Druva, a SaaS company focused on cloud data protection and management, announced it has surpassed $100 million in annual recurring revenue (ARR).
The company, which became a unicorn in July, has had a particularly successful year, claiming it has also tripled its annual revenue in three years. This company also launched a number of industry-firsts, including new protection capabilities for AWS workloads, built-in disaster recovery, the first cloud-based intelligent storage tiering system, as well as backup functionality for leading SaaS applications like Slack and Microsoft Teams. Currently, Druva serves more than 10% of the Fortune 500 companies including the likes of Flex, Hitachi, Live Nation, Marriott, and Pfizer.
Overall, the company says its growth has been energized by the increasing number of enterprises becoming more open to cloud adoption and SaaS business models. Built entirely on Amazon Web Services (AWS), the Indian startup promises to be “a SaaS solution in a market dominated by legacy hardware vendors.” Offered as a subscription service, the service helps customers cut costs by “up to 50 percent” and eventually eradicates otherwise “unnecessary hardware, capacity planning, and software management.”
“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 [and that’s the] cloud,” says Jaspreet Singh, co-founder and CEO of Druva. “Today, more than 600 customers rely on Druva to protect data center workloads, a number that has grown by 70 percent in a year,” he added.
This burgeoning shift to the cloud will only become more significant in the years to come. According to Gartner, a leading research and advisory company, 80% of enterprises will migrate entirely away and close their on-premises data centers by 2025.
Founded in 2008 by Singh and Milind Borate, Druva has secured $328 million in cumulative funding. 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 center of the startup is based in Pune, India.
Other SaaS companies that have crossed $100 million in ARR include Sprout Social, a media management company that recently filed to go public, as well as Asana, a developer of work management and a productivity suite.