According to a Form D submitted to the US Securities and Exchange Commission (SEC), Icertis, a US-based contract management software as a service company, plans to seek $50 million in a new investment round. The investors' names were not revealed in the petition. According to an ET article from last year, SoftBank was expected to contribute to Icertis' upcoming fundraising round, which might total up to $150 million.
This investment round comes after Icertis received $150 million in October 2022 from Silicon Valley Bank in the form of convertible financing and a revolving credit facility. Icertis is a provider of enterprise contract management software that offers AI-powered solutions to improve productivity, compliance, and risk management in areas such as sales, legal, finance, and procurement.
As per a credible startup data analytics platform, Icertis raised $522 million, including debt and equity, from investors like Silicon Valley Bank, B Capital, Premji Invest, and others prior to this round. After raising $119 million in its Series E round, which was headed by Premji Invest, Icertis became a unicorn in July 2019. It was last estimated to be worth $5 billion. The company's headquarters are in Pune, India.
The operating revenue of the Icertis Indian entity increased by 33% from Rs 649 crore in FY23 to Rs 863 crore in FY24. In FY24, the company's profit was Rs 97 crore, up from Rs 71 crore in the previous fiscal year.
