Finance technology startup HighRadius has announced that it has secured around ₹321.51 crore ($50 million) in a new funding round from Susquehanna Growth Equity.
The company says that it will use the money raised in this round to continue its aggressive growth and expand its presence globally. Sashi Narahari, founder and CEO of the company, said,
We have more than 350 clients on our Integrated Receivables platform powered by our Rivana Artificial Intelligence engine… This funding will help us accelerate our platform to thousands of companies globally.
Amir Goldman, founder and MD of Susquehanna Growth Equity, said,
Integrated receivables is a $11-billion market in the early stages of adoption. We love backing bootstrapped companies like HighRadius, which has never raised outside funding, has grown at a 70% CAGR, and continues to be cash-flow positive.
HighRadius, which is based in Hyderabad, is a fintech enterprise Software-as-a-Service (SaaS) company. The company says that it currently employs over 500 people across the US, India, and Europe and works with Global 2000 companies.
The company’s list of clientele includes Adidas, Starbucks, Procter & Gamble, Reckitt Benckiser, Johnson & Johnson, Warner Bros, Danone, Sysco and Zurich among others.
The startup’s solution helps in optimizing cash flow, reduce days sales outstanding (DSO) and bad debt, and increase operational efficiency. It applies artificial intelligence and machine learning to all aspects of accounts receivable operations, including credit, collections, cash application, deductions and payments.