SaaS unicorn Druva clocks $100 mn annual recurring revenue with growing customer base

SaaS unicorn Druva clocks $100 mn annual recurring revenue with growing customer base
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4 Dec, 2019

Sunnyvale, California-headquartered cloud data protection and management company Druva has crossed $100 million in ARR (annual recurring revenue), on the back of a rapidly growing customer base. The ARR has tripled from three years ago, the company said in a statement.

The ARR from the company’s subscription business is a significant metric for Druva as more enterprises move towards cloud adoption and the SaaS (software-as-a-service) model for data protection. According to Gartner, 80 percent of enterprises will migrate entirely away and shut down their on-premise data centers by 2025. 

Druva said that it currently has 600 customers using the service to protect data centre workload, a jump of 70% in a year. It has also doubled the number of customers protecting their cloud workloads to 800 over the last 18 months. It counts the likes of Hitachi, Marriott, Pfizer among its customers and serves 4,000 global customers.

Earlier this year, Pune-born Druva became the second Indian SaaS company after Freshworks to gain admission into the so-called global club of technology unicorns. The term unicorn refers to private companies valued by their investors at $1 billion or more. The company achieved a valuation of more than $1 billion in June this year when it raised $130 million in a funding round led by  Viking Global Investors. 

At the time, Druva  CEO Jaspreet Singh said that the company’s public offering could be as close as 12 to 18 months away. 

Read: From Pune to Sunnyvale: The Druva template for building a global SaaS leader

The company has also recently made key executive appointments, including Thomas Been as chief marketing officer. Been was previously with TIBCO Software. It also signed on Stephen Manley, who was previously CTO of the data protection division at Dell EMC, as chief technologist. Holly Cafiero was appointed chief human resources officer while Jung-Kyu McCann is the new general counsel at the company. 

The Druva Cloud Protection platform has been built out on AWS and Singh, in an earlier interview with TechCircle, said that the company was seeing an uptick in customers from the pharma, manufacturing and technology sectors.

“Customers trust us to help them successfully transform their businesses through the cloud, and with our depth of workload coverage, and seamless platform, they can immediately experience substantial cost savings, continuous innovations, and enhanced security every day. As others introduce solutions in the category we have pioneered, Druva is accelerating growth, expanding data protection capabilities and cementing ourselves as the clear category leader,” said Singh in the latest statement. 

Singh founded the company in 2008 with Milind Borate and Ramani Kothandaraman and opened a regional office in Singapore this year, as part of its strategy to go deeper into India, Hong Kong, Japan and Singapore. The company is also looking to increase the headcount at its Pune development centre to 1,000.

In July this year, the company acquired on-premise data migration service provider CloudLanes Inc. Last year it acquired CloudRanger to manage and process data born on AWS. Druva had also been awarded three patents by the US Patent and Trademark Office for its data search and deduplication services.