Hyderabad-based Fintech startup HighRadius has secured $50 million funding from Susquehanna Growth Equity.
Atlas Technology Group acted as a financial advisor to HighRadius in this transaction. In conjunction with the investment, Amir Goldman and Ben Weinberg from Susquehanna Growth Equity will join the company’s board of directors.
The SaaS-based enterprise startup will deploy the funds to continue its aggressive growth and expand its presence globally.
One of the leaders in cloud-based Integrated Receivables software, HighRadius is led by CEO, Sashi Narahari, an IIT alumnus and enterprise technology veteran. It works with hundreds of Global 2000 companies, including Adidas, Starbucks, Procter & Gamble, Reckitt Benckiser, Johnson & Johnson, Warner Bros, Danone, Sysco, and Zurich.
The company’s solutions help optimise cash flow, reduce days sales outstanding (DSO) and bad debt, and increase operational efficiency.
The startup applies artificial intelligence and machine learning to all aspects of accounts receivable operations, including credit, collections, cash application, deductions, and payments. Adoption of Integrated Receivables technology is expected to match that of Accounts Payable automation by 2020.
A 10 years old bootstrapped startup, HighRadius currently employs over 500 people across US, India, and Europe.
“We have more than 350 clients on our platform powered by Rivana Artificial Intelligence engine and the RadiusOne B2B payment network. This funding will help us accelerate our platform to thousands of companies globally,” said Sashi Narahari, Founder & CEO of HighRadius.
Susquehanna Growth Equity, LLC (SGE) has invested in over 40 companies over the last 10 years and has portfolio companies across the US, Canada, EU, and Israel.
According to a joint report by Google and Accel Partners, SaaS (Software as a Service) products market in India is expected to cross $50 billion in the next ten years as the segment is set to receive a massive rise in demand from more and more small and medium businesses.