SaaS startup SirionLabs raises $44 mln from Tiger Global, Avatar Growth Capital1 min read . Updated: 13 May 2020, 06:49 PM IST
- With this round, the total funding raised by SirionLabs’ stands at $66 million till date, with earlier rounds led by Sequoia Capital India
- The company also announced the launch of its new Seattle-based technology center and appointments in the leadership team
Bengaluru: Gurugram-based software-as-a-service (SaaS) provider SirionLabs has raised $44 million, as a part of its Series C round, led by Tiger Global and Avatar Growth Capital.
With this round, the total funding raised by SirionLabs’ stands at $66 million till date, with earlier rounds led by Sequoia Capital India.
The company also announced the launch of its new Seattle-based technology center, and appointment of Amol Joshi as chief revenue officer, Anu Engineer as chief technology officer, Mahesh Unnikrishnan as chief product officer and Vijay Khera as chief customer officer.
Founded in 2012, SaaS-platform SirionLab helps enterprises with outsourcing and procurement services and provides contract management software.
“SirionCLM’s permissioned ledger architecture does away with analog contracting processes which are adversarial in nature and instead creates a level playing field that gives all companies … I am delighted to welcome Tiger Global and Avatar Growth Capital as our latest investors," said Ajay Agrawal, Co-founder, Chairman and CEO of SirionLabs
In May last year, Mint had reported that Tiger Global Management was in talks to buy a significant minority stake in SirionLabs.
“Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes. SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies," said Vishal Bakshi, Founder and Managing Partner at Avatar Growth Capital.
The startup had raised close to $12.25 million as a part of its Series B round led by Sequoia Capital, in 2016. QualGro ASEAN Fund and Canopy Ventures had also participated as a part of the same funding round. Prior to that, the company had raised $4.7 million in Series A funding from Sequoia Capital in 2014.
SirionLabs’ at present claims to have more than 500 employees, across markets in India, US, the UK, Canada, the Netherlands, Denmark and Singapore. While the company’s R&D centers are housed in New Delhi and Seattle.