Druva, a security and cloud backup solutions provider has secured USD 25 million in Series D funding led by Sequoia Capital, Nexus Venture Partners and Tenaya Capital. The raised funds will be used to strengthen R&D, diversifying its product line, and further expansion into Asia-Pacific region and Australia.
Here is a chart which shows Druva’s funding since 2010:
Druva was established in 2008 by two co-founders Jaspreet Singh and Milind Borate, offering inSync, backup, file sharing, data loss prevention, and rich analytics solutions.
The company claims to have 3000 clients from 76 countries and manage over 2.8 million device backups and protection. During its Series C funding, Druva has scaled the business and grew its workforce from 200 to an expected 300 by the end of the year, reports Trak.in.
Druva’s Co-Founder & CEO Jaspreet Singh said in a Blog Post that:
“In the past year, the Druva growth story has been stronger than we had expected. We have had some great customer wins, like Pfizer, Dell, Shire, and many others. Fast-evolving business unit economics makes it easier to predict future growth. We were surprised by a strong term sheet by Sequoia; so we thought it would be easier to close the round now in order to focus on business.”
“we are still a wartime company Like any other startup, Druva is in the middle of an interesting battle: we have some exciting challenges and great opportunity to be explored. The funding provides us with good supply of ammunition to fight it.”
Economic Times says: Additionally, Milind Borate, founder and chief technology officer of Druva, denied that the transaction was a precursor to the company readying itself for a public market debut.
“We are focused on growing the business. While the natural outcome of such growth and funding may be an initial public offering, it is not on our agenda at this point,” Borate said, adding that the company would continue to explore all options down the line.
VCCircle says: “More and more corporate data resides outside the firewall with little or no protection. This is an emerging market with virtually unlimited growth potential, and the fact that Druva is in the pole position has been validated by terrific sales growth and client adoption, multiple global awards as well as favourable analyst reports,” said Shailendra Singh, managing director of Sequoia Capital India.
More from Trak.in: Jaspreet Singh, Druva’s founder and CEO said in regards to the funding, “Our business is now at an inflection point. We have established the value of our inSync platform, gone beyond data protection with the addition of critical governance capabilities, begun building an ecosystem with partnerships that will leverage inSync-captured data to meet a range of needs, and launched an initiative to expand our offerings for protecting data at the edge of the enterprise.”
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