Digital transformation technology provider WSO2 announced on May 25 that it has closed its Series E funding round at $93 million with backing from Info Edge subsidiary RedStart Labs (India).
Lead investor Goldman Sachs Asset Management Private Credit had earlier invested $90 million in the first tranche of this financial round in November 2021.
With the freshly raised funds, WSO2 plans to accelerate business expansion across India. The company also plans on expanding its offerings with a new generation of platform-as-a-service solutions that it claims will speed up customers’ time to market and ability to innovate.
Founded by Dr Sanjiva Weerawarana and Paul Fremantle in 2005, WSO2 enables the development of modern applications and services with cloud-native and open-source technologies for Application programming interface (API) management, integration, and customer identity and access management (CIAM).
“Across India, we’re seeing growing demand for our uniquely integrated approach to uniting best-in-class API management and integration with identity and access management as more organizations embrace digital business models,” said Dr Weerawarana.
He added, “RedStart, as part of Info Edge with its deep market understanding, extensive network, and success in investing in digital businesses like Zomato, will play a strategic role in helping us accelerate our growth and customer adoption in India.”
Amit Behl, a partner at Info Edge, who led the company's investment in WSO2 said, “We believe WSO2 operates at the intersection of two powerful trends of an increasingly API driven world coupled with a wider adoption of open-source software by large enterprises for the flexibility and adaptability to offer agile, personalized services and innovative use-cases for their customers.”
WSO2 claims to currently have more than 800 customers in over 90 countries. The company says that over 35 enterprises in India—including government agencies and global leaders in financial services, communications, healthcare, and technology— use the firm's products and solutions to deliver better experiences to their customers.
RedStart Labs (India) was started in 2020 and focuses on backing early-stage startups creating new ecosystems and outcomes driven by emerging science and fundamental research as well as technology platforms, IP, and innovation. Some of its investments include supply-chain robotics startup Unbox Robotics, drone tech firm Skylark Drones, flying taxi company The ePlane Company, Neuroscience startup Brainsight AI and a data analytics company Lumiq.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
