SirionLabs, a startup that provides supplier management technology products has recently raised $12.25 million (about Rs.85 crore) in a Series B round of funding led by existing investor Sequoia India, a top company executive said. The funding round also saw the participation of QualGro Asean Fund and Canopy Ventures.
SirionLabs was founded by Ajay Agrawal in 2012 and helps large enterprises manage outsourcing and procurement services.
“There has been a tremendous growth in strategic outsourcing in the recent years and most large manufacturer of goods have started offering their goods more as a service. SirionLabs provides buyers of these managed services with software monitors their relationship with the suppliers,” said Agarwal.
The funds will be used to support expansion and R&D and go-to-go market strategy.
The Sirion network currently has $2.7 billion worth of contracts stored on it and more than 10,000 suppliers on the platform.
“In the last few months, we validated $324 million worth of invoices, in which our system automatically found discrepancies of $21 million. Thus, the clients were able to reduce their invoice value by 6.5% more using Sirion,” said Agarwal.
The company is also tying up with consulting firms such as Accenture Plc and McKinsey and Co. for increasing its distribution reach.
“Part of the proceeds will be invested to build these alliance relationships and train the alliance partner’s people to implement and customize the product to suit their customers’ needs. Some of the firms we’ve partnered with include Accenture and McKinsey. These partnerships will help our go-to market model to become from a direct one to a distribution led one,” said Agarwal.