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<ul><li>The Pune-based company said that it was valued at over $2.8 billion dollars.</li><li><keyword id="1836134" type="COMPANY" weightage="20" keywordseo="Icertis">Icertis</keyword> said it will be using this money to invest in <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> and blockchain development.</li><li>The startup, which was founded in 2009 by Samir Bodas and Monish Darda, has raised over $280 million in private market funding till date.</li></ul>The Indian startup that helps bigwigs like <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword>, <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> and <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword> manage their contracts just bagged $80 million (around ₹580 crore) in its series F round of funding. Pune and Seattle-based Icertis is a startup that uses artificial intelligence (AI) and machine learning (ML) to manage contracts on the cloud. Rather than keep track of compliance or payments on paper, everything is managed automatically by the company’s contract intelligence software-as-a-service (SaaS). The company said that it was valued at over $2.8 billion dollars (around ₹20,000 crore at current rates) in a press statement. The tech unicorn claims that its valuation tripled compared to July 2019, when it raised the series E round. <div type="Article" hostid="261" msid="79640659" title="EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales" mstype="2" mssubtype="0"></div> The company, which was founded in 2009 by Samir Bodas and Monish Darda, has raised over $280 million in private equity funding till date. The latest funding round was led by existing investor B Capital Group, along with investors Premji Invest, PSP Growth, Greycroft, Meritech Capital Partners, and e.ventures. The firm said it will be using this money to invest in “accelerating AI (artificial intelligence) and blockchain development.” It also added that it will also utilise the funds to expand its sales and marketing efforts. In an exclusive<a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms"> interview</a> with Business Insider last year, Darda, co-founder and chief technology officer (CTO) of Icertis had said that they will continue to hire aggressively to support their growth and expect the firm to increase its headcount 30% to 40% in 2021. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales</a> <a href="https://www.businessinsider.in/tech/news/indias-new-cybersecurity-framework-needs-to-be-more-robust-in-order-to-be-effective-according-to-experts/articleshow/81448577.cms">It has taken over 7 years for India to revamp its cybersecurity policy — experts say there's room for carrots and sticks but not surveillance</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

This Pune-based startup has tripled its valuation in less than two years

Front; Databricks; Transposit; Icertis; Shayanne Gal/Business Insider<ul class="summary-list"><li>Business Insider analyzed recent startup coverage and data from venture capital database PitchBook to compile a list of enterprise startups we believe are headed for success.</li><li>We've defined an enterprise startup as a private, independent company serving the $4 trillion a year business-to-business technology market.</li><li>We collected a broad combination of attributes to support why we think the startup is promising, including valuations, funding, founding teams, and the product or service it offers.</li><li><a href="https://www.businessinsider.com/prime">Click here to read more stories from BI Prime</a></li></ul>As 2019 rolls to a close and 2020 is upon us, it's the time of year for reflections and resolutions.If your musings are making you consider a career change by taking a job at an enterprise startup, with the promises of riches that its stock could one day bring, we have your back.At Business Insider, we cover a lot of startups all year long, talking to everyone from founders to employees to investors to market researchers. Every year, we review through our coverage of startups that made waves during the year and analyze data from other sources such as PitchBook, the deal-tracking database. From this, we choose our slate of startups that we believe are headed for success.The following list is specific to enterprise startups - the companies <a href="https://www.gartner.com/en/newsroom/press-releases/2019-10-23-gartner-says-global-it-spending-to-grow-3point7-percent-in-2020">serving the $4 trillion a year</a> business-to-business (b2b) technology market. We've defined a startup as any independent company that hasn't yet gone public.We look at a broad combination of attributes including the experience of the founding teams; its angel investors and VCs; valuations, recent and total funding (as reported by PitchBook) and, of course, the product or service the startup is offering. Additional reporting by Benjamin Pimentel and Bani Sapra.

