The Gurugram, Haryana-based SaaS company SirionLabs that provides contract management software to enterprises has recently raised a gigantic sum of $44 million from Tiger Global Management and Avatar Growth Capital in a Series C round.
The latest funds came after 4 years after the company raised $12.3 million in a Series B round from Sequoia Capital India, back in 2016. SirionLabs also has offices in New York and Singapore and has opened a laboratory in Seattle.
Commenting on the investment round, Ajay Agrawal, co-founder, Chairman & CEO of SirionLabs in a statement said,
“SirionCLM’s permissioned ledger architecture does away with analog contracting processes which are adversarial in nature and instead creates a level playing field that gives all companies, whether buyers or sellers, an opportunity to collaborate and leverage a single-source of truth in realizing the business outcomes embedded in contracts. I am delighted to welcome Tiger Global and Avatar Growth Capital as our latest investors. It is a strong vote of confidence in our vision to revolutionize contracting.”
Reflecting confidence in SirionLabs, Vishal Bakshi, Founder & Managing Partner at Avatar Growth Capital said,
“Complex services represent a multi-trillion global market but contracting and governance continue to be cumbersome manual processes. SirionLabs has spent several years in developing proprietary AI-enabled performance and invoice reconciliation capabilities to address these inefficiencies head-on. Pioneering a two-sided, international marketplace creates benefits for both enterprise clients and service providers, and with it the potential for SirionLabs to capture massive network effects as the platform continues to scale. It’s exciting to support Ajay and his team on this journey.”
