Azim Premji-backed Icertis enters unicorn club; raises this much funding

Billionaire Azim Premji has helped create India’s latest tech unicorn: a fast-rising software startup that symbolizes the growing investor interest in the Asian nation’s enterprise technology space. Icertis, which competes with SAP SE and Oracle Corp. to help businesses manage contracts in the cloud, has raised $115 million, propelling it to unicorn status as investors flock to enterprise software makers.

The advanced-stage funding round in Bellevue, Washington and Pune, India-based Icertis was co-led by Greycroft Partners LLC and PremjiInvest, the fund managed by the family office of Indian tech billionaire Premji. Existing investors including B Capital Group, Eight Roads Ventures and Cross Creek Advisors participated. With this, Icertis has raised over $211 million.