Enterprise start-up Druva raises $51 million from Sequoia, others
Mumbai: Data protection firm Druva Inc. on Wednesday said it has received $51 million in a funding round led by its existing investor Sequoia Capital India and new investor EDBI, the investment arm of the Singapore Economic Development Board (EDB).
New investors, Blue Cloud Ventures and Hercules Capital, along with existing investors including Japan-based NTT Finance, Nexus Venture Partners and Tenaya Capital also participated in the round.
The money will be used to improve capabilities, innovation and adoption of the product, besides marketing and global expansion.
“Fragmentation of data, combined with increasing regulatory needs, is making enterprises everywhere rethink how information is best managed. In today’s age, simple is genius, and Druva’s 82 NPS (net promoter score) speaks to how our cloud-first approach is simple yet disruptive,” Jaspreet Singh, one of the co-founders, said in a statement. Calculated on a scale of 100, NPS is a measure that indicates customer loyalty and service quality.
The funding comes five months after Druva received an investment from NTT Finance to expand in Japan. In 2014, it had raised $25 million in Series D round of funding.
The total capital raised by Druva now stands at $118 million. Druva is among the largest Indian enterprise start-ups.
After investing $9 billion in 2014-15, mostly in consumer internet start-ups, investors have switched funding to enterprise start-ups. The exit timelines for enterprise start-ups are also unclear.
Singh, Milind Borate and Ramani Kothandaraman founded Druva in 2008 with a disaster recovery software, before switching to data protection. It has an engineering team in Pune, and the sales, product and finance teams in the US. The firm competes with EMC Corp., Symantec Corp., and Hewlett Packard Enterprise Co.
Druva collects data from computers, tablets and smartphones, and unifies back-up, disaster recovery, archival and governance capabilities onto a single data set.
The firm has over 4,000 clients including National Aeronautics and Space Administration (Nasa), Chipotle Mexican Grill Inc., Marriott International Inc., Leidos Inc., NBC Universal Media Llc and Stanford University in more than 40 countries, Singh said.
Mint reported in April that Druva is trying to tap into the growing Asia Pacific market for security software. In 2015, it entered Japan by localizing its products in partnership with NTT Neomeit and NetOne Systems.
While the US, the UK and Germany contribute 90% of the firm’s total revenue, Singh expects that in the next one year, with countries like Singapore and Australia catching up, the share of the US will reduce to 60% while that of Asia will increase to 20%.
Singh said he expects revenue to continue growing at the rate of 70-80% year-on-year, without giving details. Singh is betting on a $30 billion market of data management and protection.