Indian SaaS startup Druva, which secured the unicorn tag in June this year, is now preparing for an initial public offering (IPO). In another development, German carpooling app Wunder Mobility has shut its operations in the country.
SaaS unicorn Druva eyes IPO
Indian SaaS startup Druva, which secured the unicorn status after fundraising in June this year, is now gearing up for an IPO in the US.
According to a report in YourStory, the IPO timeline has not been decided yet, but 2019 will be spent on readying the startup on various fronts, including continuing on its growth path and strengthening its product-market fit.
The startup claims to be recording an annual growth rate of 50 per cent but is not profitable yet. In June, Druva raised $130 million in a new funding round led by Viking Global Investors at a valuation of $1 billion. Its total funding stands at $328 million.
Wunder Mobility shuts India ops
German carpooling app Wunder Mobility, which officially entered the Indian carpooling market in October 2017, has shut its operations in the country.
The company had taken down its public app and stopped open platform operations in India from July 19, Entrackr reported. Its services were operational in Delhi, Bengaluru, and Mumbai. The app facilitated individual car-owners to share their rides with others travelling along the same route.
Wunder Mobility had reportedly raised $30 million in an extended Series B round of funding in September last year. It was led by the KCK Group, a US-based family investment firm, with participation from existing investor Blumberg Capital, INC42 reported.
The hesitation to travel with strangers, safety and security are some of the reasons why carpool has not been able to gain popularity among Indian consumers.