HighRadius Brings In $125M in Series B from ICONIQ Capital
A SaaS-based financial software product startup, HighRadius becomes first unicorn of 2020, and also joins a group of startups.
FREMONT, CA: A startup based on SaaS financial software product, HighRadius has raised $125 million in its Series B round of funding. ICONIQ Capital led this funding along with the present investors Citi Ventures and Susquehanna Growth Equity.
Including this, the total funding raised by the company stands at $175 million. It is currently valued at $1 billion and above, becoming the first startup in 2020 to enter the unicorn club.
HighRadius was founded in 2006 by an IIT Madras alumnus Sashi Narahari. The company is headquartered in Houston, Texas, with an office in Hyderabad. The startup was bootstrapped for 11 years and then raised its first round of funding in 2017.
Founder and CEO of HighRadius, Sashi Narahari, says that today marks an important milestone for HighRadius, and they are thrilled to have ICONIQ to modernize the order to cash space. ICONIQ can prove to be a great partner for the company as they are planning to build HighRadius into a self-sustaining, long-term category leader.
According to the startup, it has more than 350 clients, including more than 200 of the Forbes Global 2000 companies. The startup's connects space for accounts receivables and treasury management leverages native AI capabilities to help companies optimize working capital.
Partner at ICONIQ Capital, Will Griffith, said that the platform of HighRadius is turning point for financial departments and CFOs. He also added that HighRadius fits squarely into their commitment to investing in best-in-class, long-term technology businesses driven by incredible teams.
HighRadius has also joined a group of startups with secure 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.