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SaaS unicorn Icertis to raise $50 Mn

EntrackrEntrackr · 6m ago
SaaS unicorn Icertis to raise $50 Mn
Medial

US-based contract management SaaS firm Icertis is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC). The filing did not disclose the names of the investors. Last year, an ET report indicated that SoftBank was likely to invest in Icertis' new funding round, which might conclude at $150 million. This round follows Icertis' previous $150 million funding in October 2022 consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. Icertis is an enterprise contract management software provider offering AI-powered solutions to enhance risk management, compliance, and efficiency across departments like finance, legal, procurement, and sales. According to startup data intelligence platform TheKredible, Icertis has raised $522 million prior to this round, including both debt and equity, from investors such as Silicon Valley Bank, B Capital, Premji Invest, and others. Icertis became a unicorn in July 2019 after raising $119 million in its Series E round led by Premji Invest. It was last valued at around $5 billion. In India, the company is headquartered in Pune. Icertis Indian entity reported 33% growth in its operating revenue to Rs 863 crore in FY24 from Rs 649 crore in FY23. The company registered Rs 97 crore profit in FY24 compared to Rs 71 crore in the previous fiscal year.

DaaS platform Swish Club raises $4.5 Mn in pre-Series A

EntrackrEntrackr · 7m ago
DaaS platform Swish Club raises $4.5 Mn in pre-Series A
Medial

Devices-as-a-Service (DaaS) platform Swish Club has secured $4.5 million in a pre-Series A funding round, including $3.3 million in equity and $1.2 million in debt financing. The equity round was led by Powerhouse Ventures, along with participation from Blume Ventures, Founders Fund, Touchstone Ventures, Eternal Capital, and Atrium Ventures. The round also included other investors such as Livspace’s Anuj Srivastava, Ajit Reddy, Deb Dutt, and Tushar Patel. The Bengaluru-based company had previously raised $1.26 million from its existing investors and others. Founded in 2023 by Dushyant Sapre, Suraj Kumar, and Jai Anand, Swish Club is a one-stop solution for enterprise devices, end-point management, and security software. The platform handles the entire lifecycle of a device, from sourcing, configuration, administration, security, and safe returns to upgrades. According to Swish Club, DaaS also allows enterprises and their employees to choose their preferred laptops and smartphones from manufacturers like Apple, Samsung, HP, Dell, and Lenovo and partners with more than 125 enterprises. Swish Club claims to have onboarded over 125 enterprise clients, including Max Life Insurance, Bennett and Coleman, HDFC Life Insurance, PepsiCo, Informatica, Philips, GMR, RPG Group, Landmark Group, and Zensar, as well as startups such as Whatfix, Zetwerk, Meesho, Plum, Allen, Porter, Bold Care, FamPay, Zolvit, Qila Games, and Addverb. "Managing corporate devices is a complex, multi-step process involving procurement, financing, asset management, and eventual recycling. Each step requires different vendors, leading to cost implications, lack of transparency, and multiple back-and-forths. Swish Club is simplifying this with India’s first digital Device-as-a-Service (DaaS) platform, helping businesses remove these depreciating assets from their balance sheets and reduce IT costs from 10% to just 3% of total capex—all with just a few clicks through a dedicated platform," said Dushyant Sapre, CEO & Co-founder of Swish Club. Swish Club states that under its Device-as-a-Service (DaaS) solution, it has introduced India’s first digital platform for laptop rentals for enterprises and smartphone leasing for corporate employees. The enterprise device rental solution comes with four free pre-bundled software solutions: Asset Management Portal (AMP), Mobile Device Management (MDM), antivirus, and device cleaner. In India, Swish Club competes with unorganized players, while at the global level, it faces competition from companies such as Grover and Everphone.

The Money Club raises $2.5 Mn in Series A

EntrackrEntrackr · 9m ago
The Money Club raises $2.5 Mn in Series A
Medial

On-demand liquidity platform The Money Club has raised $2.5 million in a Series A funding round led by Prudent Investment Managers. The round also saw participation from HNIs of Singapore and Dubai, 1Crowd AIF, along with its existing investors, including Venture Catalysts, LetsVenture, Z21 Ventures, and Supermorepheus. The company had previously raised $2.54 million from its existing investors. The fresh funds will be deployed toward developing financial inclusion solutions, expanding technological capabilities, and providing financial empowerment to underserved populations, The Money Club said in a press release. Launched in 2018 by Manuraj Jain, The Money Club provides a fully digital platform that offers its new-to-credit users on-demand liquidity without any physical paperwork. The platform is designed to cater to the unmet financial needs of low-income populations, particularly the 400 million lower middle-class Indians who face significant barriers in accessing traditional financial products. According to the Noida-based company, it enables users from across the country to rotate their savings digitally and access funds on demand in times of need. It runs entirely on UPI rails and collects valuable behavioral data, enabling a dynamic, real-time underwriting model that creates accurate credit profiles using more than 30 unique attributes per transaction. This approach provides 20 times more data than traditional credit models, significantly enhancing the previously non-existent digital footprint of nano-entrepreneurs to bring them under the ambit of the formal financial ecosystem. The Money Club claims to have successfully acquired over 7 lakh users, mostly new to credit, who have rotated approximately Rs 350 crore of their savings to date and generated a digital footprint of over 4.3 million transactions. The platform boasts a 98% user retention rate. It may compete directly or indirectly with other companies in this space, such as myPaisaa, Subspace, and Shriram Chits, among others.

EcoSoul Home enters soonicorn club with $20 Mn funding round

EntrackrEntrackr · 1d ago
EcoSoul Home enters soonicorn club with $20 Mn funding round
Medial

EcoSoul Home enters soonicorn club with $20 Mn funding round Sustainable home essentials brand EcoSoul Home has raised $20 million in combined equity and debt financing. The Series B round was led by Accel and strategic investors Bajaj Financial Securities Limited alongside StartupXseed Ventures, JSW Ventures, and CK Birla Group, with continued participation from Singh Capital Partners. Additional venture debt was secured from Alteria Capital and SIDBI. With the current fund raise, Ecosoul has now raised more than $50M cumulatively to power its market leadership across multiple geographies. The proceeds will be utilized to enhance manufacturing capabilities across its three production facilities in India while strengthening its omni-channel retail presence in key markets including the United States, United Kingdom, Europe, GCC countries, and India, EcoSoul Home said in a press release. As per market research, the sustainable home products market is projected to reach $663.9 billion by 2034, growing at a CAGR of 5.5%. Co-founded in 2020 by Rahul Singh and Arvind Ganesan, EcoSoul offers eco-friendly home essentials made from sustainable materials such as palm leaves, bamboo, sugarcane bagasse, and PLA. Its product range includes items like bamboo chopping boards, biodegradable cups, and palm leaf plates. The company boasts a portfolio of over 1,800 products, available across 50+ retail stores in more than seven countries, including India, the USA, Vietnam, and China. Rahul Singh, Co-Founder and CEO of EcoSoul Home, said, "This funding milestone represents a pivotal moment in our mission to become one of the world's largest fully compostable home essentials brands. With the backing of such marquee investors, we are well-positioned to accelerate our growth and make sustainability mainstream by bringing sustainable living solutions to households and businesses across the globe." EcoSoul reported over 40% year-on-year revenue growth, reaching Rs 26.8 crore in FY24, as per its India filings. The company, however, posted a loss of Rs 4.6 crore during the same period. Noida and US-based Ecosoul competes with other sustainable home essentials startups such as CHUK, Delhi-based Ecoware, and Mumbai-based Dinearth, among others.

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