In a thought-provoking session with StartupTalky, Mr. Rajarshi Bhattacharyya, Chairman and Managing Director of ProcessIT Global, engaged in an in-depth discussion covering a wide range of topics. Throughout the conversation, he provided valuable insights into the competitive tech industry and what sets ProcessIT Global apart from its peers. He emphasized the company's focus on cyber resilience, which involves building strategies, processes, and technology solutions to help organizations become resilient in the face of cyber threats.
StartupTalky: Good morning, everyone. My name is Sayantan, and today we have with us Mr. Rajarshi Bhattacharyya, the Chairman and Managing Director of ProcessIT Global. So, Mr. Bhattacharyya, how are you?
Mr. Bhattacharyya: Great, good to see you, Sayantan. And it is very nice to be at your show.
StartupTalky: Thank you so much, Mr. Bhattacharyya. It has been a pleasure for us to host you today. I am sure that this will be a very thought-provoking session. And definitely, your insights will enlighten our audience. So, Mr Bhattacharyya, can you share some insights into ProcessIT Global's unique strategy in the competitive tech industry and what sets it apart from other players in the market?
Mr. Bhattacharyya: It is a deep tech services and solutions startup. We operate in the field of Enterprise. Specifically, I use the word "resilience" because "security" is widely misused. Resilience is where organizations start building up strategies and processes, implement product technology solutions, and make them work as one to become a resilient organization.
Resilience is a key factor term, where we enable organizations to become cyber resilient. In the ever-changing landscape, the paradigm of business is also changing these days. So, what we do is we also help organizations to secure themselves. Our tagline at Process It Global is "Securing the Modern Enterprise." This encompasses the advisory piece, implementation, operations, and maintenance, functioning as a managed cybersecurity service provider.
That is in a nutshell what we are involved in. We operate in a very niche technology space, focusing on identity and access management, which forms the fundamental pillar of the zero-trust security policies that you keep hearing about. We also work on SIM, Soar, and UBR, which are essential for managing cybersecurity. Application security is another area where we work on securing applications. Additionally, we provide data security, which covers data at rest as well as data in motion.
Furthermore, we are partners with different organizations, particularly large global UEMS (Unified Endpoint Management Systems), and we build on top of their products to create a unique customer experience. Every organization's demand is different because every industry vertical is unique, and their challenges vary.
For example, consider small-scale exporters who manufacture products for larger manufacturers globally. They may sign GDPR contracts without fully understanding the implications. We assist them in developing a strategy to become compliant and confidently sign GDPR contracts. That is what we bring to the table.
StartupTalky: Thank you Mr. Bhattacharyya for sharing your views. Since you mentioned the GDPR policy in Europe, with the new Digital Personal and Data Protection Act of 2023, I would like to know how your company, ProcessIT Global, is ensuring data security for your clients.
Mr. Bhattacharyya: So, we have an air gap environment when it comes to customer data, so it is never exposed to the internet. Whatever is there remains within our system. Additionally, we have implemented various security policy measures. We are also an ISO 27001-certified organization. This speaks volumes about how well our processes are defined. This ensures that we are compliant. Furthermore, if you look at the current policy of the government of India, it is a fantastic one. It is on par or even better than many others. It is more advanced because GDPR came out some time ago. This policy is more advanced and comprehensive, which will further India's progress.
StartupTalky: All right. Since you mentioned government policies, I would like to continue with the next question on the same note. How do government policies support the growth of Indian startups, including yours?
Mr. Bhattacharyya: To encourage a startup ecosystem, the government must be open to ideas and entrepreneurship. The government has indeed taken steps in this direction. They initially launched the Skill India program, followed by the Startup India program. It is a process. If you examine the flow, it begins with skill development, followed by idea generation, and then the Startup India program comes into play. Startups, whether they offer services, products, or commodities, often require substantial funding. The government has introduced schemes that offer funding without requiring collateral, such as the Mudra scheme.
