Druva Becomes the 25th Start-up to Join the Indian Unicorn Club
Data protection start-up Druva surpassed the $1 bn valuation mark after raising $130 million in a new round led by Viking Global Investors
SaaS data protection provider start-up Druva entered the unicorn club after raising $130 million in a new round led by Viking Global Investors. Its valuation now stands over a billion. The company said that it will be using the investment to fuel growth and global expansion, as well as drive new product innovations.
Jaspreet Singh, the founder and CEO of Druva, said, "The data management market is forecasted to be worth $55 billion next year, yet the landscape is dominated by solutions that are 20-year-old. Today's funding will help Druva to power data protection for the cloud era, and accelerate our momentum to better serve the needs of enterprise customers." Druva's cloud platform is built on Amazon Web Services (AWS). It claims to help customers reduce costs by up to 50 per cent by freeing them from unnecessary hardware, capacity planning, and software management. Druva has more than 4,000 enterprise customers including Flex, Hitachi, Live Nation, Marriott, and Pfizer.
The new round saw participation from various new investors, including, Neuberger Berman and Atreides Management, as well as existing investors, including Riverwood Capital, Tenaya Capital and Nexus Venture Partners. It has raised a total capital of $328 million, according to the company.
Druva joins a league of technology start-ups who have made it to billion-dollar valuation club. In the past among technology start-ups, Swiggy, Zomato, Rivigo, Delhivery are a few who made it to the unicorn club. SaaS, which is gradually gaining immense popularity, saw Freshworks entering the famed club last year.
Jaspreet Singh was featured in Entrepreneur's 35U35 list in 2017. In an interview with Entrepreneur India, he said, "When the whole world was still building solutions by support of hardware and software (DVDs), and no one was thinking of cloud centric solutions." Druva eventually had NASA approaching them for their security products and that led to myriad investors including Nexus Venture Partners, Tenaya Capital, and Sequoia, which has participated in all five rounds of funding.