Tag Archives: startup

Overview of Function Space (@fspace314), Pune’s “Facebook for Science”

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FirstPost has an good overview of Function Space – Pune’s Science Social Network, the startup founded by Pune’s Adit Gupta, Sakshi Majumdar, and Sumit Maniyar, and that was recently funded by Nexus Venture Partners.

How did Function Space get started?

The venture, started in April 2013, was conceived as a sort of Facebook for science – a way to make knowledge sharing accessible and approachable. Now known as Function Space, it uses the social learning model to make science easy and understandable for all skill levels – be it novices or experts.

In April 2013, both Gupta and Majmudar quit their jobs in the design and IT fields respectively, and decided to focus on creating a science platform full-time – within two months they had a basic prototype of what Function Space would look like. During that period, their current partner Sumit Maniyar heard about their venture through a common friend and soon after decided to join the duo.

How did they do the initial marketing for Function Space?

Maniyar, 28, explained how word about Function Space got out. “Adit’s friend posted that we were working on social learning science platform on Hackernews, a social news website dedicated to content related to computer science and entrepreneurship,” Maniyar said. Soon, someone picked up the thread and the discussion went viral.
Within a day’s time, the Function Space team had between 800-1000 people sending in requests for invitations to the beta site. As with many startups, word-of-mouth was Function Space’s number one marketing tool, with the team spending no money on advertising.

What exactly does Function Space do?

The main goal of the site is to bridge the gap between an academic curriculum to the skill-based requirements of the workplace. Through the use of videos, articles, problems, diagrams, equations and codes, the site allows users to interact and collaborate with each other on everything from algebra and applied maths to cosmology and particle physics to artificial intelligence.

For instance, a user might post a query or an opinion on a subject which could result in discussion threads that could include solutions, readings or even more questions and opinions. Users can also share news or post challenges for others to solve. Tabs on the screen allow users to navigate between sections like ‘Feed’, ‘News’ and ‘Challenges.’

What were the next challenges?

The buzz Function Space started out with helped it get noticed in a few hallowed educational institutions. PhD students and professors from universities like IITs, Stanford and MIT began logging in to check out the material being shared and sometimes even engaging with users from across 190 countries globally, Maniyar said.

But trawling through the mounds of sometimes useless data on the site to find that one IIT professor’s post was a painful task. So the Function Space team signed on volunteers to “sanitise the platform.”

“We get a lot of garbage on the site and maintaining the quality is a big challenge. It’s also difficult to find good talent,” he said. “The volunteers remove factually inaccurate content.”

As regular readers of PuneTech are aware, Function Space entered the list of tech companies in Pune that have recently raised funding last month, which now makes it one of Pune’s hottest young startups.

Naren Gupta, of Nexus Venture Partners who funded Function Space, points out how Function Space is different from a MOOC:

“Would anyone expect a Physics Noble prize winner to discuss relevant issues and share ideas on Quora?” he asked. “Function Space could take learning to new levels even beyond MOOCs (Massive Open On-line Courses). While MOOCs are one too many learning platforms, Function Space would become a many-to-many learning and discussions platform,” believes Gupta.

Read the full article on FirstPost.

Pune-based Druva get $12M in Series B from Nexus/Sequoia – This time its official

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Pune-based Druva software, which makes enterprise backup software, has just cosed a $12 million round of funding from Nexus Venture Partners and existing investory Sequoia. In April 2010, they had raised $5 million from Sequoia and the Indian Angel Investors.

This funding is going to be used by Druva to make a strong push into cloud-based backup. Cloud infrastructure for a bandwidth and storage intensive like backup can be a significant expense, and of course, sales and marketing too.

A few weeks back a partially inaccurate version of this story had been leaked by Economic Times and was reported by PuneTech, but we “withdrew” the story after Druva called us up and let us know that it was premature to talk about it. Talking about a company’s funding round before everything is finalized and the money is in the bank is dangerous for a number of reasons including:

  • Funding is a tricky thing and there are no guarantees until the money is in the bank. Many things can, and do go wrong. One bad day on the stock market can cause VCs to reconsider any deals that are not final.
  • From the time the startup received a term-sheet from the VC until the deal is finalized, there is usually a no shopping clause which prevents the startup from talking about the details of the deal with anybody else. This is to ensure that the startup does not use this offer to try and create a bidding war between VCs. Hence, if the details leak out the VCs might feel that the startup is trying to violate the no shopping clause
  • Most importantly, if word leaks out that a VC is funding a company for amount X, then in next few days is is possible that the VC’s contacts in the industry (probably other VCs) keep saying “Why are you paying X? I don’t think it is worth more than Y?” and this can cause the VC to reconsider the deal. This is very dangerous for the startup.