There is a significant emphasis on supporting women-led startups. India is now one of the world's largest startup hubs. If you look at the top 15 cities globally for startups, three of them are Indian: Bangalore, Mumbai, and Delhi NCR. This is a testament to the encouragement the government provides for individuals to become entrepreneurs, break free from mundane jobs, and pursue innovative ideas. Access to funding is available, and Indians are known for their brilliant minds. Additionally, policies have been established to enable startup companies to participate in large government tenders without needing to provide Earnest Money Deposits (EMDs). Membership in the Startup India scheme takes care of your credentials, eliminating the need for Pre-Qualification (PQ) criteria.
Moreover, an essential aspect is that if your startup is performing well for three years, you become eligible for tax exemptions. It can hardly get better than this. The ecosystem is designed to support your growth. The government, in collaboration with organizations like NASSCOM, organizes various mentorship programs under the Startup India initiative, providing people with invaluable guidance and support.
StartupTalky: How do you see the G20’s Startup20 initiative helping Indian startups go global? Are there concerns about foreign players posing competition to Indian sectors?
Mr. Bhattacharyya: In terms of the Indian startup sector, we do not fear anybody these days. We have become a fearless India. So that is the spirit. Only the exchange of ideas and collaboration can make things better. If you are collaborating with somebody in California, they can learn a lot from us.
Most of the large-scale successful startups are founded by Indians. If you look at large-scale global companies, many of them are run by Indians. So, it is India's time to shine. All these developments are happening for the better. Collaboration will only improve our situation. There will be an influx of money, an exchange of ideas, and technology exchanges. It is going to be great, and there is nothing to fear.
StartupTalky: India has transitioned from being a BPO hub to a center of innovation. Given this shift and your mention of data, here is a hypothetical question: Is it possible for startups to use their data as collateral for securing loans? If so, how can the security and assurance of this data be ensured?
Mr. Bhattacharyya: I think the government of India is working on data insurance. The moment you have insurance against data, as well as hybrid insurance, once that is formalized, it will lead to a massive explosion in having data that is bankable. So, it all depends upon the financial policies as well.
The government of India is working towards it, and hopefully, we will find a solution soon. Right at this moment, it does not seem like data could be mortgaged, and that is not the right approach.
If you look at it, you are getting financial benefits out of the data that you have. The data you are collecting is for servicing individuals better. It is for compliance requirements. Your data cannot be used for generating money. Data is a very secure thing. It cannot be bankable.
StartupTalky: I will get to my final question without taking much of your time. What are Process IT Global's future plans and industry outlook?
Mr. Bhattacharyya: See, we would love to become the largest cybersecurity player in India when it comes to services and solutions. And that is what we intend to become in the next five to six years. We are currently experiencing triple-digit growth every year, a trend that can likely be sustained for another couple of years. However, there will come a stage where the growth may slow down a bit but eventually stabilize. Startups typically experience rapid hockey stick growth initially and then reach a stabilization phase. So that is the trajectory.
When I look at this industry, it will always experience double-digit growth. The reason is that hacking and cyber threats will always be present. If you look at the World Economic Forum 2021 Report, it identified cyber risk as the third most significant risk factor that can harm a nation. Today, the focus is on defending against an army of hackers who are becoming increasingly organized. In the realm of cybersecurity, it is a continuous process of improving weaknesses against threat actors.
Considering the pace of digital transformation happening right now, there are numerous applications getting modernized, adopting microservices, and becoming cloud native. There's also significant usage of containers. However, the usage of containers introduces additional attack surfaces, opening opportunities for threat vectors. This trend is only going to increase.
As of now, the cybersecurity market stands at close to around $180 billion, and approximately 50% of this revenue comes from services. What is noteworthy about this market is that there is not a single product that can fulfill all your cybersecurity requirements. It requires a collection of tightly integrated products to provide a cyber resilience platform. Therefore, this market is poised for continued growth and will likely maintain double-digit growth rates.
StrartupTalky: Definitely, as rightly said, Mr. Bhattacharya. It was really an insightful conversation, and I also gained a lot of knowledge. Definitely, I can assure you that our audience will gain more knowledge from our interaction. It has been a pleasure hosting you Mr Bhattaharyya, and I wish all the success for you and your company.
Mr. Bhattacharyya: It was a pleasure to be here.