SirionLabs Inc., which runs an eponymous SaaS startup focused on contract lifecycle management (CLM), announced on Tuesday that it has secured $85 million in a Series D fundraising round headed by Partners Group. The round included existing investors Avatar Capital, Sequoia Capital, and Tiger Global.
SirionLabs co-founder and CEO Ajay Agrawal stated that the new funding would be used to increase product innovation and grow its business client base.
Product innovation will mostly occur in the AI and user experience (UX) areas, allowing it to attract new customers while also better serving its present client base of over 250.
The firm has raised a total of $157 million since its creation in 2012, according to Ajay Agrawal, Kanti Prabha, Aditya Gupta, and Claude Marais.
According to Cyrus Driver, managing director, private equity, technology at Partners Group, the potential market for CLM is quickly rising as more firms embark on digital transformation programs.
“We were drawn in by SirionLabs’ category leadership, exceptional product offering, and blue-chip customer base, and we look forward to working with management on enhancing scale-up capacity,” Driver added.
SirionLabs had secured $44 million in its Series C fundraising round in May 2020. In 2016, it secured $12.25 million in a Series B financing sponsored by Sequoia Capital India. QualGro ASEAN Fund and Canopy Ventures also participated in the round at the time. Sequoia Capital also contributed $4.7 million to the company’s Series A investment in 2014.
According to late-year research from global management consulting company Bain & Co, investor interest in Indian SaaS covers both early-stage and late-stage agreements, as public market investors and sovereign funds also tap into the rising prospects.
According to the research, private equity investments in India’s expanding SaaS market would total $4.5 billion by 2021. The expected investment for 2021 is more than double what Indian SaaS startups raised last year, amounting to around $1.7 billion.
Freshworks Inc became the first Indian SaaS business to be listed on Nasdaq in October of last year.