HighRadius – First SaaS Unicorn from Hyderabad3 weeks ago Shravani Maddirala
Raising $125 M with Iconiq Capital taking lead, HighRadius attains Unicorn Status
Though HighRadius doesn’t technically fall under the gambit of a startup for being founded in 2006, it’s a safe call as it has started taking external capital only in recent years. The company describes itself as a “SaaS provider for integrated receivables, such as credit, cash application, EIPP, collections, deductions, and payments.” In other words, the platform aims to automate routing receivables and payment processes (such as predicting invoice payment dates, for example) across a variety of functions.
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company that leverages Artificial Intelligence-based Autonomous Systems to help companies automate Accounts Receivable and Treasury processes. The HighRadius Integrated Receivables platform reduces cycle times in your order-to-cash process by automating receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections.
“For example, if you bill your customers, the average time to get paid from the time of billing is about 45 days,” Sashi Narahari, Founder and CEO of the company said in a company release. “We use various sets of technologies to help companies reduce that by 10 percent.” While that might not sound like a big deal, Narahari maintains that 10 percent, when you’re talking about large sums of money, provides “huge value” to a company’s bottom line in terms of working capital optimization.
HighRadius has announced it has raised $125 million in a Series B growth funding round led by ICONIQ Capital. “Today marks an important milestone for HighRadius and we’re thrilled to have Iconiq join us in our vision to modernize the order-to-cash space,” said the founder Sashi Narahari. “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.”
Their products provide value to a wide range of customers and are especially relevant to industries like consumer products, manufacturing, distribution, energy, and others that sell products or provide a service to other businesses. Will Griffith, partner, Iconiq Capital, says: “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.”
With 400+ customers, including over 200 of the Forbes Global 2000 such as Walmart, Nike, and Procter & Gamble, and claims to process more than $1 trillion in transactions per year. It has over 1,000 employees spread across offices in Houston, India (its second headquarters), Amsterdam and London. It sure seems like HighRadius is carving its niche throughout the world and it’s one to watch out for!