Icertis, Indo-US enterprise contract management software provider has become the latest software-as-a-service (SaaS) firm to be valued at over USD 1 billion after raising USD 115 million through fresh fundings, propelling it to unicorn status as investors flock to enterprise software makers.
Icertis is led by US-based venture capital firm Greycroft and PremjiInvest.
Icertis which competes with SAP SE and Oracle Corp. to help businesses manage contracts in the cloud, till date, has raised a total of USD 211 million with this latest fundraise, the company said in a statement.
The company said it will utilise the capital to strengthen its product, invest in new technologies such as Blockchain, artificial intelligence, and machine learning and expand its global footprint.
The company also said it is also actively scouting for acquisitions in the blockchain, AI and ML space as it looks to automate the reading of contracts and delivering insights for better decision making.
“We have 150 odd customers today and these are leaders in their industries, because everyone has a need to manage contracts,” said Samir Bodas, co-founder, and CEO of Icertis. “We manage 5.7 million contracts, with 2 million-plus subscribers and over $1 trillion in value of contracts under management.”
With a revenue of around $100 million, Icertis says it is looking to continue with its three-digit growth rate in the foreseeable future. “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,” added Bodas.
India currently has 19 Unicorns, most of them are consumer-facing firms including Paytm, Ola, Byju’s, Oyo and Swiggy.
This development comes a year after India minted its first USD 1 billion-plus SaaS company, Freshworks. Since then, earlier this year the only data management firm Druva has managed the feat when it raised USD 130 million.