SaaS unicorn Icertis eyes $50M in fresh funding
The Pune-based firm reported a net profit of Rs 97 crore for the financial year ending March 31, 2024, up from Rs 71 crore in FY23. Its operating revenue grew 33% to Rs 863 crore in FY24, compared to Rs 649 crore in the previous year.
SaaS unicorn has filed a Form D with the U.S. Securities and Exchange Commission (SEC) to raise $50 million.
In 2022, the contract life cycle management firm secured $150 million through a revolving credit facility and convertible financing from Silicon Valley Bank.
According to Tracxn, Icertis has recently raised approximately $447 million and was last valued at $5 billion.
The Pune-based firm reported a net profit of Rs 97 crore for the financial year ending March 31, 2024, up from Rs 71 crore in FY23. Its operating revenue grew 33% to Rs 863 crore in FY24, compared to Rs 649 crore in the previous year.
Founded by Monish Darda and Samir Bodas in 2009, Icertis offers CLM services. The company’s AI-driven contract intelligence platform enables companies to organise commercial, legal, and operational data within contracts and integrate this information with procurement, ERP, HCM, and CRM systems.
In 2021, the SaaS firm also secured $80 million in a Series F funding round, led by existing backer B Capital Group, with additional investments from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures.
The development at Icertis comes at a time when India’s AI startup ecosystem is seeing an increase in investor interest, with VCs backing application-focused ventures.
Startups leveraging AI to automate enterprise workflows and IT service management, including SuperOps, Atomicwork, TrueFoundry, and Cognida.ai, have secured the bulk of investments.