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AI software platform provider o9 Solutions, announced that its existing investors, led by General Atlantic’s BeyondNetZero, have invested an additional $116 million in the company. Existing investors KKR and Generation Investment Management also participated in the round.
The investment values o9 at $3.7 billion, up from $2.7 billion since the company’s last investment round in January 2022, said the company in a statement. The company has presence in Bengaluru and Coimbatore in India, though headquartered in the US.
The company’s valuation increase comes at a time when several unicorns have seen their valuations come down in the Indian startup ecosystem.
“The investment by our existing investors at a premium to our last funding round and against a backdrop of an overall pullback in market valuations is continued validation of our performance and execution against our long-term strategy,” said Chakri Gottemukkala, Co-Founder and CEO, o9 Solutions. “We will continue our strategy of client satisfaction and innovation as a driver of efficient growth across industry verticals and markets.”
The investment follows a period of continued performance by o9, including 55% year-over-year growth in Annual Recurring Revenue (ARR) as of Q2’23, said the statement. The company also reported 67% year-over-year ARR growth as of Q1’23 and 65% growth in 2022.
In conjunction with the transaction, o9, Bangalore-headquartered also announced that General Atlantic Operating Partner and tenured business executive Gary Reiner has joined the company’s Board of Directors. Reiner joined General Atlantic in 2010 and provides strategic support and counsel to the firm’s technology investment teams and portfolio companies.
“We continue to be thrilled with o9’s terrific customer value proposition, offering truly material and measurable outcomes relative to traditional planning software vendors and thereby providing strong blue chip client satisfaction,” said Gary Reiner, Operating Partner at General Atlantic. “Since we first partnered with o9 in early 2022, the Company has helped deliver significant revenue growth, working capital improvements and expense reductions for many large global enterprises.”
