Indian contract management startup banks $1.8m in Kalaari-led seed round

Business management service provider SimpliContract has raised US$1.8 million in a seed funding round led by Kalaari Capital.

Picus Capital, Arka Ventures, and Digital Sparrow Capital also participated in the India-based company’s latest round, according to a statement.

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Founded in 2020, SimpliContract provides a software-as-a-service (SaaS) platform that helps companies streamline their contract lifecycle management (CLM) process. It leverages artificial intelligence and natural language processing to help clients collaborate with internal and external stakeholders such as vendors and customers.

The company said it will use the new funds to drive its engineering, AI research, and marketing efforts.

“The global CLM market is expected to grow from US$1.5 billion today to US$5.2 billion by 2027,” said Kalaari Capital partner Ravinder Singh. “We believe that the AI-powered CLM platform of SimpliContract will drive and ride this growth.”

SimpliContract CEO Guru Venkatesan said that the company has seen increased interest and adoption in the market within a few months of launching. More than 4,000 enterprise users are now managing over 30,000 contracts worth US$2 billion on its platform.

“Organizations are seeing value in user-centric interface, AI capabilities, and agile integrations, and we are committed to delivering on all these,” Venkatesan added.