Society for Electronic Transactions and Security

What Society for Electronic Transactions and Security does

Society for Electronic Transactions and Security (SETS) is a cybersecurity research society established in 2001 and registered under the Societies Registration Act, 1860. It operates under the Office of the Principal Scientific Adviser to the Government of India and is headquartered in Chennai (MGR Knowledge City, CIT Campus, Taramani) with 51-100 employees. SETS conducts R&D across four dedicated groups: Cryptology and Computing, Hardware Security, Quantum Security, and Network Security, and develops indigenous cybersecurity products including SETS IoT PKI, the SETS Virtual Private Network (Adrishya VPN, deployed for key Indian government agencies), the SETS Certifying Authority software branded e-Abhedya with a quantum-safe variant (QSafe, implementing ML-DSA, ML-KEM, and SLH-DSA), a Quantum Random Number Generator (including a Silicon Photonics module integrated with IIT Madras and launched by the MeitY Secretary in May 2025), and a Certifying Authority for Hyperledger Fabric.

SETS's business model rests primarily on government R&D funding through the PSA's Mission programs and MeitY-supported initiatives aligned with the National Quantum Mission and Atma Nirbhar Bharat. Secondary monetization comes from fee-based training and capacity-building programs — PractoCrypt 2026 (₹15,000 + 18% GST per participant for a five-day hands-on cryptography training), SCANS, WORTICS, CACSR, Secure Processor workshops, and hackathons — and from product licensing and technology transfer of its indigenous security stack to government and strategic institutions. Distribution runs through direct institutional deployment, not commercial sales channels, reinforced by MoUs with IIT Madras, MCTE, C-DAC, MeitY, StartupTN, and Anna University that together position SETS as the sovereign cybersecurity R&D node for Indian government, defense, space, and academic ecosystems.

Name

Society for Electronic Transactions and Security

Legal name

Society for Electronic Transactions and Security

Website

https://setsindia.in

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

Society for Electronic Transactions and Security (SETS) is a government-affiliated cybersecurity R&D society in Chennai, India, operating under the Principal Scientific Adviser to GoI. It develops indigenous cryptographic, quantum-safe, hardware, and network security products deployed for Indian government agencies.

Ownership category

akta.pro rank

Product category

Cybersecurity Software and Research

NAICS

Security Systems Services (except Locksmiths) (561621), Computer Systems Design and Related Services (54151), Custom Computer Programming Services (541511)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Secrets Management & Machine Identity (API keys, certificates, workload identity) (HDAEAJAJ)

akta.pro secondary industries

Smart Contract Frameworks & SDKs (developer kits, templates, standards) (FSAPABAB), Security Testing Tooling (SAST/DAST for smart contracts, fuzzing) (FSAPAJAK)

Keywords

• Cybersecurity research
• Cryptography solutions
• Quantum security
• Hardware security
• Public key infrastructure

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Government R&D Funding: SETS is a society under the Office of the Principal Scientific Adviser to the Government of India and operates primarily on government R&D funding. Mission programs of the PSA's office support and promote R&D in national priority areas including cybersecurity.
2. Training and Capacity Building Programs: SETS conducts fee-based training programs such as PractoCrypt (cryptography in practice, ₹15,000 + 18% GST), SCANS (Certificate Course on Advanced Network Security), and various workshops generating program fees from participants in academia, industry, and R&D organizations.
3. Product Licensing and Technology Transfer: SETS develops indigenous cybersecurity products (IoT PKI, VPN, CA Software, QRNG, Quantum Safe CA) that may be licensed or deployed across government and strategic sectors, contributing to Atma Nirbhar Bharat (self-reliant India) goals.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

SETS is a government-affiliated cybersecurity R&D society that conducts research and develops indigenous cybersecurity products and solutions across four verticals: Cryptology and Computing, Hardware Security, Quantum Security, and Network Security. Its commercial offerings include SETS IoT PKI, SETS VPN (Adrishya VPN), SETS Certifying Authority Software (e-Abhedya / QSafe), SETS Quantum Random Number Generator (QRNG), and SETS CA for Hyperledger Fabric, deployed primarily for government agencies and strategic institutions in India.

