BENGALURU: Okta, the independent identity provider, on Wednesday announced the opening of a new office in Bengaluru.
"We are excited to enter the Indian market and bring industry-leading identity to the country’s innovative businesses and government agencies," said Todd McKinnon, Okta's CEO and co-founder.
The digital identity market is growing briskly due to demand growth driven by rising cyber fraud and an increased need for authentication. There is a tremendous opportunity for India, Okta said.
A recent report by Avendus Capital says that India is expected to increase its cybersecurity spending by 18% between 2020 and 2025. The report also noted the shift in services towards cloud-based solutions and zero-trust architecture.
"India is renowned for its technological innovation and entrepreneurial spirit. By establishing a dedicated presence here, we are better positioned to serve our Indian customers and partners, foster local innovation, and contribute to the continued growth of the Indian technology and cybersecurity landscape," said Ben Goodman, Okta SVP and GM for Asia Pacific and Japan.
Okta has already made early inroads into the country through its Venture Capital-arm Okta Ventures, which invested in Bureau ID, an AI-powered identity decisioning platform provider. Bureau ID counts Bajaj Finserv, IIFL, Rapido, Kreditbee, Mahindra Finance, and SBM Bank as customers.
"India is in the thick of a digital revolution, and identity and access management has become a crucial element for organisations across industries," said Atul Agarwal, Okta India country head.
Okta said Bengaluru will have its first innovation centre in Asia Pacific. This facility will spearhead Okta's global research efforts in Engineering, Finance and Solutions Engineering.