S&R assists in SirionLabs fundraise

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S&R Associates represented Avatar Growth Capital when it co-led a US$44 million series C round of investment in SirionLabs, a software-as-a-service provider.

US-based firm Gunderson Dettmer represented co-leader Tiger Global Capital in the deal that was signed in the second half of April, and has since closed.

With this round, SirionLabs has raised US$66 million to date, with earlier rounds led by Sequoia Capital India.

The S&R team was led by partners Sandip Bhagat and Sudip Mahapatra, and included associates Pooja Singhania and Gunit Kaur.

Mahapatra told India Business Law Journal that, “the deal team had to work extra hard to create a deal package that satisfied everyone”, as it involved multiple stakeholders who are “extremely sophisticated parties with significant deal experience”.

A team from Algo Legal comprising partner Vinayak Mishra, principal associate Neha Madan and associate Utsav Gandhi advised SirionLabs.

Algo Legal had also conducted the legal due diligence on SirionLabs and its subsidiaries for Avatar Growth Capital. Partner Siddharth Manchanda had led the due diligence team, which included associate partner Minhaz Lokhandwala and associate Naina Rathore.

SirionLabs, which recently announced the launch of a new technology centre in Seattle, says this funding round will enable it to “continue to strengthen its leadership” in contract lifecycle management.