Pune-based cloud data protection firm Druva on Tuesday (December 3) announced that it has surpassed $100 Mn in annual recurring revenue (ARR). The company said that this has been fueled by increasing cloud adoption and a shift to SaaS delivery for data protection.
The company said that it has almost tripled its annual revenue in three years. The company said its growth is driven by rapid enterprise adoption across multiple data security use cases.
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 controls to protect, preserve, and discover information.
Recently in June, Druva raised $130 Mn in a funding round led by Viking Global Investors and entered the unicorn club with a valuation of around $1Bn. The funding round also saw participation from investors such as Neuberger Berman and Atreides Management, and existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.
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At that time, Druva has shared plans to invest these funds in innovation and strategic acquisitions. Prior to this round, Druva has also raised $198 Mn in funding from key investors such as Riverwood Capital, Sequoia Capital India, Nexus Venture Partners, IAN among others.
Jaspreet Singh, founder and CEO of Druva said, “Customers trust us to help them successfully transform their businesses through the cloud, and with our depth of workload coverage, and seamless platform, they can immediately experience substantial cost savings, continuous innovations, and enhanced security every day.”
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. Druva claims to have over 800 customers are protecting their cloud workloads (SaaS applications and AWS workloads).
Phil Goodwin, research director, IDC. “Druva’s strong momentum this year through product maturation, technology research and corporate expansion has positioned the company incredibly well for long term success in the market. As more businesses look for one solution to meet all their data protection needs across cloud, data center and endpoint workloads, Druva will be a strong competitor given its size, scale and offerings.”
Last year in June, Chennai-headquartered SaaS company Freshworks had raised $100 Mn funding to join unicorn club and also said it has crossed $100 Mn in ARR.
According to new data by 451 Research, 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 the multi and hybrid cloud will make optimising and analysing cloud expenditure increasingly difficult.