About Onit
Onit is a company based in Houston (United States) founded in 2007 by Jill Black, Eric Elfman, and Eric Smith.. Onit has raised $215.46 million across 7 funding rounds from investors including SVB, K1 Investment Management and Level Equity. The company has 173 employees as of April 07, 2024. Onit has completed 7 acquisitions, including AxDraft, Bodhala and BusyLamp. Onit operates in a competitive market with competitors including Legl, Josef, KiteRa, Streamline and Tower, among others.
- Headquarter Houston, United States
- Employees 173 as on 07 Apr, 2024
- Founders Jill Black, Eric Elfman, Eric Smith
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Sectors
Professional & Legal Services
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Onit India Private Limited
- Date of Incorporation 14 May, 2015
- Jurisdiction Pune, Maharashtra, India
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Annual Revenue
$4.29 M (USD)39.02as on Mar 31, 2023
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Net Profit
$466.41 K (USD)40.49as on Mar 31, 2023
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EBITDA
$786.49 K (USD)31.45as on Mar 31, 2023
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Total Equity Funding
$215.46 M (USD)
in 7 rounds
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Latest Funding Round
$200 M (USD), Series D
Jan 08, 2019
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Investors
SVB
& 5 more
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Employee Count
173
as on Apr 07, 2024
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Investments & Acquisitions
AxDraft
& 6 more
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Funding Insights of Onit
Onit has successfully raised a total of $215.46M across 7 strategic funding rounds. The most recent funding activity was a Series D round of $200 million completed in January 2019. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 7
- Last Round Series D — $200.0M
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First Round
First Round
(01 Feb 2010)
- Investors Count 6
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan, 2019 | Amount | Series D - Onit | Valuation | K1 Investment Management |
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| Jun, 2018 | Amount | Debt – Venture - Onit | Valuation |
investors |
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| Oct, 2016 | Amount | Series C - Onit | Valuation | Level Equity |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Onit
Onit has secured backing from 6 investors, including venture fund and institutional investors. Prominent investors backing the company include SVB, K1 Investment Management and Level Equity. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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B2B enterprise SaaS investments are managed by K1 Investment Management.
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Founded Year | Domain | Location | |
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Middle-market growth capital investments are targeted by Level Equity.
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Founded Year | Domain | Location | |
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Venture capital investments in Texas-based companies.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Onit
Onit has strategically engaged in corporate development activities, having acquired 7 companies. Notable acquisitions include AxDraft, Bodhala and BusyLamp. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Legal contracts are automated end-to-end via AI-powered enterprise software.
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2017 | ||||
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Cloud-based document automation solutions are provided for management workflows.
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2016 | ||||
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Cloud-based legal spend management software is provided.
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2014 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Onit
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Onit Comparisons
Competitors of Onit
Onit operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Legl, Josef, KiteRa, Streamline and Tower, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Legal workflows are automated via a cloud-based platform.
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| domain | founded_year | HQ Location |
Platform offering legal workflow automation software
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| domain | founded_year | HQ Location |
Workflow automation platform is provided for rule creation and management.
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| domain | founded_year | HQ Location |
Streamline is recognized for AI-driven supply chain planning software.
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| domain | founded_year | HQ Location |
Tower is focused on AI-powered due diligence solutions.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Onit
Frequently Asked Questions about Onit
When was Onit founded?
Onit was founded in 2007 and raised its 1st funding round 3 years after it was founded.
Where is Onit located?
Onit is headquartered in Houston, United States. It is registered at Houston, Texas, United States.
Who is the current CEO of Onit?
Michael Farlekas is the current CEO of Onit.
Is Onit a funded company?
Onit is a funded company, having raised a total of $215.46M across 7 funding rounds to date. The company's 1st funding round was a Series C of $8.25M, raised on Feb 01, 2010.
How many employees does Onit have?
As of Apr 07, 2024, the latest employee count at Onit is 173.
What is the annual revenue of Onit?
Annual revenue of Onit is $4.29M as on Mar 31, 2023.
What does Onit do?
Cloud based enterprise legal workflow automation management software provider. It helps business and legal teams streamline operations, control costs, gain visibility into projects and reduce company risk. It allows business users to drive efficiency by combining business process management, project management, and information management tool without having to rely on IT support.
How many acquisitions has Onit made?
Who are Onit's investors?
Onit has 6 investors. Key investors include SVB, K1 Investment Management, Level Equity, Austin Ventures, and Texas HALO Fund.
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