SaaS unicorn Druva hits $2bn valuation with CDPQ led growth round

India born and Sunnyvale, California-headquartered cloud security provider Druva has raised $147 million (Rs 1100 crore according to current exchange rates) in a growth round, dubbed Series H, led by global investment group Caisse de depot et placement du Quebec (CDPQ).  

Returning investor Neuberger Berman also joined the round which values the company over $2 billion. The current round takes the total investment raised by the company to $475 million. 

Returning investors Viking Global Investors and Atreides Management also participated in the round, according to a statement. The software as a Service (SaaS) solution provider for cloud protection and management will use the capital for expansion and to extend company’s industry leadership. 

The company last raised $130 million in June 2019 led by Viking Global. In September 2020, Druva announced that revenue from its datacentre workload had increased by over 100% in a period of 12 months due to increased cloud adoption and expansion by enterprises during the pandemic. The company’s Annual Recurring Revenue (ARR) crossed $100 million in December 2019. The company did not comment on latest estimates for ARR. 

“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” Alexandre Synnett, executive vice president and chief technology officer, CDPQ, said in the statement.  

He further added, “The working from home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.” 

Druva claimed that its data under management grew by more than 40% in 2020 and its list of clients included GameStop, Marriott, NASA, Pfizer, among others.  

“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses and data’s increasing value is at the very heart of it,” Jaspreet Singh, CEO of Druva said in the statement.