Sequoia provides Series A for India's SirionLabs

SirionLabs was set up by Ajay Agrawal - founder of legal out-sourcing firm UnitedLex - and Claude Marais in 2012. The business develops technology aimed at improving the efficiency of outsourcing contracts.

Its flagship product, Sirion, launched in September last year. It is an SaaS platform intended to allow businesses to track all points through the lifecycle of a contract including performance, finance, risk and relationship management.

According to a release, this new injection of capital will be used for R&D and also to accelerate the firm's market and product development plans. As part of the deal, Shailendra Singh, managing director with Sequoia, has joined the SirionLabs board of directors.

"Sirion's early market validation has been terrific," said Singh. "We believe SirionLabs can become a very large SaaS company in the vendor governance and vendor management space, in the post-procurement phase of sourcing."

There have been a number of recent VC investments in Indian companies employing the SaaS model. Last month, Nexus Venture Partners and Avalon Ventures re-upped in Indix Corporation via a $8.5 million Series A-1 round of funding. Prior to that, in January, Accel Partners led an $800,000 Series A round of investment in ChargeBee, an start-up that helps companies manage their subscription billings through another cloud-based platform. 

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• Topics
• South Asia
• Technology
• Early-stage
• Venture
• Technology
• Sequoia Capital
• India
• Venture