Indian VC giant Kalaari Capital has led a $1.8 Mn seed funding round in contract lifecycle management (CLM) platform. Other investors that have participated in this round includes Picus Capital, Arka Ventures, and Digital Sparrow Capital.
Founded in 2020, SimpliContract leverages cutting edge technologies like AI and NLP to streamline the contract process. It aims to democratize contract authoring and establishes powerful post-signature contract management practices. The company says that it wants to support organizations across the contract lifecycle – from request to renewal. By doing so, the company claims, it provides plethora of benefits to the clients.
This includes benefits like shortening contract cycle time, reduce risks, enforce compliance, manage and fulfil obligations, and adapt easily to the ever-evolving regulatory environment.
The company has been co-founded by three co-founders, Guru Venkatesan, Jinaraj PG, and Makesh Kuma. All three co-founders boost several decades of experience in building, selling, and deploying enterprise applications.
Ravinder Singh, Partner at Kalaari Capital, said, “90% of global enterprises and 50% of midsize organizations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from $1.5B today to $5.2B by 2027. We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth.”
Kalaari Capital was recently in news for onboarding Reliance as its anchor investor in its recently launched fourth fund. Reliance said that it will invest $200 Mn in Kalaari Capital’s fourth fund. Before coming on board as anchor investor, the Mukesh Ambani prompted company acquired four Kalaari backed start-ups. This includes Embibe, Zivame, Haptik and Urban Ladder. Reliance recently acquired Milkbasket, which was also backed by Kalaari Capital.
Zivame, Urban Ladder and Milkbasket was widely considered as distress sale. This means that Kalaari Capital was forced to divest its stake in these companies at a lower valuation.