SirionLabs, an enterprise software as a service (SaaS) product company in the supplier management space, has raised $12.25 million in Series B funding led by its existing investor Sequoia India. The company founded in 2012 with offices in Gurugram and Michigan also saw the participation from QualGro ASEAN Fund and Canopy Ventures in this new round of funding.
The fresh funding will be used to expand the product capabilities and fuel market growth. In addition, Sanish Mondkar, former executive vice president and chief product officer at SAP, has joined its board of directors. Mondkar will work closely with Sirion’s product and engineering teams to further accelerate the pace of innovation and product delivery.
SirionLabs was founded by Ajay Agrawal who earlier founded UnitedLex Corporation, a provider of legal process outsourcing and Claude Marais. The company had earlier raised $4.7 million in Series A funding from Sequoia Capital in 2014.
According to the company, its supplier governance product significantly reduces the cost by automating complex procedures. Governance of complex services suppliers (such as IT outsourcing, BPO etc) continues to be a major challenge for large global organisations with significant outsourcing spend. As per research, the potential global market size for outsourcing governance solutions is estimated to be around $10 billion, with only 0.28% of the market potential currently being tapped.