Druva, a US-based cloud cybersecurity software provider backed by telecommunications firm NTT, will begin preparing for an initial public offering, co-founder and chief technology officer Milind Borate told YourStory today.
Founded in India in 2008, Druva produces software that manages and protects data for enterprise customers on-premises, in the cloud and the edge. It has more than 4,000 customers and a revenue run rate of $100m according to Borate.
The company, valued at more than $1bn as of its last funding round in June this year, will seek to improve its product’s position in the market over the rest of 2019 as it adds more data-based functionality to its offering.
The flotation will follow approximately $328m of funding. Druva received $130m in the June series G round, which was led by Viking Global Investors with backing from Riverwood Capital, Tenaya Capital, Nexus Venture Partners and funds advised by Neuberger Berman and Atreides Management.
NTT subsidiary NTT Finance was among the investors in Druva’s $51m series E round in 2016. Sequoia Capital India led the round, which also featured Nexus Venture Partners, Tenaya Capital, EDBI, Blue Cloud Ventures and Hercules Capital.
The company subsequently added $80m in a 2017 round led by Riverwood Capital that included Sequoia India, Nexus Venture Partners, Tenaya Capital and the majority of its existing investors.
