Pune and Seattle-based enterprise contract management software provider Icertis has made entry into Unicorn club with latest $115 million Series E round from US-based venture capital firm Greycroft and PremjiInvest.
This would be the third SaaS-based startup that has operations in India to get the coveted status within a year. In August 2018, Freshworks bagged the unicorn tag with $100 million round followed by Druva that recently picked up $130 million from US-based hedge fund Viking Global Investors, Neuberger Berman, among others.
Interestingly, the company was valued at around $500 million in October 2018. This is a sheer jump in the startup’s valuation, which ran on $1 million bootstrap capital until first external investment round of $6 million in 2015.
Till date, it has raised about $211 million risk capital from the likes of Eight Roads Ventures, B Capital and several others.
The fresh capital will be utilised this fund to strengthen its product, expand global footprint along with investment in blockchain, artificial intelligence, and machine learning, reports ET.
Icertis claims to manage 5.7 million contracts, more than 2 million subscribers and over $1 trillion in value of contracts under management. Currently, it clocks around $100 million in revenue out of which India contributes 10-20%.
Apart from the US, Icertis has over 500-member R&D team in Pune, and it counts Google, Microsoft, Adobe, Airbus, Airtel, Lupin, Infosys, Wipro and Cognizant as its customers.
Icertis generates money through an annual subscription model based on the total number of contracts drawn up and tracked. For the next phase, Icertis targets 3 digit growth and roping in top 2,000 firms globally as its customer.
Global contract life cycle management market pegged at $20 billion and growing at around 35% year over year.