47 enterprise startups to bet your career on in 2020

<ul><li><keyword id="3156357" type="PERSON" weightage="20" keywordseo="Rivigo">Rivigo</keyword> is the latest startup to attain the $1 billion valuation.</li><li>This year, India has already seen 8 <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> joining the unicorn club. </li><li>With 3 months left for 2019, this year could break 2018’s record of 8 unicorns.</li></ul>India’s unicorn club seems to be having a good year as eight startups joined the coveted club In 2018, eight startups turned unicorns basically reached $1 billion in valuation. Here’s a look at all the startups that have crossed the valuation mark so far in 2019. Rivigo The latest startup to join the unicorn club is logistics startup Rivigo. The logistics sector had long been in the limelight after Delhivery turned unicorn. After this, both Rivigo and Blackbuck raised funds, heating up the race to being a unicorn. Now, Rivigo has managed to be a unicorn after it raised $4.9 million from South Korea's KB Platform Fund. After the deal closed, it is valued at $1.05 billion. Delhivery In March this year, Delhivery became 2019’s first unicorn. This was after the logistics tech startup raised $395 million from SoftBank. After its funding in March, it’s valued at $1.6 billion. The logistics solutions company was founded by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani. They created a stronghold in the market by partnering with e-commerce majors like Flipkart and Paytm amongst others. Big Basket The grocery retail startup became a unicorn in March 2019. Bigbasket closed its Series F round of funding with an investment of $150 million, which valued it at $2.3 billion. The funding was led by Bigbasket’s earlier investor Alibaba, along with a new investor – Mirae Asset. The grocery sector which is now buzzing with new entrants like Swiggy. Grofers too turned its finances around, and has recently turned a soonicorn after the latest round of funding in May 2019. Ola Electric Ola’s subsidiary Ola Electric also turned a unicorn like its parent company. Its growth has also been fast as most of Ola’s existing investors placed their bets on the company. In July, it became a unicorn after raising $250 million from Softbank. In May, Ola Electric also raised funds from former Vodafone Group CEO Arun Sarin. Some of its other illustrious investors include Chairman Emeritus of Tata Group, Ratan Tata. In March, it had raised ₹4 billion from Ola’s existing and early investors – Tiger Global and Matrix India. Dream 11 India’s first gaming unicorn is Dream11, a fantasy gaming startup. It announced a secondary investment from Steadview Capital, an Asia-focused alternative asset manager in April 2011 which gave brought it its unicorn status. The 11-year old startup had a dream run in 2019, after signing up with IPL and the BCCI as its official partners. The cricket world cup along with IPL helped it clock in stellar numbers. In an interview with Business Insider, one of its founders Bhavin Sheth said that the startup hopes to hit 100 million users by the end of the year. Icertis In July 2019, India and US-based Software-as-a-Service (SaaS) platform Icertis became a unicorn. It raised $115 million in funding from Azim Premji’s Premji Invest and US-based VC firm Greycroft. The company, which offers contract management, has 5.7 million contracts across 90 countries. Some of its are Adobe, Airtel, Cognizant, Infosys, and Microsoft. Druva The Indo-US startup Druva entered the unicorn club in June 2019. The cloud data protection startup raised $130 million in a round that was led by Viking Global Investors. It also saw participation from funds like Neuberger Berman and Atreides Management. Existing investors Riverwood Capital, Tenaya Capital, and Nexus Venture Partners too participated in the round. Druva is a SaaS (Software as a Service) startup which was founded by Jaspreet Singh and Milind Borate in 2008. Its patented cloud architecture enables cyber governance, improves cyber resiliency, and helps customers gain critical insights. Citius Tech The healthtech company was a lesser known startup which gained unicorn status. The company provides healthcare solutions, using technologies like business intelligence, mobility and IoT, Big Data, cloud computing, predictive analytics and data science. The company was acquired by Baring Private Equity Asia in July 2019, which gave it a valuation of $1 billion.

