Meet India’s latest billion dollar tech startup
NEW DELHI: India’s exclusive unicorn club – startups with valuation of over $1 billion – has got a new member. According to a report by The Economic Times, Pune-based data protection firm Druva has raised $130 million to become the latest unicorn in India.
The report further adds that the latest round of funding raised by Druva comes from new investors like US-based Viking Global Investors, Neuberger Berman and Atreides Management. Apart from new investors, existing investors like Riverwood Capital, Tenaya Capital and Nexus Venture Partners were also involved in this round of funding. The company told The Economic Times that it has raised close to $328 million in all till now.
As per the ET report, Drvua has a revenue if close to $100 million. The company’s revenue has been growing at 50$ a year. What Druva does is it offers SaaS for backup, diaster recovery, archival and analytics on the cloud. Currently, it is on Amazon Web Services platforms and a key role is to provide services for AWS’ Indian data centres. Reportedly, it has over 4,000 customers which include corporations like Marriott, Pfizer and Hitachi.
The company’s CEO had this to say on achieving the status of a unicorn. “We are a small player in a high-growth market. Adoption of Cloud has increased in the last two years and being the only native cloud player in this space has helped us,” CEO Jaspreet Singh told ET. “The funds will be used for product innovation and to increase market share.”
At the moment, Druva employs close to 700 people but has plans to expand up to 1,000. Originally, the company was founded in Pune but shifted its base to California though it still has an R&D facility in Pune. Singh further told The Economic Times, “We’re present in seven countries and we might go to Australia and the Nordics next. But, we will focus more on going deeper into the current market we are in, over going into too many geographies.”
Source: Times of India