In what will mark only the third instance of an Indian SaaS startup entering the envied ‘Unicorn’ club, Icertis has secured a $115 Million funding, led by Greycroft and PremjiInvest. This round has pushed the company to the north of $1 Billion in valuation.
Icertis has a mix of India and US in its origins. The company is headquartered in Washington with 12 offices around the globe including an engineering office in Pune. This Indo-US firm founded in 2009 by Samir Bodas and Monish Darda provides contract management software to enterprise businesses.
With fresh capital in place, Incertis intends to use blockchain technologies, artificial intelligence, and machine learning to automate basic contract management functions and expand its global presence.
Tech giants such as Google, Microsoft, Daimler, Airbus, Johnson & Johnson, Lupin, Infosys, Wipro, and Cognizant are among the customers for Icertis. “We manage 5.7 million contracts, with 2 million-plus subscribers and over $1 trillion in value of contracts under management,” Samir Bodas, Icertis CEO, told The Economic Times.
The company has been growing steadily since its conception and has a revenue of $100 million. “The total addressable market size globally is around $20 billion and growing at around 35% year over year. It’s a fast-growing market and we’re growing much faster,” Bodas added observing the company’s growth.
In the earlier four funding rounds, the venture had raised $96 million in totality. The first (2015) and second (2016) funding round had raised $6 million and $15 million respectively. These rounds were led by Capital Group, Ignition Partners, Eight Roads Ventures, Greycroft Partners, E.ventures, Meritech Capital Partners, PSP Growth, and Cross Creek Advisors
The series C (2017) round driven by Capital Group had raised $25 million along with Ignition Partners, Greycroft and Eight Roads Ventures. The series D round last year raised $50 million and was led by Meritech Capital Partners.
Chennai-based Freshworks was the first Indian SaaS firm to enter the Unicorn club in 2018. Following it, was the Pune and California-based data management firm Dhruva which entered the Unicorn club after raising $130 million in its last funding round.