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Indian SaaS unicorn Druva doubles its valuation with USD 147 million fresh funding

Written by Avanish Tiwary Published on     2 mins read

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A Gartner report forecasts cloud adoption will reach a five-year compound annual growth rate of 20.7%.

Data protection and management startup Druva has just doubled its valuation to more than USD 2 billion after a fresh USD 147 million round led by Caisse de dépôt et placement du Québec (CDPQ), the second-largest pension fund in Canada, with participation from US-based investment firm Neuberger Berman, existing investors Viking Global Investors and Atreides Management.

The company became a tech unicorn in 2019 after a USD 130 million Series G round.

Founded in 2008 in Pune—where its research and development center is based—the company claims it helps its clients reduce up to 50% of their data protection and management cost as its solutions does not require them to invest in infrastructural costs of hardware for data storage and security. Its products are built on cloud platforms like Amazon Web Services, VMWare, Salesforce, and Microsoft 365, among others. In addition to managing data and ensuring their security, Druva also helps its clients with regulatory compliance of data across geographies.

In the last one year, the company said it has been managing 40% more data compared to 2019. Its clients include the likes of NASA, National Cancer Institute, Pfizer, Zoom, GameStop among others.

The company said it saw more enterprises opting for cloud-based data management due to an upsurge in digital adoption ushered by the effects of COVID-19 pandemic. In the past 12 months, enterprises have moved to cloud-based solutions to “combat rising cyber threats, maintain critical business operations, and support hybrid work models,” it said.

“This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform,” Jaspreet Singh, founder and CEO, Druva, said in a statement.

“The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance,” said Alexandre Synnett, executive vice president and chief technology officer, CDPQ.

In the last couple of years, a host of other SaaS companies such as Postman, Zoho, Freshworks, and Zenoti have also become unicorns.

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