This is a cloud-based SaaS customer identity management platform that has Conde Nast, Viacom, Weather Network, 21st Century Fox and more as its customers
LoginRadius started with the mission to ‘simplify’ the way in which businesses and their customers, from around the world, can effectively and efficiently connect in this age of globalisation. In order to achieve the task it was essential to make it easy for the end user. Hence, the two co-founders—Rakesh Soni and Deepak Gupta—decided to let users log in via their existing accounts like Gmail, Facebook, Twitter, etc., and integrated this feature on their new project.
“While developing a traditional login system for a new web application, Deepak and I realised what a hassle it would be for the users to register. They have to follow a trail of process between filling out long forms and memorising an additional set of username and password; we needed a better bridge to connect them with the brands,” says Rakesh Soni, CEO and co-founder of LoginRadius. Also, these logins needed an enterprise grade cybersecurity with a modern cloud-based identity as strong foundation to the platform.
“Customer identity is at the intersection of security, digital business, and compliance. This requires significant expertise to build and maintain in-house, resulting in an extended go-to market time,” said Deepak Gupta, CTO and co-founder. “LoginRadius provides the answer to this critical challenge with its out-of-the-box solution.”
The concept of LoginRadius was born and launched in the year 2012. Today, the brand’s cloud-hosted service provides the most secure platform to manage and transact with billions of customer identities while keeping privacy and compliance regulations in mind.
In the past five years, the brand has come a long way and has become an Enterprise level B2B and B2C CIAM platform. The startup has tested the application with over 1,50,000 requests per second and are operating with over 3,000 enterprise level businesses. The Loginradius platform is currently managing 750 million logins and over 6.5 billion API calls every month. The brand has also optimised and automated its processes to minimise large data deployments within 3 weeks. Some of the market leaders working on the platform are Conde Nast, Viacom, Vogue India, Canadian Broadcasting Corp (CBC), Weather Network and 21st Century Fox.
LoginRadius has raised $17 million in Series A funding led by ForgePoint Capital and Microsoft’s venture fund, M12. It has raised the capital to accelerate growth, primarily investing in the areas of customer acquisition and product innovation. It is also targeting to increase the current headcount by 300% in the next 18 months.
“With increasing customer experience expectations and growing cybersecurity threats, enterprises need a modern cloud-based identity platform that can be the foundation for digital transformation and provide peace of mind when it comes to security,” said Soni. “This funding is a testament to LoginRadius’ ability to deliver on this promise to our customers and sets the foundation for our future growth.”
In terms of profits, LoginRadius achieved profitability in 2017 but with the heavy investment, it is expecting to have a runway for 24 months and hit profitability again in 18 months.