1 month ago
BusinessNext Raises $40M for SEA and Australia Expansion
BusinessNext, a company that helps banks use technology, got $40 million from ServiceNow.
This money will help BusinessNext grow in places like Southeast Asia, Australia, and New Zealand.
ServiceNow now owns a small part of BusinessNext.
The company's boss, Nishant Singh, says this investment will help them enter new markets quickly.
BusinessNext works with big banks in India and other places.
They make money by helping banks use technology better.
The company is doing well and made a profit last year.
They might go public in India someday, but they're not sure when.
BusinessNext raises $40 million from ServiceNow Ventures for expansion.
Company valuation jumps to $700 million from $181 million in 2021.
ServiceNow will hold a 5% stake in BusinessNext.
Investment aims to expand into Southeast Asia, Australia, and New Zealand.
BusinessNext works with major Indian banks and has a revenue of ₹312 crore in FY25.
- Who
- BusinessNext, ServiceNow Ventures
- What
- BusinessNext raises $40 million for expansion
- Where
- Southeast Asia, Australia, New Zealand
- When
- Not specified
- Why
- To expand market access and accelerate AI adoption in banking
Pro-AI Adoption in Banking
AI Caution in Banking
AI Adoption
Pro-AI Adoption in Banking
AI is a pull for customers as boards optimize for more revenue per employee.
AI Caution in Banking
Banks remain cautious about AI due to its blackbox nature and compliance issues.
Key facts
- Investment Amount
- $40 million
- Investor
- ServiceNow Ventures
- Company Valuation
- $700 million
- Investor Stake
- 5%
- Last Funding Round
- $16 million in 2021
- Revenue FY25
- ₹312 crore
- Net Profit FY25
- ₹3.1 crore
- Key Clients
- HDFC Bank, SBI General, Axis Bank, Jana Small Finance Bank, AU Small Finance Bank, IndusInd Bank, Kotak Mahindra Bank, Ujjivan Small Finance Bank
Quotes
Nishant Singh
Chief executive and co‑founder of BusinessNext
“"Banks will have to shift compliance from retrospective auditing to real-time software engineering. Regulators will not accept a ‘black box’ excuse for breaches," said Anupam Shukla, partner at Pioneer Legal.”
livemint.com
“"What this investment does is give us market access very quickly," said company chief executive and co-founder Nishant Singh in an interview with Mint.”
livemint.com
Sources
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