Software-as-a-service (SaaS) startup Druva Inc has become the latest member to join India’s rapidly growing unicorn world. The Pune and California-based company’s market valuation rose little over $1 Bn after raising $130 million in its latest round. Existing investors Riverwood Capital, Tenaya Capital and Nexus Venture Partners spearheaded the round. Few new investors such as Neuberger Berman and Atreides Management also took part in the round.
Jaspreet Singh, founder and CEO of Druva, while speaking to a business daily disclosed that the funds will be used for R&D and strategic acquisitions. However, Singh refused to shed light on company’s future acquisition strategy. But Singh did add that the company is planning for an IPO in next 12-18 months and will work towards achieving the desired scalability before going for a public issue.
Following the latest fundraising round, Druva has raised $328 million till date. After Girish mathrubootham’s Freshworks, Druva is the second SaaS startup to join the coveted unicorn club.
Created on Amazon Web Services platform, Druva claims to offer cutting edge cloud data protection to MNCs. It offers all-in-one backup, disaster recovery, archival and analytics solutions on cloud. The company counts fortune 500 companies like Pfizer, Flex, Marriott, Live Nation and Hitachi among its other high profile clients. Company’s majority client currently hail from the U.S. but is also targeting to get clients from Asia and Europe.
The company claims to be clocking nearly $100 million revenue and is said to be growing by 50% every year.
Druva still has lot of headroom to improve its balance sheet as data protection industry is estimated to touch $55 Bn by 2020.
Singh claims Druva’s cloud based solutions make for a unique solution when compared with existing solutions that are still based 20 year old technology.