Greycroft, Fidelity lead $6m round for India's Icertis

Icertis, which provides cloud-based software for management of contracts and compliance, transportation, and public and fleet transport, will use the new funding to scale sales and marketing efforts and improve its core software, according to a release. The company is reportedly planning another funding round within the next 18 months, to be followed by an IPO.

Begun as a Microsoft cloud software start-up in 2009, Icertis raised a $500,000 seed round in 2012. It now counts major international firms such as Microsoft, Hyundai, and SunEdison among its customers. Though headquartered in the US, the company's operations center is in Pune and it also has an office in Mumbai.

Greycroft provides early-stage capital to a number of technology-focused start-ups worldwide. One of its significant Asian investments is Beijing-based app analytics platform App Annie. Greycroft has participated in a number of funding rounds for the company, including a $6 million Series B round in 2012 and a $55 million Series D round in January 2015.

The firm is currently investing out of two funds, the $175 million Greycroft III and the $200 million Greycroft Growth.

Fidelity is investing out of its $250 million Fidelity India Ventures fund. It already has exposure to the cloud technology sector, having backed account and tax software-as-a-service (SaaS) platform Accounting SaaS Japan and US-based cloud storage provider Cloudian.

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• Topics
• South Asia
• Support services
• Venture
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• India
• Fidelity Growth Partners India
• Growth capital
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