BusinessNext

Fintech · Banking Software · Enterprise AI

Funding

BusinessNext raises $40M from ServiceNow Ventures at $700M valuation

The Noida firm bypassed larger financial investors to borrow a much bigger partner's global sales machine instead.

• BusinessNext raised $40 million from ServiceNow Ventures in a Series C round that values the Indian banking-software firm at $700 million and gives ServiceNow roughly a 5% stake.
• Founded 24 years ago and based in Noida, BusinessNext builds an autonomous banking platform used by more than 70 banks, including the Reserve Bank of India, State Bank of India and HDFC Bank.
• BusinessNext handles customer-facing banking workflows while ServiceNow's platform runs middle- and back-office operations, and the two plan to sell the combined stack jointly to financial institutions.
• The capital will fund R&D on the company's Private AI capabilities and a push into Australia, New Zealand and Southeast Asia, alongside integration with ServiceNow's AI Control Tower.
• BusinessNext is already profitable, with roughly $32 million in annual revenue and about half of it coming from outside India.
• CEO Nishant Singh told Reuters an IPO isn't on the table now, saying the goal is to expand distribution in Southeast Asia and Australia and eventually "run in every bank in the world."
• The deal shows a major enterprise software vendor buying a minority equity stake in a regional vertical specialist rather than acquiring it outright, using capital to lock in distribution and product integration for its financial-services AI push.