With Rivigo joining the club, these are the 8 unicorns of 2019 so far

<ul><li>The Indian SaaS segment has the potential to clock a total turnover of $75 billion by 2025.</li><li>One in five global <keyword id="6361043" type="General" weightage="20" keywordseo="software" source="Orion">software</keyword> demand is likely to be met by Indian <keyword id="6756963" type="General" weightage="20" keywordseo="saas-companies" source="Orion">SaaS companies</keyword> in the next four years, according to experts.</li><li>On one hand large global corporations, even tech giants like Amazon and Twitter, are buying software solutions from India.</li><li>This has led to a mad rush from venture capitalists who have pumped in $1.7 billion into these startups in 2020.</li><li>Seven unicorns have been created in this space in the last year and a half alone.</li></ul>The sudden change in global trends and the rise of ‘remote everything’ — from learning to work — has propelled the software-as-a-service (SaaS) industry. And their customers include marquee names like Amazon, Twitter, <keyword id="596" type="General" weightage="20" keywordseo="hyundai" source="Orion">Hyundai</keyword>, Domino’s, and Philips, just to name a few. Venture capital firms like Accel, Tiger Global and Sequoia, looking for the next gold rush, have pumped in $1.7 billion across 128 deals in 2020, and more in 2021, creating at least seven unicorns in the space of less than 20 months, in India alone. Enterprise tech accounted for 13% of deal volume among top investors in the first half of 2021, says a NASSCOM PGA Labs report. According to a report by investment firm Chiratae Ventures and consulting firm Zinnov last month, the Indian SaaS segment has the potential to clock a total turnover of <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">$75 billion</a> by 2025. But where will this revenue come from? The answer is simple — market and product expansion. As the world stepped into a lockdown in March 2020, the SaaS companies had a new reality to face — the demand for softwares and solutions that required limited/no physical efforts and showed faster results was the need of the hour. More enterprises were on a hunt for tech solutions in the latest virtual scene and SaaS companies started seeing more customer interest. The increased customer interest also resulted in increased flow of venture capital for this segment and India added seven SaaS unicorns — private companies valued at or more than $1 billion — during the pandemic since 2020. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647410" hostid="261"></div> While the investors’ interest brought in more money for the SaaS companies to grow, the increased customer interest has brought in more revenue. Zoho, which is a 25-year old bootstrapped company that has not raised funds so far, has customers like Amazon, Zomato and Xiaomi. Here's Sridhar Vembu, the founder of Zoho, explaining the software boom, in a recent interview with Business Insider. <div type="Video" msid="85650341" hostid="261" title="Zoho founder explains India's software boom in the last 24 months" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85650341"></div> Conversational artificial intelligence (AI) solutions company Uniphore ⁠— backed by Cisco, Sistema Capital Partners and ⁠Chiratae Ventures — claims to have noted a 3-fold year-on-year increase in their revenue in the financial year 2021, meanwhile contract management system has termed this fiscal the best one for them. Similar trend of increased revenue has been witnessed by most of the big SaaS names in India. Backed by Google and led by founder Girish Mathrubootham, help desk software company Freshworks ⁠— which has bagged contracts from Vice Media Group, Toshiba and Cisco ⁠— claimed to have crossed $300 million in annual recurring revenue (ARR) in February 2021. ARR is a metric used by SaaS businesses to show the revenue one can expect on a yearly basis. “It’s no secret that the future of business and scale is SaaS-driven, more so in the post-pandemic landscape. What’s interesting however is how quickly Indian companies have set a global benchmark for the industry. The exponential growth unlocked in the last 5 years is a testament to how capital efficient the Indian SaaS industry is,” Venkatesh Peddi, executive director and head of SaaS investments at Chiratae Ventures, previously said. One in five global software demands will be met by Indian SaaS companies in the next four years, Chiratae-Zinnov report added. What are Indian startups doing to attract these customers? With enough revenue and funding to aid sustain and grow their businesses, Indian SaaS companies have now put in greater focus on penetrating deeper into the international markets. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647440" hostid="261"></div> Monish Darda, co-founder and chief technical officer (CTO) of Icertis, talked to Business Insider about the three important aspects for international expansion for any SaaS business. First, ensuring that the technology is in accordance with the market one if planning to enter. Second, readiness from the team perspective and having local workforce who understand the market well. Third, cracking right partnerships to expand business. “If you look at contract management, you will see that for India we will not only integrate electronic signatures from Adobe Sign, which are global, but also add e-Mudhra which is a very Indian specific digital signature. You always have these different things in different markets that you need to cater to, to be successful. So there is technology,” he explained. Ankur Bansal, co-founder of BlackSoil Capital, in an interaction with Business Insider said that it’s almost a given for all SaaS companies, who have found their product-market fit, to think global. Having global customers changes the valuation of a SaaS company “dramatically” and offers much better margins to the company. “In terms of the size of the contract, the understanding of it and the speed of execution — everything on all counts in favour of a SaaS company… Anyway SaaS business margins are great, and on top of it if the company is catering to customers based out of the US or Europe then it becomes way better,” Bansal added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/infosys-airtel-kaveri-seed-and-other-top-stocks-to-watch-out-for-on-august-26/slidelist/85645299.cms">Infosys, Airtel, Kaveri Seed and other top stocks to watch out for on August 26 </a> <a href="https://www.businessinsider.in/personal-finance/news/investors-will-be-able-to-open-fixed-deposit-accounts-fds-on-google-pay/articleshow/85646488.cms">Google Pay to let users open fixed deposits on its platform </a> <a href="https://www.businessinsider.in/science/news/popular-pro-vaccine-reddit-page-calls-on-founders-to-do-more-to-combat-covid-19-disinformation/articleshow/85639053.cms">Popular pro-vaccine Reddit page calls on founders to do more to combat COVID-19 disinformation</a>

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