US-based WSO2 closes a $93 million Series E round having a $3 million in funds from Redstart Labs
- ByStartupStory | May 25, 2022
WSO2, a digital transformation solutions provider based in California, said on Wednesday that it has closed its Series E growth-stage investment round, which included Redstart Labs as an investor. Redstart Labs invested $3 million in the Series E round, which concluded at $93 million, backed by Info Edge (India). Lead investor Goldman Sachs Asset Management Private Credit contributed $90 million in November 2021. WSO2 has now received $140 million in equity funding, valuing the company at nearly $600 million. The funds will be used to expand geographically and speed growth, with the goal of going public in US markets by 2025.
Sanjiva Weerawarana launched the firm in 2005, and it now has a significant presence in Sri Lanka. Over the next two years, it wants to create an office in India and recruit between 50 and 100 workers. The firm has established a subsidiary in India and is looking for a general manager to oversee activities there.
Sanjiva Weerawarana, the CEO and founder of WSO2 said that as a Sri Lankan-founded firm, the company intended to raise funds from Indian and Sri Lankan investors as part of its latest expansion round. While the latter fell through owing to currency fluctuations. It has a solid footprint in India, and it would like to increase it. The firm views the India operations as a fully complete team, with sales, marketing, R&D, customer success, finance, and other departments. This is also a means to provide investor and consumer reassurance, as well as a way to mitigate national risk.
WSO2 has 35 paying clients in India, including significant corporations and government bodies, according to the company. It serves over 800 customers in 90 countries and employs approximately 1,000 individuals throughout the world. WSO2 provides open-source API management tools as well as client identity and access management services (CIAM). In April 2022, it also announced its Platform-as-a-Service solution to help companies go to market faster. Over the previous four years, the company has been profitable. It generated $63 million in Annual Recurring Revenue (ARR) in 2021 and expects to generate $90 million in 2022.
Follow Startup Story
Related Posts
