DigitalOcean, a Cloud company has closed a $50 million Series C funding round led by Access Industries, with participation from Andreessen Horowitz (a16z). The funding follows the $320 million debt financing in February and brings DigitalOcean’s equity valuation to $1.15 billion.

The 2012-founded US-based DigitalOcean has presence in 195 countries with three global offices, including Bengaluru, India. The company is believed to have a high-growth business with $300 million in annual recurring revenue, serving

more than 500,000 customers globally, with nearly two-thirds located outside the US.

It has created a strong niche in the $200 billion cloud market by catering to developers, entrepreneurs, and small businesses who opt to use DigitalOcean’s easy-to-use, affordable and scalable infrastructure over complex and cost-prohibitive options provided by others in the market.

Yancey Spruill, CEO at DigitalOcean, said the company was now freed up to focus on accelerating revenue growth, transitioning to free cash flow profitability in 2020, and position itself as a public company.

DigitalOcean started its India operations when it commissioned its first data centre in Bengaluru in 2016 with a seed investment of $5 million, targeted at the thriving startup and developer community.

According to media reports, some of its customers include OYO, Edge Networks, Magic Crate, Vakilsearch, Zerodha, WhatFix, Rapido and Market Pulse. In India, the company also works in collaboration with Nasscom 10,000 Startups and venture capital firms like Accel, Matrix, SAIF to support startups associated with or funded by them.