SoftBank In Talks To Double Down On Software Portfolio Firm Icertis

In the Indian startup ecosystem, SoftBank is making its moves yet again. The multinational conglomerate is in early discussions to double down on its existing software portfolio firm Icertis.

As per ET, Pune-based Icertis is currently looking for a fundraise of around $150 Mn (around INR 1,252 Cr) via a secondary share sale, a deal that could see an increased investment from SoftBank.

“Icertis is well-capitalised and continues to lead the $30 billion contract lifecycle management market. It is common for new investors to seek shares in businesses like ours that demonstrate rapid growth and a sustainable future as a category leader. Icertis is not directly involved in any such secondary transactions and remains focused on empowering our customers to realise the full potential of their business relationships through contract intelligence,” the company said.

It is pertinent to mention here that SoftBank is not the only investor eyeing to increase its stake in Icertis with the fresh round. Other existing backers of the company are also considering upping their investment. This move comes as some early shareholders seek for an exit from the 15-year-old company.

The discussions between SoftBank and Icertis hinge significantly on valuation considerations.

Meanwhile, SoftBank’s Vision Fund is finalising plans to invest in the ecommerce platform Meesho as part of a larger funding round. This resurgence follows a hiatus of over a year during which SoftBank and Tiger Global refrained from deals.

Founded by Monish Darda and Samir Bodas in 2009, Icertis specialises in the enterprisetech sector. Its product Icertis Contract Intelligence (ICI) helps businesses manage, sell, buy and corporate enterprise contracts across the world.

Earlier it was reported that SoftBank was preparing itself to invest in Indian startups again, after a dry spell of nearly 18 months. Although the Japanese investment major had adopted a wait-and-watch strategy, now, it is actively looking to back new-age companies and strengthen its portfolio in the Indian market.

SoftBank which usually invests over $100 Mn per round will continue to do so, particularly in growth-stage investments.

Having funded nearly a fifth of India’s 100+ unicorns (startups with valuations exceeding $1 Bn), SoftBank has invested a total of $15 Bn in India.

The fair value of SoftBank India’s investment portfolio across Vision Funds I and II stands at nearly $14 Bn, up by 9% as of December 2023.

The article has been updated to include Icertis’ comments.