Cloud information protection and management platform Druva on Monday stated it has raised a fresh $147 million from a clutch of investors led by Caisse de depot et placement du Quebec (CDPQ) and Neuberger Berman at a valuation of more than $2 billion. Existing backers Viking Global Investors and Atreides Management also participated in the funding round. The SaaS (computer software-as-a-service) start off-up has raised close to $500 million in capital so far.
According to IDC, the international SaaS market place is anticipated to cross $276 billion by FY24. Nasscom estimates the income for pure play Indian SaaS corporations could boost six-fold to $13-15 billion by FY25 from $2.5 billion in FY20.
This suggests the market place share of pure-play Indian SaaS corporations could boost to about 5% by FY25 from about 2% in FY20.
Credit Suisse wrote lately in its report on one hundred Unicorns, the emergence and adoption of new technologies such as cloud, mobile, RPA, AI, and the like more than the last 5-10 years has not only facilitated improved penetration of the SaaS small business model but also brought about new verticals/regions exactly where SaaS can be deployed.
“For example cyber security, API, analytics, have become emerging areas of focus for SaaS companies,” CS observed.
The report added that whilst the initial Indian SaaS corporations had been largely focussed on horizontal item offerings such as ERP or CRM options, more than the last 5 years Indian SaaS enterprises have expanded in to vertical SaaS options, targeting certain business verticals such as retail, logistics, healthcare and travel. They have also moved into emerging technologies such as API, AI/ML, safety and so forth.
Druva claims its cloud platform’s consumer base has expanded substantially through 2020 whilst the adoption of merchandise has improved by 50% in the similar time period. In the last year, the company’s information beneath management has grown by more than 40%. The firm counts GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals amongst its customers.
“As data grows exponentially in parallel to this new operating model, traditional data protection based on hardware and software is no longer scalable or cost-effective. Instead, businesses need a new approach which can be deployed from anywhere, protect data across the enterprise, and deliver it securely as a service,” the firm led by founder & CEO Jaspreet Singh stated.