SaaS-based financial software product startup HighRadius, raised $125 million in its Series B round of funding. The round was led by ICONIQ Capital, with existing investors Susquehanna Growth Equity and Citi Ventures.
The total funding of HighRadius now stands at $175 million, and the startup is currently valued at $1 billion and above. With this fund raising, India gets its first unicorn in 2020.
HighRadius is headquartered in Houston, Texas with Hyderabad mainly being its operational space in India. The startup founded by IIT Madras alumni Sashi Narahari, was bootstrapped for 11 years when it raised first round of funding in 2017. The startup is planning to use its capital to accelerate its platform development and expansion.
HighRadius plans to help out companies with regards to account receivables and treasury management leverages native AI capabilities. It has around 400 clients currently.
Other competitors of HighRadius include Druva and Icertis. Icertis became a unicorn in 2019, with the fresh entry was made by Freshworks.