Druva, the B2B Indian tech startup which turned into a unicorn in July this year, announced that it has surpassed $100 million in annual recurring revenue (ARR).
The startup founded in 2008 by Jaspreet Singh and Milind Borate, provides cloud data protection and management through a SaaS model. According to the company, it has almost tripled its annual revenue in three years.
“There is only one technology capable of keeping pace with today’s demands for rapid innovation, on-demand scalability, robust security, and sheer compute power - cloud,” Jaspreet Singh, Founder and CEO of Druva, said.
According to Druva, the growth recorded is fuelled by increased cloud adoption and a shift to SaaS delivery for data protection. “Today, more than 600 customers rely on Druva to protect data centre workloads, a number that has grown by 70 percent in a year,” the company added.
Currently, Druva serves more than 10 percent of the Fortune 500 companies including the likes of Flex, Hitachi, Live Nation, Marriott, and Pfizer.
According to the startup, the shift to cloud as the de-facto environment for business will only accelerate in the years to come. According to Gartner, 80 percent of enterprises will migrate entirely away and close their on-premises data centres by 2025.
Built entirely on Amazon Web Services (AWS), Druva is helping companies successfully enter the cloud era through simple data protection and management.
Till now, Druva has secured $328 million in funding. The startup raised $130 million in its Series G round in July 2019, which got it the unicorn status. The key investors in the company are Sequoia Capital, Viking Global Investors, Tenaya Capital, Riverwood Capital, and Nexus Partners.
Earlier this year, Druva opened a new global headquarters in Sunnyvale, California, and a new regional office in Singapore. The development centre of the startup in India is based in Pune.
(Edited by Suman Singh)