This time however, the news is official (and is actually better than the deal reported by Indian Express).

As for what Druva does exactly, and why it is one of our favorite Pune companies, just read the previous article, which had a bunch of links. Here are some other interesting tidbits about Druva:

  • “Druva’s disruptive innovation reduces the storage footprint and bandwidth requirement for backup by orders of magnitude compared to other industry solutions” -Jishnu Bhattacharjee, Nexus
  • Druva, founded in 2007, has amassed more than 750 customers and protects more than 300,000 endpoints (i.e. servers, laptops, PCs) worldwide
  • InSync’s global, source-based deduplication reduces bandwidth and storage by 90 percent while providing 100 percent accuracy for Microsoft Outlook and Office applications

Here’s the full press release regarding this news

News of Druva’s funding was inaccurate and premature

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On Friday, based on an Economic Times report, we reported that Pune-based enterprise backup software provider Druva has received $10 million in funding from Nexus VP. Unfortunately this news appears to be inaccurate.

Here is a comment from Jaspreet Singh, CEO of Druva:

Thanks Navin, but this news is not very accurate. This was unethically leaked and then misreported by Peerzada (abrar.shz@timesgroup.com) of ET for some cheap thrills.

Not sure when would people this these grow up and stop screwing lives of entrepreneurs who are already fighting against all the odds.

You have been a great supporter and I would give you a call sometime next week to give accurate information and some more good news.

Basically, Druva is indeed in an advanced stage in their second round funding process, but it is not done yet, and they cannot talk about the details of the amount or the investors involved. The details that came out in the ET report are inaccurate.

We wish Druva luck, and hope to hear the official good news sometime soon.

Backup Software Provider Druva.com get $10 million funding from Nexus

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Update: It appears that the report in ET, on which this article is based, was inaccurate. Please see this update.

Pune-based startup Druva, which sells enterprise backup software, has just closed a second round of funding worth $10 million from Nexus Venture Partners, reports Economic Times.

In April 2010, Druva had raised $5 million from Sequoia and the Indian Angel Network. At that time, these are the reasons we gave for why we liked Druva:

  • Druva is a purely homegrown startup. This is not a company started by someone in the US setting up a development center in India.
  • Druva is a product startup. It is not a services company. Hence, it has a potential for exponential growth and returns.
  • Druva is not done by serial entrepreneurs. The co-founders are all first-time entrepreneurs who quit their big-company jobs to start Druva. This should give hope to all the first-time entrepreneurs in Pune.

Druva has been one of PuneTech’s favorite startups and we have covered it extensively in the past, so, frankly, there isn’t much new that we’ll be able to say about it. Instead, we’ll simply point readers to the older articles:

We also want to point out that Druva is one of the sponsors of PyCon – the International Python Conference that’s happening in Pune next month.

We wish Druva luck, and although getting another round of VC funding is not as good an indicator of success as an IPO or an acquisition, we would still like to repeat what we said in April 2010:

  • We now have in our midst a startup success story that will hopefully inspire a 100 new software product startups in Pune.

“World-class software products can come out of India” – Interview with CEO of Druva

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We now have in our midst a startup success story that will hopefully inspire a 100 new software product startups in Pune.

PuneTech and the Pune Open Coffee Club both started about 2 years ago, and the steadily increasing memberships and vitality of these communities points to a very strong startup community in Pune. However, throughout those two years, one question always cast a doubt on the long-term potential of this startup ecosystem. And that question was: Where are the success stories?

Druva Software is a Pune-based backup software product startup. Click on the logo to see all PuneTech articles about backup software (mostly about Druva)
Druva Software is a Pune-based backup software product startup. Click on the logo to see all PuneTech articles about backup software (mostly about Druva)

Druva software (previously known as Druvaa) which just closed a $5 million round of funding led by Sequoia Capital answers that question. Of course, getting a round of VC funding is not as good an indicator of success as an IPO or an acquisition. And of course, there have been other successes in the past. But still this news is great, for the following reasons:

  • Druva is a purely homegrown startup. This is not a company started by someone in the US setting up a development center in India.
  • Druva is a product startup. It is not a services company. Hence, it has a potential for exponential growth and returns.
  • Druva is not done by serial entrepreneurs. The co-founders are all first-time entrepreneurs who quit their big-company jobs to start Druva. This should give hope to all the first-time entrepreneurs in Pune.
  • There haven’t been many high-profile successes in recent times, and this one comes as a breath of fresh air.

