HighRadius Corporation, which operates an eponymous software-as-a-service firm, has raised $125 million (approximately Rs 897.90 crore at current exchange rates) in its Series B funding round led by ICONIQ Capital, a US-based investment management firm.
Existing investors Susquehanna Growth Equity and Citi Ventures also participated in the round, HighRadius said in a statement.
The Texas- and Hyderabad-based company said it will use the funds to accelerate the development of its platform and increase its geographical reach.
ICONIQ Capital partner Will Griffith said the investment in HighRadius was in line with the firm’s strategy of committing to long-term technology-driven businesses.
“HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, “ he said.
HighRadius, founded by IIT-Madras alumnus Sashi Narahari in 2016, says it is focussed on order-to-cash and treasury management software. The company uses an artificial intelligence-based platform to automate accounts receivables and treasury processes.
Some of its products include the Rivana AI engine, autonomous receivables, and AI-powered cash forecasting. The company says it has worked with companies such as Adidas, Starbucks, Procter & Gamble, Reckitt Benckiser, Warner Bros., and Johnson & Johnson.
In September 2017, the SaaS firm raised $50 million (around Rs 322 crore) in its first external round of funding from Susquehanna Growth Equity, a growth-stage investor.
Deals in the SaaS segment
The SaaS segment across industries has been buzzing with investor activity in recent months. The rapid progress of frontier technologies such as artificial intelligence and natural language processing resulted in a number of startups springing up.
In December, Seekify Technologies Pvt. Ltd, a software-as-a-service startup focused on customer experience, raised $1.5 million (around Rs 10.6 crore) in seed funding from Sequoia Capital India’s startup scale-up programme, Surge.
In the same month, marketing intelligence startup Slintel Inc. raised $1.5 million (around Rs 10.6 crore) in a seed funding round led by Bengaluru-based Stellaris Venture Partners.
Prior to that, in November, cloud-based software firm Freshworks Inc. raised $150 million (Rs 1,081 crore) in a Series H round led by Sequoia Capital, CapitalG (formerly Google Capital) and Accel, which is the company’s first investor.