SaaS (software-as-a-service) firm SuperOps has raised $25 million in Series C funding round led by March Capital with participation from existing investors Addition and Z47.
The Chennai and US-based SaaS firm’s software helps Managed Service Providers (MSPs) better manage IT operations of their clients with the platform’s IT documentation, project management and network management tools among others.
With this funding, the start-up has raised $54.4 million in total since its launch in 2020 by Arvind Parthiban and Jayakumar Karumbasalam, both alums of Zoho and Freshworks. The SaaS firm, like its peers, has a long-term vision of a US listing in 2-3 years.
SuperOps will use the funds to take its product to the broader IT market with the launch of a new Endpoint Management tool for IT operations management by in-house IT teams. It will also be deployed towards strengthening their AI engine Monica that helps MSPs automate routine workflows and delivers personalized insights to them. Aggressive global expansion into markets like the UK and Australia is also on cards.
“We are at a stage where the product is doing well among small business clients, and we now intend to double down on mid-market and upmarket segment,” Arvind Parthiban, Co-Founder and CEO of SuperOps, said. The decision to extend the product to internal IT teams with the launch of a new tool was a result of good demand we saw from existing clients, he said.
SuperOps has tripled its customer base and grown revenue by around 100 per cent in the last one year. The SaaS firm is doing all this with a 200-member team largely out of Chennai.
Speaking about the impact of AI on SaaS, Parthiban notes that AI can only improve features of SaaS products and is not a threat to the business if adopted well. “It may change the way SaaS businesses price their solutions; we may soon see more outcome-based pricing models rather than just fixed-term licenses as AI matures,” he adds.