Enterprise software maker Druva raises $51 million, plans for IPO

Enterprise software maker Druva raised around $51 million, or Rs 340 crore in a funding round that was led by its existing investor Sequoia Capital.

The funding round also saw participation from EDBI, Blue Cloud Ventures and Hercules Capital.

This comes as big news for investors have tightened their purse-strings in this domain.

Druva, which was founded in 2008, has now raised a total of $117 million in venture funding. In 2014, the company was valued at $220 million.

"Since our last funding two years ago, we have expanded the scope of our product and scaled across geographies. We are now marching towards an IPO,” said Milind Borate, cofounder of Druva.

Druva operates from Pune and Sunnyvale in the US and has bagged over 4,000 enterprise customers across the US, Europe, Middle East and the Asia-Pacific region.

"As we continue to grow in the enterprise business, we have a two-point plan: to continue to innovate as much as possible in terms of our offering and to expand our global footprint,” said Jaspreet Singh, cofounder of Druva.