SaaS startup Druva has raised $147 mn at over $2 bn valuations. The round was led by Canada’s Caisse de dépôt et placement du Québec and saw participation by Neuberger Berman. Existing investors Viking Global Investors and Atreides Management also participated in the round. Druva, to date, has raised $475 mn. Fresh funds will be used for product development and investment in new geographies — Nordics and Australia, said CEO Jaspreet Singh.
TCS launched a SaaS-based ‘Automated Vulnerability Remediation platform’ to help firms in identifying and prioritising vulnerabilities in its software libraries and proactively fixing them. It will also build and execute a contextual, risk-focused and effective vulnerability management programme. Santha Subramoni, Global Head, Cyber Security, TCS, said customers need to remediate pre-existing vulnerabilities and put them in place to mitigate new ones.
Trend Micro said it detected 119,000 cyber threats per min which lead to the blocking of over 62.6 bn threats in 2020. In this, email-borne threats made up 91%, attacks and about 14mn unique phishing URLs were detected. Attacks on home networks rose 210% to reach nearly 2.9 bn. Newly detected ransomware families increased by 34%, with “double extortion” attacks. Govt, banking, manufacturing and healthcare were some of the most targeted sectors.
Infrastructure software revenue in India is expected to hit $4.6 bn in 2021, a 12% rise from 2020, said Gartner. All the segments are expected to return to positive growth this year, security software is expected to have the strongest growth at 20% as security-as-a-service offerings, detection and response capabilities improve. Data integration tools and data quality tools segment is predicted to grow at over 18% in 2021 due to the rapid cloud adoption.
Citrix has announced it would acquire Wrike, a SaaS-based work management platform from Vista Equity Partners for $2.25 bn. Wrike caters to 18,000 customers across the world, offering companies to better manage and complete work at scale. The San Jose-headquartered company is expected to have 30% stand-alone growth to between $180 mn and $190 mn in unaudited ARR1. Its rivals are Asana, Trello, and Slack Technologies.
Salesforce has chipped in $15 mn into HR tech platform Darwinbox. The round saw participation from Sequoia Capital, Lightspeed India, Endiya Partners and 3one4 Capital. The company, including the latest round, has raised $35 mn. Darwinbox, the third-largest HR cloud provider after SAP and Oracle in India, wants to become the leader in the next two years. The platform services 500 firms globally, touching 1 mn employees in 60 countries.
The revenues of Indian software product companies are expected to touch $18-$20 bn by 2022, around 7-9% of the global SaaS market, according to a report from Bain & Company. The number of Indian SaaS companies, in the last five years, had doubled to around 7,000-8,000, of which over 1,200 have raised funding. These SaaS companies, having 70% of its revenues from overseas markets, is driving investment activity as funding grew by 60% to $1.3 bn between 2016 -19.
Shipsy has raised about ₹44.3 cr in a funding round, co-led by Sequoia Capital India’s Surge, and existing investor, Info Edge. The platform helps shippers reduce freight costs by automating, digitising freight negotiations, reducing incidental charges, significantly improving shipping turnaround time through advanced machine learning models. Shipsy was co-founded in June 2015 and has customers in Dubai, Saudi Arabia, North Africa, Singapore, Malaysia.
End-user spending on public cloud services in India will touch $4.1 bn in 2021, a rise of 29.4% from 2020, predicted Gartner. In 2021, spending on managed services and cloud infrastructure will make up to 8% of India’s total IT spend. The low cost of entry provided by public cloud services will influence Indian CIOs to increase spending on the tech. SaaS is projected to be the largest segment in the public cloud services market in 2021, while IaaS will grow the fastest at 44.6%.