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2019/ Turns unicorn
Icertis, an Indo-US contract management software maker, has emerged as the latest software-as-a-service (SaaS) unicorn, joining the likes of Freshworks and Druva. Based out of Pune and Seattle, Icertis has raised $115 million (close to Rs 790 crore) in a new financing round led by the USbased venture capital firm Greycroft and PremjiInvest (the family office of Wipro executive chairman Azim Premji).
The company’s existing investors B Capital Group (a venture fund started by Facebook co-founder Eduardo Saverin), Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth have also participated in the latest funding round. Icertis’ entry into the coveted club of unicorns marks the steady trend of Indian SaaS companies now being valued at $1 billion or more. In June, Druva raised a $130-million round led by US-based hedge fund Viking Global at a valuation of over $1 billion.
Talking to TOI, Icertis cofounder and CEO Samir Bodas said the new capital will be used for strengthening its tech platform and implement new technologies like artificial intelligence, machine learning and blockchain at a higher scale of involvement on the company’s operations. For Icertis, US and Europe are its largest markets, accounting for 80% of the revenues.
“We are looking to expand in new geographies like China, Japan and Latin America. We are looking to double down on India where we are working with key clients like Airtel and Oyo, among others,” Bodas said. He added the company will explore acquisitions to bolster its offerings to its 140 clients globally.