Quick Heal expects new anti-fraud product to boost its consumer business

Cybersecurity leader Quick Heal Technologies Ltd is optimistic that the launch of the country's first all-in-one fraud prevention solution will boost growth in its consumer business, which currently contributes 62 per cent of its revenue, a company official said on Thursday.

The publicly listed company aims to leverage its leadership position to promote its AntiFraud.AI product, targeting individual computer and mobile phone users amid the rising threat of financial fraud.

According to the Indian Cybercrime Coordination Centre, Indians lost approximately Rs 1,750 crore to fraudsters in just the first four months of the year, between January and April 2024.

"We are very positive about our new anti-fraud cybersecurity product targeted at individual users. This will significantly boost our consumer business in the years to come, which has been facing headwinds," said Quick Heal Managing Director Kailash Katkar, without providing specific growth projections.

He explained that before developing the anti-fraud solution, the company focused more on its enterprise business, which has been experiencing strong double-digit growth.

"Enterprise business, which accounted for about 20 per cent of our revenue 4-5 years ago, now contributes close to 38 per cent. However, our consumer business, which has been the leader in anti-virus software for decades, currently makes up 62 per cent of our revenue but is facing challenges, growing only between 2-5 per cent," Katkar said.

"We are currently working on developing detecting capabilities on potential fraud that extracts vital details through conversations and dialogues, where victims are convinced to follow certain instructions leading to financial losses," said Sneha Katkar, Principal Product Manager.

Quick Heal's consolidated revenue for the second quarter ended September 2024 stood at Rs 73.5 crore, marking a 5 per cent increase compared to the previous quarter.