Druva Software, a provider of continuous data protection and disaster recovery products, has raised $5 million (around Rs 22.3 crore) in a series A round of funding led by Sequoia Capital India. Angel investor Indian Angel Network (IAN) has also participated with Sequoia in the follow-on round, said a company statement. Accord International of Hong Kong had made seed funding in Druva in early 2008.
For Sequoia, this investment follows its Rs 50-crore funding in Bangalore-based kitchen appliances company Stovekraft Pvt Ltd last week. Following the investment, Shailendra Singh will join the board of directors of Druva from Sequoia.
The company plans to utilise the fund in expanding operations in the global markets. “The fund will be utilised in strengthening our marketing and sales force, and also in building our next level of R&D expertise,” Jaspreet Singh, CEO and co-founder, Druva, told VCCircle.
Druva offers software that protects corporate data on employee laptops. It currently offers two products, Druva inSync and Druva Phoenix. Druva inSync is used as an enterprise laptop backup solution, while Druva Phoenix is a server back-up. Druva is also working on some new cloud-based products, which will be launched by the end of this year. It has its R&D facility in Pune.
Druva has operations in the US and Europe and plans to expand its sales and marketing in these regions. Singh says the company, which grew eight times in terms of sales in the last one year, plans to grow further in these pockets to achieve a five-fold growth this year.
Singh says the competition is very stiff in enterprise back up space with biggies like Microsoft and IBM in the fray. However, he adds that they have their own niche with cost saving products on offer.
Druva has both government and private players as clients in sectors including corporates, banking and financial services space. It currently has 450 installations across 23 countries globally.
Without divulging details about the revenue, Singh says the revenue is running upward of $2 million (around Rs 8.9 crore) run rate with a 30% net profit margin. The company is expecting to maintain 25% growth in profit in this fiscal as well.