HighRadius, a Hyderabad-based fintech firm that provides cloud-based integrated receivables software, has raised around Rs 321 cr in growth funding from US-based private equity firm Susqhehanna Growth Equity.
Led by its founder and CEO Sashi Narahari, HighRadius works with a number of global players including Adidas, Starbucks, P&G, Reckitt Benckiser, Johnson and Johnson, Warner Brothers, Danone, Sysco and Zurich using the subscription-based revenue model.
The company currently employs over 500 people across India (Hyderabad), US and Europe and has more than 300 customers. About 80-90 per cent of its revenues come from America, while the rest is owed to its small customer base in Europe.
"We have been executing on our vision of enabling receivables functions to achieve ubiquitous electronic payment adoption and process automation-massively reducing paper-based processes and manual work. We have more than 350 clients on our integrated receivables platform powered by our Rivana Artificial Intelligence engine and the RadiousOne B2B payment network. This funding will help us accelerate our platform to thousands of companies globally," Sashi Narahari said on this occasion.
The funds would be used to deepen the company's presence in Americas and Europe where the adoption of this emerging technology service is happening at a faster pace, according to a company spokesperson.
As a cloud-based product company, HighRadius applies AI and machine learning to all aspects of accounts receivable operations, including credit, collections, cash application, deductions and payments. Adoption of its technology is expected to match that of Accounts Payable automation by 2020.
Amir Goldman, founder and managing director of Susquehanna Growth Equity LLC, which is a part of Susquehanna International Group, said," Integrated Receivables is a Rs 7 lakh crore market in the early stages of adoption. HighRadius is the clear leader in receivables-focused SaaS solutions for large enterprises and the only cloud-based platform that covers the full range of functions and processes. We love backing bootstrapped companies like HighRadius, which has never raised outside funding, has growth at a 70 per cent CAGR, and continues to be cash-flow positive."
In conjunction with the investment, Amir Goldman and Ben Weinberg from Susqhehanna will join the HighRadius board of directors. Atlas Technology Group acted as a financial advisor to the company in this transaction.
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