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Bengaluru: Software-as-a-service (SaaS) startup Icertis emerged as the second-most valuable Saas unicorn in the Indian startup sector after raising $80 million at a valuation of $2.8 billion.

The Bellevue, Washington-based firm’s Series F funding round, which saw its valuation jump nearly threefold from its previous round, was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures.

Freshworks is currently the most valuable SaaS unicorn in India after it was valued at $3.5 billion in its last funding round in 2020.

Icertis plans to use the funds to expand across Japan, south-east Asia and northern Europe. It will also invest in product development, further integrating artificial intelligence (AI) and blockchain with natural language processing technologies in its product suite.

Icertis co-founder and CEO Samir Bodas said the firm will also look to grow its workforce by 30-40%, with the bulk of the hiring in its engineering team in India. Nearly 900 out of 1,500 employees of Icretis are based in India.

Ten-year old Icertis is a contract lifecycle management company, which helps clients manage their contracts starting from request for proposals to creating a centralized repository, as well as managing and storage of these contracts. It further uses artificial intelligence (AI) algorithms to maintain compliance and consistency with norms of each country, while ensuring better visibility of contracts from an organization’s perspective.

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