Harness to Scale India Operations after USD 240 Mn Fundraise The funding round features a USD 200 million primary investment led by Goldman Sachs and a USD 40 million secondary share purchase by IVP, Menlo Ventures and Unusual Ventures from employees.
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San Francisco-headquartered software firm Harness has raised USD 240 million in a fresh funding round that values the company at USD 5.5 billion, according to ET media reports.
The round includes a USD 200 million primary investment led by Goldman Sachs, along with a USD 40 million secondary share purchase by US based venture firms IVP, Menlo Ventures and Unusual Ventures from company employees.
Founded by entrepreneur Jyoti Bansal, Harness is expanding its workforce in India as part of its growth plans. Bansal said the company is hiring aggressively across roles such as software engineering and AI research and expects to have about 600 to 700 employees in India this year.
Harness currently has a technology team in Bengaluru and employees across the US, Asia Pacific, Europe and Latin America. The company had around 400 employees in India last year and is aiming to reach 1,000 over the next three to four years. Its total global workforce is over 1,200 people across 14 offices.
Harness offers AI driven tools that automate software delivery processes after coding, covering areas such as continuous integration and deployment, security, cost management and governance. Its India hiring plans come at a time when several US technology companies are increasing their presence in the country.
Bansal, an IIT Delhi graduate, previously founded AppDynamics, which was acquired by Cisco in 2017. He later started Harness and enterprise cybersecurity firm Traceable, which merged with Harness earlier this year.
Bansal said Harness is on track to cross USD 250 million in annualised recurring revenue in 2025, reflecting year on year growth of about 50 percent. He added that the latest funding gives the company sufficient runway to move towards cash flow positivity. Since its founding, Harness has raised over USD 400 million in equity funding.