Druva has been one of PuneTech’s favorite startups. With 5 different PuneTech articles, this is probably the company that has received maximum coverage from us. And a quick look at the articles gives hints as to why:

  • It is a product company, which is always more interesting than a services company; it’s especially interesting to watch the product evolve over time.
  • It requires some very complex technology, not something that any company could easily build. Plus, they are happy to write detailed technical articles about the technology that underlies their products.
  • It has repeatedly featured in high profile startup events in India, from proto.in to the NASSCOM summit

PuneTech spoke to Jaspreet Singh, CEO of Druva, over the phone, and here are some quick notes based on this conversation. There are a number of unique features here that other Pune entrepreneurs would do well to take note of.

On the current state of the company

Druva has $2.5 million revenue run rate, coming from about 400+ customer deployments. Most of this is from their flagship product, the inSync remote laptop disk-to-disk backup solution. Recently they also introduced Phoenix a remote server disk-to-disk backup solution. They have about 23 employees, most of them in Pune, with a few sales people elsewhere. The product is developed entirely in Pune.

How do they manage enterprise support for 400 customers with such a small employee base?

Although supporting their customers is a very high priority for Druva, one of the things they focus on very hard is to make the product very easy to use and very easy to support – so that to a large extent, most of their customers don’t really require any support. They have a “release often” philosophy which ensures that customers always have the latest, bug-fixed, version of the software.

Another area that they put a lot of effort in, is in ensuring that the product is easy to install. A lot of their customer testimonials speak of how easy it was to self-install the software. By contrast, the comparable software from the more established players in the market requires professional services help for installation.

How do they manage sales without a strong US/Europe presence?

Instead of the tradition of hand-holding that is a common feature of enterprise sales in this domain, Druva decided to go a different route. They made their software freely downloadable from the web, and made it easy to install and try. As a result, most of their customers approach them after having first tried the product out via the website. And many of their sales, even large ones, have happened over skype/email, with no in-person customer visits.

How do they compete with the large MNCs, the established players in this market?

We were very surprised to learn that Druva does not try to compete with the incumbents on cost. Jaspreet told us that in fact the average Druva sale tends to be 3x more expensive than the comparative offering from the established players. Druva scores on ease of use, simplicity, and most imporantly, the technology.

Jaspreet points out that one of Druva’s strong points is the easy-to-use source-level de-duplication. Which means that when backing up a laptop, they can ignore duplicate content even before the data is sent to the remote backup server. Specifically consider the gigabytes of windows operating system files on your laptop. Most of these files are likely to be identical across all laptops of a company. Druva’s software would know beforehand that there is a copy of those files on the backup server, and would never send it across. Such optimizations ensure that backing up 15 TeraBytes of data from a number of different laptops just results in about 2 or 3 TeraBytes being send across the network. This results in an increase in speed, reduction in network bandwidth consumed, and in disk-space consumed.

By contrast, traditional backup systems do de-duplication at the destination. Which means that all the data is sent to the server over the network, and only then is the server able to remove duplicate content. This means that the speed and network bandwidth improvements are lost.

Also, claims Jaspreet, Druva’s backups are fully searchable – a feature that is not available with most competitors.

What is their primary challenge currently?

Jaspreet says that they want to build a high-quality, world-class product, and for that he needs lots of high-quality, world-class people. While they’ve obviously managed to build a team like that which got them so far, they need many more such people in the coming days, and that’s a significant challenge. He says that it is difficult, if not impossible to find “readymade” world-class talent here (even when “world-class” salary and/or equity is offered!). Instead, he feels that the only approach that works is to find individuals (whether freshers or industry veterans) who have the right attitude and potential and then nurture them into the required shape.

(As an aside, we’d like to point out that is a pattern. Pretty much every startup we talk to mentions hiring of high-quality people as one of their primary challenges. This is a problem that needs a solution, and I’m hoping that some entrepreneur in Pune is looking at this as an opportunity.)

Parting thoughts: In the Druva co-founders, we have people who have been through the entire process, from zero to VC-funding, in Pune, recently. And they are nice guys. Pune entrepreneurs should take advantage of this, and flock to them for guidance, advice and mentorship.

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Druvaa: From proto.in presenter to proto.in sponsor in 18 months

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Pune based backup software startup Druvaa has gone from being a 3-person startup that presented at proto.in 18 months back, to a 16-person company that is profitable, and sponsored proto.in this weekend. We caught up with Jaspreet Singh of Druvaa during proto and had a conversation with him about how they are doing.


Note: Please turn up the volume. The sound quality is not-so-great. (Hopefully future videos will be better.)

Please also check out the older PuneTech articles about Druvaa:

Interesting note: You’ll notice that over the years, Druvaa has shifted gears from selling continuous protection (which they started off with) to remote backups (which is their primary product now). This is a feature of any startup – adapting to the needs of the market.

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