With $130 million funding, SaaS provider Druva is the newest unicorn

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Updated: June 20, 2019 6:15:13 PM

Financial Express Online had predicted Druva last year as one of the possible unicorns in 2019. “We are not far away from the $1-billion mark,” its founder Jaspreet Singh had said.

SaaS data protection company Druva is the newest member to join the coveted unicorn club. (Image: Bloomberg)

Software-as-a-service data protection company Druva is the newest member to join the coveted unicorn club of growing privately held technology companies with a valuation of $1 billion or above with the latest fundraising of $130 million led by Viking Global Investors. This takes Druva’s total capital raised to $328 million.

The round also saw new investors participating apart from existing ones including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners, the company said in a statement. The funding will be deployed towards further growth and global expansion along with new product innovations.

A company spokesperson confirmed Financial Express Online its valuation crossing the billion-dollar mark.

Financial Express Online had predicted Druva last year as one of the possible unicorns in 2019. “We are not far away from the $1-billion mark,” its founder Jaspreet Singh told FE Online earlier.

Also read: These startups may turn unicorns in 2019

Global awareness regarding adoption of cloud computing along with massive data being generated by companies worldwide and with an evolving regulatory landscape has led to the rise of companies like Druva that provides data protection and management to businesses via cloud offerings that reduces their costs by up to 50 per cent as businesses hence don’t require hardware, capacity planning, and software management.

Comments from Singh will be updated as and when received.

Consequently, the market for data protection is likely to expand to $55 billion by 2020 according to IDC. Druva has so far more than 4,000 enterprise companies using its services that include Fortune 500 companies such as Flex, Hitachi, Live Nation, Marriott, and Pfizer.

Despite the increasing market size, “the landscape is dominated by solutions that are 20 years old,” said Singh adding that the capital will help company “power data protection for the cloud era.”

Druva, launched in 2008, is based in California with a research and development team based in Pune. It has offices in four other locations including the UK, Singapore, Germany, and Japan.

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