Sequoia invests $12.2 million in SaaS start-up SirionLabs

One of Sirion's clients is Indian oil and gas company Bharat Petroleum, reports Tech in Asia

SirionLabs, a software-as-a-service (SaaS) start-up based out of Gurgaon, announced today that it’s raised fresh money in the form of a Series-B round of $12.25 million from Sequoia Capital.

The money will be used to develop the product further, from improving the way it processes language to increasing its automation expertise.

There are plenty of businesses that offer relevant technology services, but they can be a lot of work to manage once a contract has been signed.

That difficulty is an issue that’s worth a lot of money, Ajay Agarwal explains. His solution is SirionLabs.

It focuses on making sure the technology services a company has bought – known as “procurement technology” – perform transparently and at their full potential.

Here’s an example: one of Sirion’s clients is Indian oil and gas company Bharat Petroleum. If BP decides to outsource a technology requirement to Accenture, Sirion will manage what happens afterwards.

“We act as a layer between you and your large service provider,” Ajay says. “Sirion will monitor whether they’ve delivered, what they’re supposed to be doing, and if they’re complying with the contract. We’ll provide a picture of what was supposed to happen and use big data to tap into performance.”

Sirion is another addition to the list of successful SaaS start-ups that are managing global clients while working out of India. It’s headquartered in the state of Haryana, but aside from a few large service providers – like Bharat Petroleum – most of its customers are in the US. In the 19 months that it has been on the market, it’s onboarded 20 enterprise customers, including Mastercard and Vodafone.

This is an excerpt from Tech in Asia. You can read the full article here