Billionaire Azim Premji has helped create India’s latest tech unicorn: a fast-rising software startup that symbolises the growing investor interest in the Asian nation’s enterprise technology space.
Icertis, which competes with SAP SE and Oracle Corp to help businesses manage contracts in the cloud, has raised $115 million, propelling it to unicorn status as investors flock to enterprise software makers.
The advanced-stage funding round in Bellevue, Washington and Pune, India-based Icertis was co-led by Greycroft Partners LLC and PremjiInvest, the fund managed by the family office of Indian tech billionaire Premji.
Existing investors including B Capital Group, Eight Roads Ventures and Cross Creek Advisors participated. With this, Icertis has raised over $211 million.
The enterprise software segment is heating up as investors from Tiger Global Management to Sequoia and Accel scour the industry for India’s next startup giants.
Many are expected to be business — rather than consumer-focussed, as the country’s talent pool shifts from IT outsourcing services for global clients toward designing and providing online software.
Icertis said it helps customers worldwide manage over 5.7 million contracts, from supply chain and procurement deals to employee agreements and nondisclosure pacts, that have a total value of more than $1 trillion.
“As contracts get converted from static documents to digital assets for the first time in history, every dollar in or out is governed by a contract, putting them at the heart of every enterprise,” said Samir Bodas, Icertis’s co-founder and chief executive officer. “Every global company faces unprecedented global competition and needs software to manage contracts.”
Icertis is valued at “well north of one billion dollars,” Bodas added. The company will use the additional funding to grow its business, including by expanding sales and marketing.