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SirionLabs, an enterprise SaaS company, has raised $12.25 million (about ₹80 crore) in Series B funding led by existing investor Sequoia India. Others that participated in the round are Qualgro ASEAN Fund and Canopy Ventures. It will use the money to expand product capabilities and grow the market.
Founded in 2012, SirionLabs had raised $4.7 million in Series A financing from Sequoia that was used for research and development, and to speed up market and product development plans.
The company has a total of about 150 employees, of whom nearly 125 are based in Gurugram, including in engineering, product development, implementation and service delivery. Its customers are in the US, Canada, Australia, the UK, Denmark and Germany.
Along with the funding, Sanish Mondkar, former Executive Vice-President and Chief Product Officer at SAP, has joined SirionLabs’ board of directors. Mondkar, according to a press release, will work with the product and engineering teams to accelerate the pace of innovation and product delivery.
Ajay Agarwal, who has a postgraduate qualification in Law, is one of the founders of SirionLabs. He had earlier founded a legal process outsourcing company UnitedLex in 2006, which he sold in 2011.
Outsourced services
According to SirionLabs, till the mid-1990s, companies used to spend on procuring goods and commodities, which was easy to monitor. Over the last two decades, they have started spending a lot on procuring services such as IT outsourcing, BPO and facilities management, all of which are difficult to monitor.
Most often, the companies enter into multi-year contracts for the services and find it difficult to monitor whether all the services they have signed contracts for are being delivered as agreed upon and whether they are billed only for those services they have signed up for.
SirionLabs’ product helps companies monitor their services contracts and makes sure that the invoices are in line with the contracts signed between its clients and their service providers.
According to the press release, the potential global market size for outsourcing governance solutions is estimated at $10 billion, of which only about 0.30 per cent has been tapped.
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