India's VC-backed Druva raises $130m
Druva, a provider of cloud data protection and management services founded in India, has raised a $130 million investment led by Viking Global Investors.
Existing investors Riverwood Capital, Tenaya Capital, and Nexus Venture Partners participated in the investment along with newcomers Neuberger Berman and Atreides Management. The transaction brings Druva’s total capital raised to $328 million; CEO Jaspreet Singh told Techcrunch the company’s valuation has passed $1 billion.
Founded in 2008, Druva provides all-in-one backup, recovery, archival, and analytics solutions to more than 4,000 corporate customers including Hitachi, Live Nation, Marriott, and Pfizer. The company has more than 700 employees, with offices in India, Singapore, Japan, Germany, and the UK, in addition to its headquarters in California established earlier this year.
“The data management market is forecasted to be worth $55 billion next year, yet the landscape is dominated by solutions that are 20 years old,” Singh said in a statement. “Druva is disrupting the way enterprises protect and leverage their data with a modern, cloud-native SaaS [software-as-a-service] platform.”
Druva has raised significant support from VC investors, most recently an $80 million funding round led by Riverwood in 2017, with participation by Nexus, Tenaya, and Sequoia Capital India. It will use the newest investment to fuel its global expansion plans, as well as to drive new product innovations. Singh has previously said the company plans to go public in the next 18 months.
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