Supplier management platform provider SirionLabs has raised $12.25 million in Series B funding led by existing investor Sequoia India, QualGro ASEAN Fund and Canopy Ventures. The company plans to use the funding to expand product capabilities and in general operations. In addition, Sanish Mondkar, former Executive Vice President and Chief Product Officer at SAP has joined the company’s Board of Directors. Currently the company operates primarily through offices in Gurgaon, Michigan. It also has offices in Germany, Denmark and Singapore. Earlier in April 2014, Sirion Labs had raised $4.7 million in a round led by Sequoia Capital, which invested $4.58 million in the round, with Sirion’s founder Ajay Agrawal making an additional investment of $1.96 million. The capital was used for R&D and market development. For buyers and sellers, SirionLabs provides enterprise supply management via its flagship SaaS product ‘Sirion’. It claims to reduce cost of supplier management and governance by automating complex procedures across disciplines like contract, performance, financial, relationship and risk management. Supply management also involves balancing interests of stakeholders like shareholders, management, customers, suppliers, financiers, government and the community. The SaaS platform also has an integrated system to simplify real-time buyer-supplier interaction within the platform. It tracks activities in real-time, predict and control risks, and manage relationship processes and related metrics. Fund for SaaS startups: In January, Storm Ventures had launched a new fund for SaaS startups in India, with an allocation of at least $10 million for the fund. The firm mentioned that it will increase…
