On Monday, Cloud data protection and management platform Druva said it has raised a fresh $147 million from a clutch of stockholders led by Caisse de yard placement du Quebec (CDPQ) and Neuberger Berman at a valuation of over $2 billion. Existing backers Viking Global Investors and Atreides Management also participated in the funding round. The SaaS (software-as-a-service) start-up has raised close to $500 million in the capital so far.

The global SaaS market is expected to cross $276 billion by FY24. Nasscom evaluates the revenue for clean play Indian SaaS companies could increase six-fold to $13-15 billion by FY25 from $2.5 billion in FY20.

This proposes the market share of pure-play Indian SaaS companies could increase to around 5 percent by FY25 from about 2 percent in FY20. while the initial Indian SaaS companies were mostly directed on horizontal product offerings such as ERP or CRM solutions, over the last five years Indian SaaS enterprises have prolonged into vertical SaaS solutions, targeting specific industry verticals such as retail, logistics, healthcare, and travel. They have also moved into emerging technologies such as API, AI/ML, security etc.

Druva privileges its cloud platform’s customer base has stretched considerably during 2020 while the acceptance of products has increased by 50 percent in the same time period. In the last year, the company’s data under management has grown by more than 40 percent. The company sums GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals among its clients.

Founder & CEO Jaspreet Singh, states, “As data grows exponentially in parallel to this new operating model, traditional data protection based on hardware and software is no longer scalable or cost-effective. Instead, businesses need a new approach which can be deployed from anywhere, protect data across the enterprise, and deliver it securely as a service.”