PremjiInvest, the private investment vehicle of Wipro founder-chairman Azim Premji, has led a $26 million (around Rs 206 crore) Series A funding round in Bengaluru and New York-based contract lifecycle management firm SpotDraft.
The fundraise also saw participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, 100x Entrepreneur Fund and a clutch of angel investors.
VCCircle had first reported the development in August last year.
SpotDraft plans to use the fresh funds to double down its team and expand its business globally. It also aims to tap the fresh infusion to strengthen its North America market and continue building up its product offering.
Founded in 2017 by Shashank Bijapur, Madhav Bhagat and Rohith Salim, SpotDraft helps businesses automate their contract lifecycle process. Its main offering is a cloud-based platform that helps businesses manage their contracts and approvals end to end. It also provides businesses with an automated audit trail, an AI-powered compliance engine, and advanced analytics services
In the contract management space, SpotDraft pits against Indian software-as-a-service unicorn Icertis, which is also backed by Premji Invest. Ironclad, Sirion, LinkSquares, Filevine and LinkSquares are a few other companies in the segment.
In the coming years, SpotDraft plans to heavily invest in its AI engine personalized for legal teams.
Prior to this, the company had raised $1.5 million in its pre-Series A funding round led by 021 Capital and participated by founders and top executives of SaaS and consumer tech companies. In 2017, it had bagged $550,000 in its seed funding round led by VC firm Hunch Ventures and participated Spiral Ventures, 500 Startups, Singapore Angel Network and Citrus Payments founder Satyen Kothari.
Listed Internet player Info Edge, which operates platforms such as Naukri and 99Acres, has invested Rs 5.2 crore in a pet care firm Sploot Pvt Ltd via its wholly-owned subsidiary Redstart Labs (India) Ltd.
As part of the transaction, Sploot has issued 1822 preference shares to Redstart, which is an existing investor in the firm.
Redstart had invested $500,000 in Sploot in May last year. Post the latest investment, Redstart will own a 24.13% stake in the pet care company.
New Delhi-based Sploot offers pet care products and services related to pet’s health, behaviour and nutrition through content and app-based help. Its offerings include organization of pet’s medical records, everyday tasks and access to pet care professionals.