Druva funding

Druva, the US and India-based SaaS unicorn, has raised $147 million in a funding round led by Caisse de dépôt et placement du Québec (CDPQ) and Neuberger Berman. This takes the company’s valuation to over $2 billion.

The round also had participation from existing investors Viking Global Investors and Atreides Management. Druva is a cloud data protection and management technology company that became a unicorn in June 2019.

Druva plans to utilize the funds for product innovation and market scaling for its cloud platform. According to this startup, over the last 12 months, companies have advanced rapidly to adopt cloud solutions to improve business resilience, sustain critical business operations, and support hybrid work models. This has stoked the demand for its cloud platform.

Speaking about the development, Druva Founder and CEO Jaspreet Singh said, “The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it. Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect.”

The company revealed that the customer base of its cloud platform has expanded considerably during 2020, claiming a 50 percent increase in adoption. The startup’s data under management has increased by over 40 percent. 

CDPQ Executive Vice President and Chief Technology Officer Alexandre Synnett said, “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.”

He further remarked that increasing volumes of stored data, speedy adoption of the cloud, deployment of SaaS applications, regulatory frameworks, and cybersecurity concerns have boosted the demand for data protection and management solutions for businesses.

Charles Kantor, Managing Director, Neuberger Berman, said “We believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long-term success.”

With the world going digital, cybersecurity is critical. The latest funds raised by Dhruva would help the company in scaling its existing offerings.

Shishir Gupta, Founder and CEO, StartupLanes

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