Pune Based Druva Raises $25M Series-D Funding
Pune based Druva, a security and cloud backup solutions has announced $25 million series-D funding from their existing investors Sequoia Capital and Nexus Venture Partners and Tenaya Capital. These same set of 3 investors had participated in their Series C funding and had put the same amount of monies in that round as well.
With this funding raise, Druva has now raised a total of $67 million in 4 rounds since 2010. The funding raised in this round will be used in strengthen R&D, diversification of the Druva product portfolio, and further expansion into global markets.
Here is Druva’s funding chart since 2010
|Series A||Sequoia Capital , IAN||March 2010||USD 5 Million|
|Series B||Nexus Venture Partners, Sequoia Capital||August 2011||USD 12 Million|
|Series C||Tenaya Capital, Nexus Venture Partners, Sequoia Capital||October 2013||USD 25 Million|
|Series D||Sequoia Capital , Tenaya Capital, Nexus Venture Partners,||August 2014||USD 25 Million|
|Total||USD 67 Million|
There is a reason why Druva is able to attract good amount of funding – They have grown exceptionally well since the start. Unlike their competitors, Druva has strictly focused on Enterprise market and have a enviable client list that includes NASA, AIG, Xerox, Deloitte, ING, Nikon, Dell, KPMG and many other Fortune 500 clients.
Druva was started in 2008 by two co-founders Jaspreet Singh and Milind Borate and have rapidly grown since then. The company currently has 3000 clients from 76 countries and manage over 2.8 million device backups and protection. Since their Series C funding, Druva has rapidly scaled the business and grew its workforce from 200 to an expected 300 by the end of the year.
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”
In the blog post, Jaspreet Singh also added, “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.”