Startup City Magazine

Pune-Based Cloud Enterprise Startup Icertis Raises $6 million in Series A Round Funding

Bangalore: Pune-based enterprise Icertis, the leading provider of enterprise, contract management software in the Microsoft Cloud, raises $6 million in its series A round of funding. The round witnessed the participation from Greycroft Partners and Fidelity Growth Partners India. The company plans to utilize new funding towards scaling up its business sales and marketing, upgrading its award and analyst acknowledged product, hiring professionals and expanding its business across India, Europe and U.S.

Icertis is founded in 2009 by Samir Bodas, Anand Veerkar and Monish Darda in Washington to provide eEnterprise contract management software in Microsoft cloud. Prior to that, Bodas served as president & CEO at Aztecsoft and has spent several years working in Microsoft. The company has its branches in Pune and Mumbai. Now to extend its wings, the company plans to keep its foot in Zurich to tap into the pharma & life sciences and the manufacturing market in Germany.

In 2012, Icertis has raised a seed round funding worth $500,000 from Vijay Vashee and an unnamed investor. Currently, the company is in plans to attain a bigger funding in its next 12-18 months.

The company’s flagship product, the Icertis Contract Management (ICM) brings inclusive capabilities to manage sell-side, buy-side and corporate contracts through cloud. ICM not only invigorate contracting operations, but also improves the capability to comprehend hidden commercial values in contracts and manages contracting risks.

Speaking about the ICM's excellence, Samir Bodas, Co-Founder & CEO, Icertis says, “Today’s hyper-competitive global business requires the contracting process to be easy and agile on one hand, and compliant and controlled on the other. ICM ensures that CxOs are able to manage contracting risk and have complete end to end visibility of all contracts, while at the same time, enable employees to contract with customers, partners and vendors in a self-service mode, within guard rails, and engage the right specialist resources, like legal and finance, only to manage exceptions and critical issues”.

ICM can also enhance the overall contraction by more than 50 percent in order-to-cash and procure-to-pay business processes. Icertis has partnered with Infosys, Microsoft, Docusign and KPIT and also have customers in companies, namely Mindtree, Microsoft, Hyundai Hata, Roche and many others. Recently, Icertis has proclaimed its plan to sequel its cloud solutions and services business into a new company called CloudMoyo.

Fidelity Growth Partners India is a private equity firm, which is focused on growth capital investing across sectors. Speaking about Icertis, Kabir Narang, Managing Director, Fidelity Growth Partners India, says, “Icertis is one of the leading cloud enterprise software startups that effectively leverage its capabilities across the U.S.-India corridor. The company has grown rapidly in a short span of time with an impressive list of global clients like Microsoft, Roche, Hyundai HATA, and Genpact. We were impressed by the quality of their product, modern user interface and stellar management team. Contract lifecycle management is a multi-billion dollar opportunity globally, and Icertis is well positioned to emerge as the leader in this space”. 

Speaking about the round, Takeshi Numoto, CVP for Cloud + Enterprise Marketing at Microsoft says, “We’re excited to have Icertis as a Microsoft Cloud ISV partner and pleased to be using Icertis within Microsoft”.

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