Digital transformation technology provider, WSO2 on Wednesday said it has marked final closure of its Series E funding at $93 million (around Rs 716 crore) led by Info Edge’s arm RedStart Labs and Goldman Sachs.
In November last year, Goldman Sachs led the first leg of Series E investment in WSO2.
WSO2 plans to use the fresh proceeds to expand its business footprint across India. The firm also aims to double down its offerings with a new generation of platform-as-a-service (PaaS) solutions that further expedite customers’ time to market and ability to innovate, it said in a statement.
Founded in 2005, WSO2 enables enterprises, including hundreds of the world’s largest corporations, top universities and governments, to drive their digital transformation journeys—executing more than 18 trillion transactions and managing more than 500 million identities annually.
The company claims to have more than 800 customers across 90 countries.
Info Edge is one of India's technology public corporations with platforms like Naukri, Jeevansaathi, 99acres and Shiksha. The company was also an early investor in Zomato and PolicyBazaar through their early-stage fund, Info Edge Ventures.
With its headquarters in Noida, the company claims to employ around 5,000 people and operates through 64 offices across 45 India cities and other overseas offices in Dubai, Riyadh, Abu Dhabi, Qatar and Bahrain focused on the Middle East market.
The company also owns Quadrangle – an offline executive search business, and Naukri Gulf, one of the leading job sites in the Middle East market.
“Across India, we’re seeing growing demand for our uniquely integrated approach to uniting best-in-class API management and integration with identity and access management as more organizations embrace digital business models,” said Sanjiva Weerawarana, Founder and chief executive officer of WSO2.
“RedStart, as part of Info Edge with its deep market understanding, extensive network, and success in investing in digital businesses like Zomato, will play a strategic role in helping us accelerate our growth and customer adoption in India,” Weerawarana added.
“We believe WSO2 operates at the intersection of two powerful trends of an increasingly API driven world coupled with a wider adoption of open-source software by large enterprises for the flexibility and adaptability to offer agile, personalized services and innovative use-cases for their customers,” said Amit Behl, a partner at Info Edge, who led the company’s investment in WSO2.
“As digital transformation accelerates across Indian enterprises and also as open-source forms the foundation of government’s digital India initiative, we expect India to emerge as a key market for WSO2 not only for its revenue potential but also for developer adoption,” he added.
In March, Info Edge (India) Ltd, the parent of businesses such as Naukri.com and 99acres.com, bought 76% stake in dating app Aisle for Rs 91 crore (around $11.8 million).
In April, Singapore state investment firm Temasek Holdings has announced an investment of $162.5 million (Rs 1,245 crore) in three funds owned and managed by Info Edge (India) Ltd.
