HighRadius Corporation, a Texas- and Hyderabad-based provider of integrated receivables software solutions, has raised $50 million (Rs 322 crore) in its first external round of funding from growth-stage investor Susquehanna Growth Equity LLC.
The company will use the funds for growth and global expansion, it said in a statement.
Founded by IIT alumnus Sashi Narahari in 2006, HighRadius applies artificial intelligence and machine learning to all aspects of accounts receivable operations including credit, collections, cash application, deductions and payments. Its integrated receivables solutions enable teams to leverage machine learning for accurate decision-making and future outcomes. The RadiusOne B2B payment network allows suppliers to connect with buyers digitally.
Susquehanna, which focuses on sectors like software, information services, Internet and financial technology, has backed over 40 companies in the last 10 years. All of its capital comes from parent Susquehanna International Group, a privately-held financial services firm, according to information on its website.
Integrated receivables is an $11 billion market in the early stages of adoption, Susquehanna Growth Equity founder and managing director Amir Goldman said. "We love backing bootstrapped companies like HighRadius... which has never raised outside funding, has grown at a 70% CAGR, and continues to be cash-flow positive," he added.
As part of the transaction, Goldman and Ben Weinberg from Susquehanna Growth Equity will join the HighRadius board of directors.
HighRadius works with global names like Adidas, Starbucks, Procter & Gamble, Reckitt Benckiser, Johnson & Johnson, Warner Bros, Danone, Sysco and Zurich. “We have more than 350 clients on our integrated receivables platform powered by our Rivana Artificial Intelligence engine and the RadiusOne B2B payment network. This funding will help us accelerate our platform to thousands of companies globally," Narahari said.
HighRadius currently employs over 500 people across India, the US, and Europe.
Atlas Technology Group acted as financial adviser to HighRadius for the transaction.