Pune based enterprise solutions provider Icertis has raised Series A funding worth $6 million led by Greycroft Partners and Fidelity Growth Partners India, reports VCCircle. The funding will go towards scaling up scales and marketing, hiring, building its contract lifecycle management products and expanding business across India, the US and Europe. All investors have picked up an undisclosed minority stake in the company.
Headquartered in Washington, the company has offices in Pune and Mumbai and now plans to open one in Zurich to tap into the pharma and life sciences market and the manufacturing market in Germany. It is also planning for a bigger funding in 12-18 months, and hopes to set up an IPO with it. Icertis had raised seed funding worth $500,000 from Vijay Vashee and an unnamed investor in 2012.
Last week, Icertis spun out its cloud solutions and services business into a new company called CloudMoyo Inc. CloudMoyo, which will be headed by CEO & president Manish Kedia, will focus on cloud and data analytics based ERP-surround enterprise solutions for various industries, while Icertis on cloud based enterprise contract management business.
Founded in 2009 by Samir Bodas, Anand Veerkar and Monish Darda, the Washington headquartered company provides enterprise contract management software in the Microsoft Cloud. Its flagship product, the Icertis Contract Management (ICM) helps businesses manage sell and buy sides with corporate enterprise contracts through the cloud globally, along with risk management and processes like order to cash and procure to pay.
Icertis claims that ICM can increase contracting thoroughput by over 50% in order to cash and procure to pay business processes. The company has customers in Microsoft, Hyundai Hata, Genpact, Roche, Infosys, KPIT and Mindtree among others while it partners with Microsoft, Infosys, KPIT and DocuSign.
Note: Headline has been edited for brevity