Pune-based SaaS firm Icertis to raise $50 million in fresh funding

Startup funding

Pune-based SaaS unicorn Icertis has filed a Form D with the US Securities and Exchange Commission (SEC), indicating plans to raise $50 million from investors.

This comes ten months after reports said the firm is in talks to raise $150 million in funding. In 2022, Icertis announced raising $150 million which comprised of a revolving credit facility and convertible financing from Silicon Valley Bank. The company did not disclose the names of the investors in the filing.

The recent Form D filing reflects Icertis's ongoing efforts to secure additional capital to support its growth initiatives. The company has previously raised substantial funds. The company has so far raised about $447 million. Icertis was last valued at around $5 billion.

Founded in 2009 by Samir Bodas and Monish Darda, Icertis has established itself as a global leader in contract management software. The company's flagship product, Icertis Contract Intelligence (ICI), leverages artificial intelligence to digitize, organize, and analyze contracts, enabling businesses to enhance compliance, mitigate risks, and improve productivity.

Headquartered in Bellevue, Washington, Icertis operates additional offices across North America, India, and Europe. The company has attracted significant venture capital funding, with minority stakes held by prominent investors such as SoftBank and SAP. As of December 2021, Icertis employed approximately 1,700 people.