Icertis’ New Funding Round: $50 Million on the Horizon

Icertis, a contract management SaaS company based in the US, is preparing to secure $50 million in its upcoming funding round, as stated in a Form D submitted to the US Securities and Exchange Commission (SEC).

The filing did not reveal specific investors involved in this round. However, a report from ET last year suggested that SoftBank might participate in Icertis’ funding initiative, which could total $150 million.

This latest round of funding comes after Icertis previously raised $150 million in October 2022, comprising both a revolving credit facility and convertible financing from Silicon Valley Bank.

Icertis: Innovating Contract Management Solutions

Icertis is renowned for its enterprise contract management software, which leverages AI to improve risk management, compliance, and efficiency across various departments, including finance, legal, procurement, and sales.

According to data from a startup intelligence platform, Icertis has garnered a total of $522 million in funding prior to this round, which includes both equity and debt investments from notable backers such as Silicon Valley Bank, B Capital, Premji Invest, and others.

Milestones in Funding and Growth

Icertis achieved unicorn status in July 2019 following a Series E funding round where it secured $119 million, led by Premji Invest. The company has since maintained a valuation of approximately $5 billion. Its Indian headquarters is located in Pune.

The Indian division of Icertis reported a 33% increase in operating revenue, reaching Rs 863 crore in FY24, up from Rs 649 crore in FY23. Additionally, the company reported a profit of Rs 97 crore in FY24, compared to Rs 71 crore in the previous fiscal year.