Product overview

SETS (Society for Electronic Transactions and Security) is a cybersecurity research organization under the Office of the Principal Scientific Adviser to the Government of India, operating as a research institute rather than a commercial product company. SETS offers a portfolio of indigenous cybersecurity products and solutions focused on cryptographic infrastructure, quantum security, and network security. The core product offerings include: SETS IoT PKI (Public Key Infrastructure for IoT devices), SETS Virtual Private Network (VPN) branded as Adrishya VPN, SETS Certifying Authority (CA) Software including QSafe (Quantum Safe CA) branded as e-Abhedya, SETS Quantum Random Number Generator (QRNG), and SETS CA for Hyperledger Fabric. These products serve government agencies, R&D organizations, and critical infrastructure sectors requiring secure electronic transactions and post-quantum cryptographic solutions.

Differentiator

Problem solved

Functional benefit

Brands

• SETS IoT PKI: PKI solution for IoT security
• SETS Virtual Private Network (VPN)
• SETS Certifying Authority (CA) Software
• SETS Quantum Random Number Generator (QRNG)
• SETS CA for Hyperledger Fabric

Products and services

• SETS IoT PKI Public Key Infrastructure solution tailored for Internet of Things (IoT) devices, enabling secure device identity, authentication, and encrypted communication for IoT ecosystems. Targeted at government agencies, strategic institutions, and IoT platform operators.
• SETS Virtual Private Network (Adrishya VPN) Indigenous VPN solution providing secure communications infrastructure for government agencies and strategic institutions. Deployed for key Indian government agencies under the Atma Nirbhar Bharat mandate.
• SETS Certifying Authority (CA) Software (e-Abhedya / QSafe) Certifying Authority software for digital certificate issuance and management, branded as e-Abhedya, with a quantum-safe variant QSafe implementing post-quantum cryptographic algorithms. Targeted at government, R&D organizations, and enterprises needing post-quantum-ready PKI.
• SETS Quantum Random Number Generator (QRNG) Quantum-based random number generator providing provably unpredictable entropy for cryptographic operations. Includes a Silicon Photonics QRNG module integrated with IIT Madras technology. Targeted at cryptographic systems, OTP generation, and security-critical applications.
• SETS CA for Hyperledger Fabric Certifying Authority software specifically designed to integrate with Hyperledger Fabric blockchain networks, providing identity and certificate management for distributed ledger environments. Targeted at government and enterprise blockchain deployments.
• Cybersecurity Training Programs (PractoCrypt, SCANS) Fee-based training and capacity-building programs in applied cryptography and advanced network security, including PractoCrypt (cryptography in practice) and SCANS (Certificate Course on Advanced Network Security). Targeted at research scholars, developers, security professionals, technical leads, and faculty.

