The new investors made an additional investment of USD 200 million to purchase equity from some of the early stage investors in the Israel-based IT firm.
Open source database firm Redis Labs on Wednesday said it has raised USD 110 million from Tiger Global, Softbank Vision Fund 2 and TCV.
The new investors made an additional investment of USD 200 million to purchase equity from some of the early stage investors in the Israel-based IT firm.
Reddis CEO Ofer Bengal said the company will continue to expand its presence in India and invest in building product development as well as a sales team in the country.
‘We were not looking for fund raise at this time. Investors were chasing us and we decided at this valuation it makes sense for us to go for fund raise. Our plans to invest in India has not changed. We will keep investing in India because India is our strongest market in Asia,’ Bengal said.
Redis Labs has now raised a net amount of USD 347 million and plans to continue to invest in expanding the company’s global footprint, advancing its market-leading real-time data platform, and delivering world-class customer support.
The company’s existing investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, TCV, and Dell Technologies Capital.
Reddis has an office in Bengaluru.
‘We will be investing more in building product development. India has a huge talent pool of software engineers but this plan is not new,’ Bengal said.
Reddis customers in India include ACL Mobile, Freshworks, Hike, HolidayMe, Matrimony.com, Razorpay, MyTeams11 Sharechat, SonyLiv, among others.
The company is also preparing to come up with an IPO within a year.
‘If market is favourable we will do that but if market cools off than this fund will give us flexibility to optimise the timing of the IPO,’ Bengal said.
(PTI)
Source: Business World
