**
**EXHIBIT 12.3**

**CERTIFICATION**

I, Ravi Sarathy, certifythat 

1. I have reviewed this amendment No. 1 to annual report on Form 20-F/A of Gridsum Holding Inc.; 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; 

4. The company’sother certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for thecompany and have: 

 
 (a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to bedesigned under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is beingprepared; 

 
 (b)
Designed such internal control over financial reporting, or caused such internal control over financialreporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples; 

 
 (c)
Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

 
 (d)
Disclosed in this report any change in the company’s internal control over financial reporting thatoccurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and 

5. The company’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to thecompany’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions): 

 
 (a)
All significant deficiencies and material weaknesses in the design or operation of internal control overfinancial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and 

 
 (b)
Any fraud, whether or not material, that involves management or other employees who have a significant role inthe company’s internal control over financial reporting. 

Date: February 11, 2019 

 
By: 
/s/ Ravi Sarathy
Name: Ravi SarathyTitle: Co-Chief Financial Officer**