According to filings with the US Securities and Exchange Commission, contract management software-as-a-service (SaaS) unicorn Icertis has raised $75 million in debt financing. The debt came after Icertis raised an undisclosed sum from German software giant SAP SE in January.

The Seattle and Pune-based tech unicorn has raised $80 million in its Series F round, led by existing investor B Capital Group, with participation from other investors. The funding round valued the startup at $2.8 billion.

In September 2022, Japan’s SoftBank Vision Fund acquired shares from existing Icertis investor Eight Roads at around $5 billion. Icertis had no official comment on the development.

Founded in 2009 by Samir Bodas and Monish Darda, Icertisis is an enterprise contract management platform in the cloud that solves hard contract management problems on an easy-to-use platform. Other investors in Icertis include B Capital Group, Greycroft and Premji Invest.

Its AI-powered Icertis Contract Intelligence (ICI) platform manages global contracts for companies, including AbbVie, Airbus, Apple, BASF, Google, Johnson & Johnson, Merck, Microsoft and Wipro.

Alternative financing models, such as venture debt, have emerged amid a severe funding crunch in India and globally. Icertis was one of the first unicorn startups to raise debt.

In August, digital payments solutions provider MobiKwik raised Rs 35 crore in debt from Blacksoil Capital after delaying its initial public offering (IPO). Recently, cloud kitchen unicorn Rebel Foods raised Rs 75 crore in venture debt from Alteria Capital.

For the next three years, the company will focus on improving net revenue retention and increasing its market share in the US, UK and other markets, including India, Darda said. More than 90% of the company’s operations are in the US and UK.