SirionLabs Inc., which operates an eponymous software-as-a-service (SaaS) firm focussed on contract lifecycle management (CLM), on Tuesday said it has raised $85 million in Series D funding round led by Partners Group. Existing investors Avatar Capital, Sequoia Capital and Tiger Global participated in the round.
The company will use the fresh capital to boost product innovation and expand its enterprise customer base, said Ajay Agrawal, co-founder and CEO of SirionLabs.
The product innovation will primarily happen in the AI and user experience (UX) area that will help it to add new customers as well as serve its current base of over 250 clients better.
With this round of fund-raising, the company has raised a total of $157 million since its inception in 2012, by Ajay Agrawal, Kanti Prabha, Aditya Gupta and Claude Marais, it added.
Cyrus Driver, managing director, private equity, technology at Partners Group, noted that the addressable market for CLM is expanding rapidly as more organizations undertake digital transformation initiatives.
"We were attracted by SirionLabs’ leadership in this category, superior product offering, and blue-chip client base, and look forward to working with management on increasing scale-up capacity," added Driver.
Prior to this fund-raise, SirionLabs raised $44 million in its Series C funding round in May 2020. It raised $12.25 million in a Series B round led by Sequoia Capital India in 2016. QualGro ASEAN Fund and Canopy Ventures also invested as part of the round then. Sequoia Capital, in 2014, invested $4.7 million in the company's Series A round as well.
Investor interest in Indian SaaS spans across both early-stage and late-stage deals, as public market investors and sovereign funds also tap on to the growing opportunities, according to a report from global management consulting firm, Bain & Co late last year.
The report estimated private equity investments in India’s growing SaaS industry at $4.5 billion in 2021. The estimated investments for 2021 was more than double of what Indian SaaS companies raised last year, standing at roughly $1.7 billion.
In October last year, Freshworks Inc became the first SaaS startup from India to list on Nasdaq.