Druva reports 70% growth in recurring revenue

Cloud data protection firm Druva said recurring revenue increased by 70% year-on-year for its data centre workload protection solution and overall data under management grew 50% in the past year. The company expects the pace of growth to continue on higher demand for cloud-based solutions. “The spring of 2020 will be forever remembered as the inflection point of the cloud era, when years of planning and discussion transformed into action and massive migration efforts nearly overnight,” said Jaspreet Singh, founder and CEO of Druva.

“This has been a strong year for our company and given our strategy combined with the current market acceleration toward cloud migration, there is an opportunity to expand our growth even further this year,” he added. The Covid-19 pandemic-induced lockdown resulted in a sudden shift to working remotely the world over, which has significantly accelerated demand for a cloud-first approach to data protection.

According to a May 2020 report from IDC, infrastructure spending is still projected to grow to $237 billion this year based on spending by service providers, in addition to ongoing enterprise demand for cloud services. “I expect data protection solutions to play a more critical role than ever before to ensure that enterprise collaboration platforms can run 24 x 7 to keep employees productive,” said Phil Goodwin, Research Director of IDC.

More than 25% of Druva’s cloud customers are now purchasing multiple workload protection across its cloud platform, it said. The company currently works with over 1,000 customers and said customers have performed over 1.5 billion backups with Druva in the last 12 months. The company is funded by Sequoia Capital, Viking Global Investors, Tenaya Capital, Riverwood Capital and Nexus Partners and is among the first B2B software unicorns out of India.

Druva reports 70% growth in recurring revenue Druva reports 70% growth in recurring revenue Reviewed by TechCO on 7/09/2020 Rating: 5

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