Another Indian Venture is here with more than a billion valuations and embarks on its footsteps on the digital market. Dhruva is a company that delivers cloud data management and protection solutions to companies like NASA, GameStop, and Pfizer that raised $147 million in its latest round of funds. It is worth over 2 billion dollars.
Dhruva is a California and Pune company, which became a unicorn two years ago, the time it raised $130 million at a value of $1 billion and more. At the moment, the CEO says the IPO is something they look forward to, but there is no specific timeline at this point.
The round of financing was led by Canada’s CDPQ and Neuberger Berman, with the involvement of existing investors such as Viking Global Investors and Atreides Management.
Meanwhile, co-founder and CEO Jaspreet Singh said: In 2020, we saw a lot of companies investing in the cloud and we also saw massive extensions to our platform. We are already investing in strengthening market access and will be redoubling our efforts soon. He also stated- Dhruva could have raised more, even double or triple the current funds, but chose not to go for higher sums.
In addition, while explaining why the company chose not to do a bigger fundraiser, he added: Resources are important, but resourcefulness is more important. Druva could have raised the double or triple because there was a strong demand for it, but sometimes more funding kills an entrepreneur’s creativity and resourcefulness. The wine must grow in a condition that the grape is hungry for life, which is when the taste of the wine becomes stronger and denser. Entrepreneurship has to struggle for life, solve a real customer problem and not strive to raise a lot of money, which may not always be the right thing to do.”
The main reason for exponential growth is the accelerated shift to the digital-pandemic port, as it has seen growing volumes of storage, rapid adoption of the cloud, and even integration of SaaS applications.
Second, regulatory frameworks and cybersecurity concerns have resulted in an increased demand for a safe place to store data. The company has also known a huge opportunity in the Indian market and plans to increase the size of its team here, to serve the public. It currently employs 870 people.
The main focus areas for the company are data analysis and intelligence, and they say- Data is a company’s most valuable asset, storage depreciates but data appreciates.
Dhruva has 200+ petabytes of data which develops 40 to 45 percent under their control and wonder how they can help customers or businesses to solve security problems.