27 May 2022 09:10 am Views - 147
WSO2, the leader in digital transformation technology, recently announced that the company has completed its Series E funding round with the addition of RedStart Labs (India), a subsidiary of Info Edge Limited.
The move brings the total growth capital raised to US $ 93 million.
Info Edge joins lead investor Goldman Sachs Asset Management Private Credit (Goldman Sachs), which completed the first tranche of the Series E in November 2021. Info Edge, through its RedStart subsidiary, will contribute strategically to WSO2’s accelerated business expansion across India.
WSO2, with more than 800 customers in over 90 countries, has already established a strong presence in India. Over 35 leading enterprises in India—including government agencies and global leaders in financial services, communications, healthcare and technology—rely WSO2’s products and solutions to drive their digital journeys and deliver innovative experiences to customers. Additionally, over 100 million consumers in India are interacting with these organisations using secure digital services powered by WSO2.
“Across India, we’re seeing growing demand for our uniquely integrated approach to uniting best-in-class API management and integration with identity and access management as more organisations embrace digital business models,” said WSO2 founder and CEO Dr. Sanjiva Weerawarana.
“RedStart, as part of Info Edge with its deep market understanding, extensive network and success in investing in digital businesses like Zomato, will play a strategic role in helping us accelerate our growth and customer adoption in India.”
Since 2005, WSO2 has been delivering on its mission to democratise the development of modern applications and services with industry-leading, cloud native and open-source technologies for API management, integration and customer identity and access management (CIAM). The company is now expanding upon these offerings with a new generation of platform-as-a-service solutions that further speed customers’ time to market and ability to innovate.
“We believe WSO2 operates at the intersection of two powerful trends of an increasingly API-driven world coupled with a wider adoption of open-source software by large enterprises for the flexibility and adaptability to offer agile, personalised services and innovative use-cases for their customers,” said Amit Behl, a partner at Info Edge, who led the company’s investment in WSO2.
“As digital transformation accelerates across Indian enterprises and also as open-source forms the foundation of the government’s Digital India initiative, we expect India to emerge as a key market for WSO2 not only for its revenue potential but also for developer adoption.”