Redpanda Skyrockets in FY24: 300% Revenue Growth, 179% Customer Growth and Industry-first Streaming Data Advancements

February 06, 2024 at 09:00 AM EST

Activision, Cisco, Lacework, ShareChat and Many More Chose Redpanda Streaming Data Platform for Simplicity, Scale and Cost Efficiency

Redpanda, the streaming data pioneer, today announced record results for its 2024 fiscal year. Buoyed by the winning combination of simplicity, scale and cost savings when compared to legacy Apache Kafka and messaging queues, Redpanda increased revenue by 300% year over year, grew its customer base by 179% and raised $100 million in Series C funding, led by Lightspeed Ventures, in a down market.

The company showed strong momentum across all of its offerings, especially its industry-first Bring Your Own Cloud (BYOC) deployment option – a fully managed cloud service that enables data sovereignty and dramatically lowers data movement costs by storing the user’s data and underlying security credentials on only the user’s cloud infrastructure. Redpanda Cloud BYOC deployments more than tripled during the year.

Redpanda also grew its community of users during the recently completed fiscal year, including a 56% increase in members of its Community Slack, a 36% increase in the GitHub stars for its freely available Redpanda Community edition, and 210% growth of users for Redpanda University, the company’s free online, self-paced training.

"As a result of switching to Redpanda, we have reduced our cloud infrastructure spend on event streaming by about 70%, resulting in savings of millions of USD annually," said Arya Ketan, Senior Principal Engineer at ShareChat, India’s leading social media platform. "We are now scaling up new use cases on our event streaming architecture without worrying about spiraling infrastructure costs. Redpanda is an integral component in our architecture, delivering highly critical use cases."

Redpanda serves a diverse roster of customers, including Activision, Akamai, Alpaca, Cisco, Dun and Bradstreet, Jump Trading, Lacework, LiveRamp, Moody’s, Optimizely, Poolside, ShareChat, StoneX, Texas Instruments, The Hotels Network and Vodafone.

“The hero of the Redpanda story has always been the builder, hacker and the doer, hands on keyboard, building the future,” said Alex Gallego, founder and CEO of Redpanda. “We are obsessed with making these builders the centerpiece of our story, knowing that if we continue to do that we’ll be massively successful as a company. The success of last year is a product of market momentum and maniacal focus. We’re just getting started.”

In FY24, Redpanda enhanced and extended its capabilities including:

Power and simplicity for developers:
- More flexible workflows with in-line data transforms based on WebAssembly
- Fully managed connectors for Redpanda Cloud, including MongoDB, Snowflake, Postgres, Apache Iceberg and more
Greater overall price performance:
- Reduction of up to 50% on cloud networking costs with the addition of follower fetching
- Additional improvements in scale and cost-efficiency through support for ARM processor-based instances and faster upscale/downscale through object storage
Enterprise-grade security and reliability:
- Advanced compliance, data sovereignty and data privacy capabilities with industry-first customer-managed VPC option
- Cost-efficient disaster recovery and cluster repair features that leverage Redpanda’s unique tiered storage capabilities
- Full-platform single sign-on OpenID Connect (OIDC) audit logging and Kerberos support

In addition, Redpanda formally joined AWS, Google and Microsoft partner programs and filled-out its executive staff with the addition of seasoned executives including Clint Nelson as Chief Revenue Officer and Mike Boyarski as Chief Marketing Officer.

To learn more about Redpanda, please visit: redpanda.com

About Redpanda

Redpanda is the streaming data platform for developers. API-compatible with Apache Kafka, Redpanda introduces a breakthrough architecture and disruptive capabilities that make it an easy, fast, scalable, and cost-effective engine of record for both real-time and historical enterprise data. Innovators like Lacework, Jump Trading, Vodafone, Moody’s, Hotels Network and Alpaca rely on Redpanda to process hundreds of terabytes of data a day. Backed by premier venture investors Lightspeed, GV and Haystack VC, Redpanda is a diverse, people-first organization with teams distributed around the globe. To learn more, visit our website at redpanda.com and follow us on X (formerly Twitter) at @redpandadata.