Cloud startup Druva enters Unicorn club with $130 Mn fresh round

Cloud data protection and management startup Druva has now got the coveted status of Unicorn with the latest funding round of $130 million.

US-based hedge fund Viking Global Investors, Neuberger Berman, and Atreides Management have led the round in California-based startup which houses its entire R&D centre in Pune.

Existing investors such as Riverwood Capital, Tenaya Capital and Nexus Venture Partners also participated in the round. Till date, Druva has raised $328 million risk capital.

Founded in 2008 in Pune by Jaspreet Singh along with Milind Borate and Ramani Kothandaraman, Druva will deploy the fresh capital towards product innovation and increase market share.

Besides, it will increase its headcount from 700 people to 1,000 by December 2019.

Built on public cloud platforms like AWS and Azure, Druva has over 4,000 enterprise customers, including Pfizer, Flex, Marriott, Nasa, Akamai, and Hitachi.

Competing with incumbents like CommVault and IBM and new entrant Rubrik, Druva makes revenue of around $100 million and is growing at 50% a year.

Separately, Druva is also acquiring CloudLanes, another California-based startup for an undisclosed sum. According to Singh, the deal will help Druva to cover the gap between the data center and cloud more effectively.

CloudLanes is funded by Cervin Ventures and Microsoft Ventures.

In August 2017, Druva had raised $80 million from Riverwood Capital along with participation from Sequoia Capital India, Nexus VP and others. Prior to that Sequoia India had led $51 million round in September 2016.

The development was reported by Techcrunch.