With this, the enterprise software firm Icertis has secured a total of Rs 300 crore ($46 million) so far. In the latest round, existing investors like Ignition Partners, Greycroft, e.ventures and Eight Roads Ventures also participated.
Icertis will use the latest funds to accelerate its R&D investment in the ICM platform to continue to solve the hardest contract management challenges on the easiest to use platform. The company will also double its staff in Seattle, San Jose, Pune and Stuttgart and expand its physical footprint with new offices in the US and Europe, according to a statement.
“When a market leading company doubles revenues every year and maintains positive cash flow, it’s an extremely compelling investment. Icertis is disrupting the $6 billion contract management market by turning contracts into strategic assets and enabling companies to find new sources of value while reducing risk,” said Raj Ganguly, co-founder and partner at B Capital Group.
Seattle-headquartered Icertis, which also has a large base in Pune, was founded in 2009 by Samir Bodas and Monish Darda. Its Icertis Contract Management (ICM) helps customers to increase compliance, improve governance, mitigate risk and enhance user productivity, thereby maximising ROI and accelerating time to value across the global enterprise.
The company counts 3M, ABB, AbbVie, Becton Dickinson, Cognizant, Daimler, Microsoft and Roche as its customers.
Global venture capital firm B Capital Group was founded by Raj Ganguly and Facebook co-founder Eduardo Saverin in 2015. The VC fund is primarily an India-focussed fund which also looks at opportunities in South east Asia. Last May, it had raised $143.6 million.
Recently, B Capital had announced five new hires and a promotion to its core executive team.