Druva raises $147 m; valued at $2 bn now

Pune-based cloud data protection and management company Druva on Monday announced a fund raise of USD 147 million (around Rs 1,101 crore) led by Canadian investor CDPQ.

Global investor Neuberger Berman also participated in the round, which values the company at USD 2 billion, a statement said. Existing investors Viking Global Investors and Atreides Management also participated in the funding round, it said.

The new investment will fuel continued expansion of the company's cloud platform to meet the unprecedented needs, and extend its industry leadership, the statement said.

"Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS (software as a service) applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses," CDPQ's executive vice-president and chief technology officer Alexandre Synnett said.

Druva's customer base has expanded substantially during 2020 and the data under management has grown 40 per cent, the statement said, listing out new clients like GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals.

"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. We look forward to providing our experienced market perspectives to management as Druva marks this important inflection point in its growth trajectory," Charles Kantor, managing director of Neuberger Berman, said.

Over the last 12 months, enterprises have moved swiftly to adopt cloud solutions to strengthen business resilience, maintain critical business operations, and support hybrid work models, the statement said.