SAP-Backed SaaS Unicorn Icertis Raises $75 Mn Funding

SaaS unicorn Icertis has secured $75 Mn through debt financing funding round.

The development comes ten months after Icertis secured an undisclosed amount of funding from SaaS giant SAP.

“Icertis continues to lead the contract management category by applying emerging technologies like AI to transform contracts from static documents. We have a strong capital position and view this financing as an opportunity to ensure maximum flexibility for our business as we continue to drive the category forward in the future,” said Rajat Bahri, CFO at Icertis.

Set up in 2009 by Monish Darda and Samir Bodas, Icertis is a cloud-based SaaS startup that offers enterprise contract management solutions. Its product Icertis Contract Intelligence (ICI) helps businesses manage, sell, buy and corporate enterprise contracts across the world.

Besides, Icertis’ offerings also include managing clinical trials, assembling modulus, complying GDPR and risk management, among others. It caters to the needs of various sectors including financial services, healthcare, pharmaceutical, retail, and manufacturing, among others.

Icertis claims to have recorded over 50% year-on-year (YoY) growth rate in the last financial year. 

In September, SoftBank Vision Fund reportedly purchased shares of Icertis’ investor Eight Roads. Post the transaction, the startup’s valuation was estimated at $5 Bn. 

Prior to this, in March 2021, Icertis secured $80 Mn in its Series F funding round at a post-money valuation of $2.8 Bn. 

During that time frame, Icertis claimed that it helped companies manage over 10 Mn contracts worth $1 Tn. It has clientele across the globe including Google, Microsoft, Daimler, Airbus, Johnson & Johnson, Lupin, Infosys, Wipro and Cognizant, among others. 

Further, its cap table includes Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, e.ventures and B Capital Group, among others.

In 2019, Pune and the US-based SaaS startup entered the coveted unicorn club after securing $115 Mn from Greycroft, PremjiInvest, Eight Roads, Ignition Partners, among others.  

In the financial year 2020, its revenue grew by 44% year-on-year (Y-o-Y) to INR 229 Cr. Meanwhile, it clocked a net profit of about INR 21 Cr. 

According to a report, the contract management industry was pegged at $1.5 Bn in 2019. The sector is expected to grow to $2.9 Bn at a CAGR of 13.5% by 2024. 

DocuSign, Sirion and LinkSquares are some of the players that are working in the contract management segment.

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Update| 28th August 2022, 1:24 PM

The story has been updated with the comments of Icertis’ CFO