SUMMARY
Neuberger Berman and Atreides Management also joined the round
Druva is also acquiring CloudLanes
Druva is looking to go public in next 12-18 months
With an office in Pune, cloud data protection firm Druva has raised $130 Mn in a funding round led by Viking Global Investors. With this, the company will join unicorn club at a valuation of over $1 Bn.
The funding round also saw participation from new investors such as Neuberger Berman and Atreides Management, and existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.
The funds will be used to invest in innovation as well as for strategic acquisitions. Prior to this round, Druva has raised $198 Mn in funding from key investors such as Riverwood Capital, Sequoia Capital India, Nexus Venture Partners, IAN among others.
Druva was one of the 30 soonicorns, according to Inc42’s The State Of Indian Startup Ecosystem 2018.
Founded in 2008 by Jaspreet Singh, Milind Borate, and Ramani Kothandaraman, Druva offers cloud data protection and information management, leveraging the public cloud to offer a single pane of glass to protect, preserve, and discover information. The company is now nearly at a $100 Mn annual run rate.
The company is also acquiring data management and cloud computing startup CloudLanes for an undisclosed amount. The deal is likely to be formally announced in early July. The acquisition will help Druva cover the gap between the data center and cloud more effectively.
Druva’s revenue is dominated by US-based companies. The company is targeting to generate 25% of its revenue from Asia and Europe this year.
Going forward, the company is looking to go public in the next 12-18 months. Druva works with around 4K organisations with many in the mid-market in terms of size. Also, the customers are ranging across a number of verticals including the Build Group, the American Cancer Society and the Port of New Orleans.
Harish Belur, managing director, Riverwood Capital, said, “Druva is doing something unique and special and, as a result, has grown at a phenomenal rate over recent years, all while keeping the trust and loyalty of its enterprise customers around the globe. We know this market is taking off and we continue to invest in Druva because we are sure it has the right product, executive team, and market execution to maintain leadership in the industry.”
According to a new data by 451 Research shows that the future of IT is multi-cloud and hybrid, with 69% of the respondents planning to have some type of multi-cloud environment by 2019. Yet, the growth in multi and hybrid cloud will make optimising and analysing cloud expenditure increasingly difficult.
