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 the amount depending on how quickly it deploys the capital. The new venture fund will mostly look to participate in seed and Series A round of fundings for companies with an annual run rate between $1 million and $10 million
SaaS startups investment in India: More then $850M was invested since 2010 in Indian SaaS product companies, with a total of $449M investment in the year 2015 across 61 funding rounds, said a report from startup research platform Tracxn. The report added that even though the number of funding rounds remained almost the same in 2014 and 2015, the total funding has increased by 3-times in this year. It added that $45M has already been invested in SaaS startups in India within first 4 months of 2016 in over 15 rounds.