US-based venture capital firm, Greycroft Partners along with Fidelity Growth Partners India has invested $6 Mn in an ERP solutions startup, Icertis. It provides cloud-based SaaS solutions for managing contracts on the buy-side, sell and purchases as well as ESOP and employee contracts.
The startup plans to use the funds to strengthen its R&D centre located in Pune, which designs software solutions for enterprise contract management on Microsoft cloud. It also plans to go for $20 Mn funding in 12-18 months.
Recently, the startup spun out its cloud and analytics services – ERP surround solutions into a separate company, CloudMoYo. This new company will exclusively focus on cloud and data analytics based ERP surround enterprise solutions for the high tech, life sciences, and transportation industry verticals, and accelerate growth in this market.
Founded in 2009, by Monish Darda and Samir Bodas, the Bellevue-based cloud enterprise software startup has offices in Pune and Mumbai in India. The company’s flagship product, Icertis Contract Management (ICM), can manage sell-side, buy-side and corporate enterprise contracts across the globe by leveraging the power of the cloud.
Prior to this, Icertis had raised a seed funding in 2012 and since then it has seen multi-fold year-over-year customer and revenue growth. The startup has raised $6.5 Mn so far.
Greycroft is a syndicate-friendly firm. It invests from two funds namely Greycroft III, which is a $175 Mn venture fund, and a $200 Mn growth-stage fund Greycroft Growth. The venture fund generally invests between $100,000 and $5 Mn during inception. It also supports entrepreneurs at all stages, from inception to IPO.