SaaS Unicorn Icertis Eyes $50 Mn Fundraise

SUMMARY

Icertis is looking to raise $50 Mn (almost INR 431.8 Cr) in an equity round of funding

As per a Form D filed with the US Securities and Exchange Commission (SEC), the round will see participation from five investors

To note, the startup raised an undisclosed sum from SaaS giant SAP in 2022 at a valuation of $5 Bn

SaaS unicorn Icertis is looking to raise $50 Mn (around INR 431.8 Cr) in an equity funding round.

As per a Form D filed by the startup with the US Securities and Exchange Commission (SEC), the round will see participation from five investors.

While it didn’t disclose the name of the investors, it was reported that last year that Icertis was looking for a $150 Mn secondary sale, which would see SoftBank increase its stake in the startup.

As per the Form D, the date of first sale for the investment was March 4. This represents the date on which the first investor made the commitment to pour capital into the company.

Inc42 has reached out to Icertis cofounder and chief executive Samir Bodas for comments on the development. The story will be updated based on his response.

Founded in 2009 by Bodas and Monish Darda, Icertis provides contract management services to enterprises. Its flagship product, Icertis Contract Management (ICM), can manage sell-side, buy-side, and corporate enterprise contracts across the globe.

It primarily caters to financial services, healthcare, pharmaceutical, retail, manufacturing sectors.

To note, the startup raised an undisclosed amount from German-based SaaS giant SAP in 2022, which boosted the company’s valuation to $5 Bn.

Icertis joined the unicorn club in 2019 after it raised $115 Mn in a funding round led by US-based venture capital firm Greycroft and PremjiInvest.

Overall, it has raised a total funding of $520 Mn to date and counts Silicon Valley Bank, SAP, Meritech Capital Partners, Premji Invest, among others, as its investors.

After a prolonged period of funding winter, the SaaS industry has been seeing a revival in the past year, in terms of gaining investors’ interests to back their offerings that cater to global audiences.

For instance, AI SaaS startup Ennoventure raised $8.9 Mn in November last year, to scale its operations globally, while Hyderabad-based AI startup Pulse also secured $1.4 Mn to build its team and enhance purpose-built large language models (LLM) and agentic AI capabilities.

Since the start of this year, SaaS companies such as TreZix and OneTab have also bagged fundings to to strengthen their footprint in the existing markets as well as expand team and scale operations.

Notably, SaaS startups in India raised a cumulative $2.1 Bn in funding in 2024, marking a year-on-year (YoY) growth of 31.25%, according to Inc42’s ‘Indian Tech Startup Funding Report 2024’. Alongside the funding increase, the deal count also rose 5% YoY to 207 deals.