Redis Labs bags Rs 742 crore from Bain Capital Ventures, TCV

Database company Redis Labs on Tuesday said it has closed $100 million (approximately Rs 742 crore) in Series F financing at a company valuation of more than $1 billion.

This investment was co-led by Bain Capital Ventures and TCV, with participation by the company’s existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.

With this funding, Redis Labs has now raised over $246 million to-date.

“India has become one of the most exciting markets for us in the past 18 months, and we’re continually looking at ways to support the growth we’re experiencing,” Ofer Bengal, Co-Founder and CEO, Redis Labs, told IANS on Tuesday.

“Our success in India is based on two factors: the developers’ love for Redis, including its simplicity and flexibility, and companies across nearly every sector in the county moving to the Cloud,” Bengal said.

Redis Labs is the home of the popular open-source database, Redis and commercial solution, Redis Enterprise.

Founded in 2011, the company is headquartered in Mountain View, California, while its global research and development centre is in Tel Aviv, Israel.

It has offices in Bengaluru, London, and Austin, Texas in the US.

When asked what the company plans to do with the new funding, the Redis Labs CEO said that the company’s priorities include investing in open source Redis from a technology and community standpoint and widening the competitive edge of Redis Enterprise by adding features and expanding the use cases for developers.

The company will also continue to grow its sales and marketing teams and programmes to reach “the massive opportunity for Redis Enterprise among Global 1000 companies”.

“If you look at recent enterprise software companies before they undertook successful IPOs, the common attribute is fast growth. We have set aggressive growth goals — even accounting for Covid-19 — and in order to achieve them, we have to spend,” Bengal said.

Redis Labs currently has more than 7,500 customers, including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon.

The company this year signed a strategic alliance agreement with Microsoft Azure for making Redis Enterprise the top tier of Azure Cache for Redis, and launched it in Private Preview.

It also added that following the availability of Redis Enterprise Cloud as a native service on Google Cloud in October 2019, the service has experienced over 300 per cent growth in just two quarters.

“We’ve seen tremendous demand in India for our integrated Redis Enterprise Cloud service with Google Cloud in just over two-quarters of availability, and we expect our upcoming service with Microsoft Azure also to be well received in the market,” Bengal said.

“India will continue to be a major focus for us in working with local partners, ensuring we have the team in the market to support our customers and growing our go-to-market programmes to support and grow with our customers,” he said.