ServiceNow has invested $40 million in Indian banking software provider BusinessNext, valuing the company at about $700 million. The deal gives ServiceNow an approximately 5% stake and expands an existing partnership focused on AI-powered financial services.
BusinessNext will gain access to ServiceNow’s international sales and partner network as it expands beyond India. The companies plan to jointly offer technology covering customer-facing banking operations and internal enterprise workflows.
Companies Combine Banking and Workflow Software
BusinessNext develops customer relationship management, lending and banking software for financial institutions. ServiceNow specialises in automating workplace processes across areas such as IT, human resources and customer service.
The companies said in their official investment announcement that they will combine their platforms to support front-office and back-office banking operations. The partnership will initially focus on financial institutions across the Asia-Pacific region.
BusinessNext founder and Chief Executive Nishant Singh described the transaction as a strategic partnership supported by funding. He said ServiceNow’s commercial infrastructure would help BusinessNext enter markets where it currently has a limited presence.
BusinessNext Expands Beyond India
Founded in 2002 and previously known as CRMNext, BusinessNext serves more than 70 banks across India, Southeast Asia, the Middle East and the United States. Its customers include the Reserve Bank of India, State Bank of India and HDFC Bank.
The Noida-based company generated about $32 million in revenue during its latest financial year and remains profitable. About half of its revenue now comes from outside India, with international markets expected to provide much of its future growth.
BusinessNext employs more than 1,300 people and has raised over $60 million from investors including Avataar Ventures, Norwest Venture Partners and Ascent Capital. Private-market data previously valued the company at $181 million in 2021.
Platform Focuses on Autonomous Banking
BusinessNext has rebuilt its software around what it calls autonomous banking. Its AI agents can automate customer onboarding, lending, sales and service processes while keeping sensitive information within private infrastructure to meet regulatory requirements.
ServiceNow India and SAARC managing director Kulmeet Bawa said financial institutions are moving from AI trials towards wider operational deployments. He said the partnership combines ServiceNow’s enterprise workflow platform with BusinessNext’s banking experience.
The investment was made through ServiceNow Ventures, which backs enterprise software companies working in AI and automation. ServiceNow has committed $1 billion to its corporate venture programme through 2026.
Featured image credits: Flickr
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