HighRadius, a software as a service(SaaS) startup co-founded by Sashi Narahari, an IIT Madras alumnus back during 2006 in Hyderabad and with an HQ in the American city of Houston, has raised $125 million at a valuation of $1 billion, thus pushing it to become the latest entrant into the coveted ‘unicorn’ club of startups.
With a set of innovative, cutting-edge products, HighRadius operates with a vision to improve and modernize the ‘order-to-cash’ space and aids businesses in automating their important functions like trade receivables wealth management via new technologies.It uses an AI platform to automate routine financial tasks and for predicting invoice payment dates.
The startup has previously worked with famous companies like Adidas, Cargill, Danone, Walmart, Johnson & Johnson and Starbucks and currently has around 400 clients including more than 200 of the Forbes Global 2000 companies.
HighRadius is the 25th Indian startup to become a unicorn and the first unicorn of the year 2020. A startup is termed as a ‘unicorn’ when it gets a valuation more than $1 billion.
HighRadius has developed platforms like :
Rivana – AI Platform
Freeda: Digital Assistant
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.
The startup has remained bootstrapped until its first funding round in 2017. Earlier, HighRadius had seen a Series B funding round, which was led by San Francisco-based private investment company ICONIQ Capital.
The current investors including names such as Susquehanna Growth Equity and Citi Ventures have also participated in the current funding round. Combining all its funding so far, the company has raised $175 million across 3 rounds, including the $50 million it raised in September 2017.
The investor firm ICONIQ, combines patient capital with a long-term vision of investing in the category defining businesses. The firm’s past investments include BlackLine and Coupa. For ICONIQ, digital transformation has increasingly become a CFO priority. “
It is worth noting that during the last year, India added a record 9 new unicorns compared to 8 in 2018.
HighRadius now joins a cohort of startups with strong India connections, along with SaaS-based startups like Druva and Icertis, who also entered the unicorn club in 2019, with the first entry made by Freshworks.
The newest unicorns of 2019 included logistics startup Delhivery, cloud-based enterprise contract manager along with the likes of Icertis, Dream11, Rivigo and Ola Electric, the electric vehicle arm of cab hailer Ola.
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. 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,” Narahari, also the president and CEO of HighRadius, said in a statement.
WillGriffith, partner at ICONIQ Capital said –
As we have seen in many of our portfolio companies and past investments, including BlackLine and Coupa, digital transformation is increasingly a CFO priority. 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.”