen says would cross ₹100 crore this fiscal. But the next phase of growth will come from its other vertical ‘cyber defence’.
Praveen says the cyber defence products are basically an “offshoot” of its R&D in communication intelligence and helps enterprises, companies and banks in technology auditing and forensics to trace out the purpose of hacking.
For example, IRCTC website was hacked recently. But, what is not known as of yet is the purpose of the hacking, which data segment is copied and why. The answer to these questions helps enterprise protect their interests, accordingly.
Sometimes the interests are imminent like a “ransomware” attack. Someone broke into the IT system of a top Australian resort and locked all keys. The resort was left with two alternatives either pay the ‘ransom’ or return guests and impact brand image. Vehere is particularly targeting BFSI (banking, financial services and insurance) segment for selling its cyber defence products in India.
“We will launch our products in the market in May. BFSI will contribute a significant portion of our turnover in future,” Praveen says.
Expanding opportunity in the cyber defence areas will also help the company reduce dependence on government purchases, now contributing 90 per cent of revenue. “As in 2017-18, enterprise is expected to contribute half of the revenue,” he says.
But why Vehere decided to be in Kolkata and not Bengaluru? Praveen says the reason lies in its decision to stick to R&D and product development.
“The field we are in need best of scientists and the city produces a lot of them. We search them out from across the world. That it’s a low cost city is an added advantage,” Praveen says.
That’s not the only distinction of Vehere’s business model. In the past small Indian companies made breakthroughs in IT and, were soon acquired by foreign majors, as in the case of Hotmail.
Praveen says they had offers from two Nasdaq-listed companies to sell stake. But they didn’t. They didn’t take PE funding either as they would interfere in research and force shifting focus on numbers.
“We have low appetite,” Praveen says. The brothers want to grow the company and list in India in next five years.
Recent PostsSee All
Log in to leave a comment!