Quantifiable outcome

• SETS VPN deployed for key government agencies (India)
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Anna University – CEG, Chennai and The Centre for Cyber SecurityminorStrategic or Co-development Partner · 5 March 2026SETS and Anna University – CEG, Chennai, along with The Centre for Cyber Security, jointly organized a 3-Day Workshop on Quantum Information and Communication Technologies (QICT). The workshop brought together academia and industry to address quantum communication and security challenges.
• Centre for Development of Advanced Computing (C-DAC)coreStrategic or Co-development Partner · 2 March 2026SETS and C-DAC jointly launched the 'Secure Processor 2026' workshop on March 2, 2026 at SETS Chennai, as part of a Ministry of Electronics and Information Technology (MeitY)-supported initiative. The workshop on secure processor technologies featured experts from R&D organizations, industry, and academia. C-DAC's Director General E. Magesh attended the inauguration alongside MeitY Secretary S. Krishnan.
• Ministry of Electronics and Information Technology (MeitY)coreStrategic or Co-development Partner · 2 March 2026MeitY supports SETS initiatives including the Secure Processor 2026 workshop and various cybersecurity skill development programs. Shri S. Krishnan, IAS, Secretary MeitY, has visited SETS and inaugurated key initiatives, demonstrating strong government backing for SETS's national cybersecurity mission.
• StartupTN and ICSR IIT MadrasminorStrategic or Co-development Partner · 1 December 2025SETS, in collaboration with StartupTN (Government of Tamil Nadu's startup initiative) and ICSR (International Centre for Strategic Research), IIT Madras, successfully hosted the SETS Startup Meeting to engage with startups in cybersecurity innovation and translate research into commercial products.
• Indian Institute of Technology, Madras (IIT Madras)coreStrategic or Co-development Partner · 19 November 2025SETS and IIT Madras signed a Memorandum of Understanding on 19 November 2025 to collaborate on cybersecurity research and innovation. The partnership leverages IIT Madras's academic expertise and SETS's applied R&D capabilities. Prof. Rajat Moona, Director IIT Gandhinagar, visited SETS and praised the collaborative ecosystem including IIT Madras, noting the strengths of R&D organisations like SETS, C-DAC, DRDO, and C-DOT.
• Military College of Telecommunication Engineering (MCTE)coreStrategic or Co-development Partner · 1 September 2024MCTE and SETS signed an MoU to strengthen cyber security, quantum security, and information security capabilities. The MoU was signed in the presence of Prof. Ajay Kumar Sood, Principal Scientific Advisor to the Government of India, and Dr. Parvinder Maini, Scientific Secretary, O/o PSA to GoI. The partnership addresses defense and military communication security requirements.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Crypto4A Technologies: Canada-based provider of quantum-safe HSM and cryptographic infrastructure. Comparable in QRNG-adjacent and PQC hardware security domains, serving government and critical infrastructure customers.
• PQShield: UK-based commercial post-quantum cryptography company offering PQC implementations, side-channel resistant hardware, and migration tooling. Comparable product surface area (post-quantum crypto, hardware security, PKI) but with a commercial GTM rather than government R&D model.

Broad incumbents

• IDEMIA: Global digital identity and PKI/security infrastructure provider. Comparable in CA software, PKI, and identity domains, but serves a much broader commercial and government market globally.
• Tata Consultancy Services (Cybersecurity Practice): Indian IT services major with a large cybersecurity practice spanning cryptography, identity, and SOC services. Overlaps with SETS in Indian enterprise and government cybersecurity but with vastly larger scale and commercial GTM.
• Entrust: Established PKI, CA, and digital identity vendor. Comparable product set (CA software, post-quantum readiness) but commercial scale and global reach dwarf SETS.

Others

• QuTech (Quantum Technology research collaboration): Dutch quantum technology research collaboration. Adjacent R&D peer in quantum communications and quantum-safe cryptography research, comparable academic/government R&D orientation though not a direct competitor.

Direct peers

• IIT Madras – Silicon Photonics CoE (CPPICS): Academic R&D partner that co-developed the Silicon Photonics QRNG Module integrated by SETS and launched by the MeitY Secretary. Comparable applied R&D orientation in hardware-rooted cryptographic primitives.
• DRDO (Defence Research and Development Organisation): India's defense R&D body with significant cryptography, hardware security, and quantum communications programs. Peer in scope (indigenous strategic-security R&D) and institutional context (government of India funded).
• C-DAC (Centre for Development of Advanced Computing): India's primary government R&D organization under MeitY for advanced computing and cybersecurity. Directly comparable as a MeitY-supported R&D body co-hosting SETS workshops and operating in overlapping cybersecurity and secure-processor domains.
• C-DOT (Centre for Development of Telematics): Government of India's telecom R&D center under DoT, working on secure communications, encryption, and indigenous telecom cybersecurity. Directly comparable indigenous-technology mandate and Indian government institutional context.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@setschennai
• LinkedInlinkedin.com/company/society-for-electronic-transactions-and-security-sets
• Facebookfacebook.com/setsoutreach

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Society for Electronic Transactions and Security