Redis Labs, a database software startup, known for its open source database and the provider of Redis Enterprise, has raised $100 million in Series F financing, at a valuation of more than $1 billion, thus becoming a unicorn.
The 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.
Globally, Redis Labs has more than 7,500 customers including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon. In India, its customers span across sectors ranging from Saas startup Freshworks, messaging service Hike, matchmaking platform Matrimony.com, online payments Razorpay to OTT platforms like SonyLiv.
U.S-based Redis Labs will use this capital to continue to grow the global Redis community, expand its go-to-market team and programs, invest in product development, expand sales and marketing, and invest in partnerships in India and develop Redis AI and bring that to the market.
“India is one of our fastest-growing markets over the past 18 months and we’ve made significant investments there to support and grow the massive opportunity there..our success is driven by two factors – developers love for Redis and the fast move to the cloud by so many companies in India today,” said Ofer Bengal, co-founder and chief executive officer at Redis Labs.
Ofer said that while being a unicorn is good for the morale and good for PR, “in reality we continue to build an independent and robust company for the future, that will help us go in for an IPO at a future date.”
Redis Labs delivers a real-time data platform that allows enterprises to manage, process, analyze, and make predictions, that will improve their customer experiences and drive their business forward in a data-driven economy.
“The unprecedented conditions brought on by covid-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud,” added Bengal.
Redis is working closely with large companies in India like Infosys Ltd to drive adoption of its services. In 2019, primary database projects comprised 60% of the company’s revenue within India, while Redis Enterprise Cloud adoption resulted in 70% of the revenue in the market. Redis partnered with Google for the availability of Redis Enterprise Cloud as a native service on Google Cloud that has seen over 300% growth in just two quarters. Redis is also collaborating with Microsoft to bring advanced Redis features to its cloud platform Azure.
“Redis has become the ideal database for companies to operate intelligently and win in the current economy,” said Enrique Salem, Partner, Bain Capital Ventures. “We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category.
