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CDPQ leads growth funding round in data protector Druva
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Cloud backup and data protection firm Druva Inc has raised $147 million (Rs 1,094 crore) as part of its growth round led by Caisse de dépôt et placement du Québec (CDPQ). 

CDPQ, Canada’s second-biggest public pension fund, said in a statement that it alone has pooled in $100 million and will join the Silicon Valley-based firm’s board. 

Existing investors Neuberger Berman, Viking Global Investors and Atreides Management also participated in the round. 

With the round Druva has attained a valuation of over $2 billion.

Jaspreet Singh, founder and CEO of Druva, said that with the investment the company will continue to expand the reach of Druva Cloud Platform and invest in product and tech capabilities.  

Druva was founded in Pune by Singh, an Indian Institute of Technology-Guwahati graduate, along with Milind Borate and Ramani Kothandaraman, in 2008.  

The company delivers data protection and management for the cloud. Druva’s cloud platform is built on Amazon Web Services (AWS).  

Last year, the company says it witnessed adoption of its multiple cloud platform products increase by 50%. 

Prior to this funding, Druva had raised $130 million in 2019 to join the unicorn club of startups valued at $1 billion or more. 

Alexandre Synnett, executive vice-president and chief technology officer at CDPQ, said that Druva is in an excellent position to seize opportunities because of the higher need for cloud–based data protection solutions in view of the working-from-home dynamic experienced globally. 

Meng Ann Lim, managing director, direct private equity for Asia-Pacific, CDPQ Singapore, said that the investment group sees other opportunities, similar to Druva, in the Asia–Pacific region where internet penetration and cloud adoption are increasing rapidly. 

CDPQ officially set foot in India in 2016. Since then, it has invested over $5 billion across sectors such as infrastructure, real estate, stressed assets and renewable energy in tie-ups with local companies such as Edelweiss. 

In another digital bet on India, CDPQ invested in epharmacy PharmEasy.  

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