Data protection startup Dhruva raises $80 million from Riverwood Capital

Dhruva, one of the world’s biggest data protection startup, has raised $80 million funding from the US-based Riverwood Capital at a valuation of $500-600 million. It is the second capital raising round for the startup in 1 year as it braces itself for an increasingly unstable cyber world with enterprises facing frequent threats from increasingly sophisticated cyber-attacks. Jaspreet Singh, CEO of Dhruva, said that “We have a great up-round from the last time. We have almost doubled our valuation from the last round. The market which we are in is heating up quite a bit. In the last six months, close to $350 million has been raised by startups in this market. The money will help us double down”.

Existing investors including Sequoia Capital India, Nexus Venture Partners, Tenaya Capital and others also participated in the latest fundraise. The CEO further added that “Over the last year, we saw a massive uptake on our second product line called Phoenix, which is focused on the core data center being backed up or managed on cloud. We also recently announced Druva cloud platform, which you can think of as an Amazon cloud for data protection”.

Founded in 2008 by Jaspreet Singh, Milind Borate and Ramani Kothandaraman, the startup has grown from being a laptop-backup services provider to a maker of data protection and information management suites for large enterprises.