ServiceNow has acquired a roughly 5% stake in BusinessNext, an Indian banking software specialist, to bolster its global financial services offerings.
Key facts
- •ServiceNow invested $40 million for a roughly 5% stake in BusinessNext, valuing the firm at $700 million.
- •BusinessNext serves more than 70 banks, including the Reserve Bank of India, State Bank of India, and HDFC Bank.
- •The company generated about $32 million in revenue during its latest financial year.
- •BusinessNext employs more than 1,300 people and was previously valued at $181 million in 2021.
- •The partnership aims to combine BusinessNext’s customer-facing banking workflows with ServiceNow’s back-office automation.
ServiceNow has invested $40 million into the Indian banking software company BusinessNext, valuing the firm at $700 million. The deal grants ServiceNow a roughly 5% stake and provides BusinessNext access to the U.S. company's global sales infrastructure. This partnership aims to integrate ServiceNow’s back-office workflow automation with BusinessNext’s customer-facing banking software, specifically targeting AI-led operations for financial institutions.
By the numbers
Strategic Partnership and Expansion
BusinessNext, based in Noida, currently serves over 70 banks across India, Southeast Asia, the Middle East, and the U.S. Founder and CEO Nishant Singh stated that the company chose to partner with ServiceNow over purely financial investors to leverage the firm's established go-to-market machinery. About half of BusinessNext’s revenue is currently generated outside of India, with the company expecting overseas markets to drive significant future growth. The collaboration focuses on combining BusinessNext’s expertise in autonomous banking workflows with ServiceNow’s enterprise platform. Kulmeet Bawa, ServiceNow’s managing director for India and SAARC, noted that the partnership supports financial institutions as they transition from digital experimentation to full-scale AI-led operations.
Company Background and AI Focus
Founded in 2002 and formerly known as CRMNext until 2022, BusinessNext has focused on building an autonomous banking platform that utilizes AI agents. According to Singh, the company rewrote its software stack to ensure AI was a core component from the outset, rather than an add-on. The platform is designed to manage sensitive customer data on private AI infrastructure to comply with regulatory and privacy requirements. BusinessNext employs over 1,300 people and has raised more than $60 million in total external funding. Its existing investors include Avataar Ventures, Norwest Venture Partners, and Ascent Capital. In its most recent financial year, the profitable company generated approximately $32 million in revenue.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by TechCrunch.
