- HighRadius announced it has raised $125 Mn Series B funding for expansion. The company was valued at more than $1 billion with this and joins the unicorn club.
Hyderabad and Houston-headquartered SaaS company HighRadius announced it has raised $125 Mn Series B funding for expansion. The company was valued at more than $1 billion with this and joins the unicorn club.
With the involvement of existing investors Susquehanna Growth Equity and Citi Ventures, ICONIQ Capital led the funding round. With this, HighRadius ‘ total funding is $175 million. One of the most interesting parts of this unicorn club entry is that for 11 years HighRadius bootstrapped and received money for the first time in 2017.
Two Indian SaaS companies–Icertis and Druva –joined the unicorn group in 2019, but when they became unicorns, their funding stage was over Series C. Hence, HighRadius ‘ feat is a fantastic one with enormous international success.
HighRadius was created by Sashi Narahari in 2006 to automate payments and receivables. It describes itself as a “SaaS provider for integrated receivables such as credit, cash processing, EIPP, collections, deductions, and payments.” The funds will be used by HighRadius to support product growth and expansion.
The company claims to have over 400 clients, including over 200 from the Forbes Global 2000, such as Target, Adidas, and Procter & Gamble. The company claims that HighRadius AI automates and strengthens financial processes by ongoing learning and analytical analytics, and even offers a virtual assistant to simplify your daily operations.
It says that in transactions, HighRadius AI processed more than $1.3 Tn. It has more than 1,000 employees spread across Houston, India (its second headquarters), Amsterdam, and London offices. The business also works on the administration of the treasury.
Powered for order-to-cash teams by the Rivana Artificial Intelligence Engine and Freeda Virtual Assistant, HighRadius enables teams to use machine learning to predict future outcomes and automate labor-intensive routine tasks. The radiusOne B2B payment network helps suppliers to connect directly to customers, closing the gap to buyer payable processes from supplier receivable processes.
Will Griffith, ICONIQ Capital’s partner, said, “The HighRadius platform is changing the game for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively and delivering mission-critical ROI.
” HighRadius ‘ ARR is reportedly growing around 70-75 percent Y-o-Y. The company has reportedly been profitable and is still “mostly” in “growth” mode, so profitability is less of an immediate goal.