Funding Alert
Icertis, a SAP-Backed SaaS Unicorn, recures $75 million in funding
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ByStartupStory | October 27, 2022
Icertis, a pioneer in contract management Software-as-a-Service (SaaS), has raised $75 million in debt financing, according to documents filed with the US Securities and Exchange Commission. After Icertis obtained an unknown amount of capital from German software giant SAP SE in January, the company now owes the money. The digital unicorn with offices in Seattle and Pune raised $80 million in its Series F round, which was led by current investor B Capital Group and included investments from other investors. The startup was valued at $2.8 billion.
At a $5 billion value in September 2022, Japan’s SoftBank Vision Fund acquired shares from Eight Roads, an existing investor in Icertis. Icertis did not provide an official response to the news. Icertisis is a cloud-based enterprise contract management software created in 2009 by Samir Bodas and Monish Darda that provides simple solutions to complex contract administration issues. B Capital Group, Greycroft, and Premji Invest are a few of Icertis’ additional investors.
For companies including AbbVie, Airbus, Apple, BASF, Google, Johnson & Johnson, Merck & Co, Microsoft, and Wipro, its AI-powered Icertis Contract Intelligence (ICI) technology administers international contracts. Alternative finance models like venture debt have increased amid a severe financial shortage in India and around the world. One of the first unicorn startups to raise debt is Icertis.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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