After raising $125 million in a Series B funding round, HighRadius, the Artificial Intelligence-powered order-to-cash software firm, has become one of the first start-ups to enter the unicorn club in 2020.
The valuation of the US-based start-up, founded by Indian origin entrepreneur Sashi Narahari, stands above $1 billion after the latest funding round led by ICONIQ Capital and also saw participation from existing investors Susquehanna Growth Equity and Citi Ventures.
The company will use the fresh capital to accelerate its continuing platform development and also to expand its geographic reach, HighRadius said in a statement.
Headquartered at Houston in the US, HighRadius has more than 400 clients, including more than 200 of the Forbes Global 2000. Some of the big names it serves include Adidas, Walmart, Johnson & Johnson and Starbucks.
“ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey,” said Narahari, founder and CEO of HighRadius.
Co-founded in 2006, the fintech enterprise SaaS (software as a service) company had remained bootstrapped for 11 years. It had its first funding round in 2017. Ever since, the firm has raised $175 million in three rounds, including $50 million raised in September 2017.
“The HighRadius platform is game-changing 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 by delivering mission-critical ROI,” said Will Griffith, partner at ICONIQ Capital.
HighRadius said its Integrated Receivables platform reduces cycle times in your order-to-cash process via automation of receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions and collections.
The latest funding also places HighRadius alongside similar companies with strong Indian connections that have entered the unicorn club recently, such as Washington-based SaaS provider Icertis. Last year alone, nine start-ups from India entered the coveted unicorn club. Some of the newest unicorns are logistic firm Delhivery and Rivigo, gaming start-up Dream11 Rivigo and Ola Electric.
Unbridled journey
The valuation of HighRadius, founded by Indian origin entrepreneur Sashi Narahari, stands above $1 billion after the latest funding round led by ICONIQ Capital, and saw participation from Susquehanna Growth Equity and Citi Ventures. The firm’s clientele includes some of the big names such as Adidas, Walmart, Johnson & Johnson and Starbucks.