Cloud firm Druva raises $147 mn at a valuation of $2 bn

Cloud firm Druva raises $147 mn at a valuation of $2 bn

Cloud data protection and management company Druva has raised $147 million in a new round led by Canada’s CDPQ and Neuberger Berman. Viking Global Investors and Atreides Management also participated in the round. 

Apart from CDPQ, all three are existing investors in the California-based startup which houses its R&D centre in Pune. According to the company, it has crossed $2 billion in valuation after the fresh financing round.

Druva had last raised $130 million in June 2019 and entered the coveted club of unicorns. The company has raised $458 million in total risk capital across several institutional rounds since its inception in 2008.

“CDPQ’s long-term investment horizon, collaborative approach, sectoral expertise and global network make them an ideal partner as we expand the reach of Druva Cloud Platform and continue to invest in our product and technological capabilities. Working together, we will solidify our position as the data protection and management provider of choice,”  said Jaspreet Singh, founder and CEO, Druva.

Built on public cloud platforms like AWS and Azure, Druva helps organisations to reduce the cost and complexity of data protection, accelerate and protect cloud projects and increase cyber resilience and regulatory compliance. The company’s notable customers include Pfizer, Flex, Marriott, Nasa, Akamai, and Hitachi.

According to some media reports, Druva is also exploring ways to launch its initial public offering or IPO. However, the company has not provided any timeline to go public.

Druva is among half a dozen SaaS-based startups from India to gain unicorn status. The list also includes Icertis, Freshworks, Zoho, Postman and Zenoti. Sequoia Capital, Riverwood Capital and Nexus Partners are early backers of Druva.

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