IBEF: May 14, 2020
SirionLabs, a Gurugram-based software-as-a-service (SaaS) provider, has raised US$ 44 million, as a part of its Series C round, led by Tiger Global and Avatar Growth Capital.
The total funding raised by SirionLabs’ stands at US$ 66 million till date. The earlier rounds were led by Sequoia Capital India.
The company also made important announcements consisting of the launch of its new Seattle-based technology centre, and appointment of Mr Amol Joshi as chief revenue officer, Mr Anu Engineer as chief technology officer, Mr Mahesh Unnikrishnan as chief product officer and Mr Vijay Khera as chief customer officer.
The company was founded in 2012 and provide support to enterprises with outsourcing and procurement services and offer contract management software through its SaaS-platform.
“SirionCLM’s permissioned ledger architecture does away with analog contracting processes which are adversarial in nature and instead creates a level playing field that gives all companies … I am delighted to welcome Tiger Global and Avatar Growth Capital as our latest investors," said Mr Ajay Agrawal, Co-founder, Chairman and CEO of SirionLabs
In May 2019, Tiger Global Management was in talks to buy a significant minority stake in SirionLabs.
“Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes. SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies," said Mr Vishal Bakshi, Founder and Managing Partner at Avatar Growth Capital.
In 2016, The start-up raised close to US$ 12.25 million as a part of its Series B round led by Sequoia Capital. QualGro ASEAN Fund and Canopy Ventures had also participated as a part of the same funding round. Also, in 2014, company had raised US$ 4.7 million in Series A funding from Sequoia Capital.
Currently, the company employees more than 500 person, across markets in India, US, the UK, Canada, the Netherlands, Denmark and Singapore. While the company’s R&D centers are housed in New Delhi and Seattle.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.