AI
ServiceNow invests $40M in Indian banking software firm to accelerate AI-powered financial services
The enterprise software giant takes a 5% stake in BusinessNext, a 24-year-old firm that powers banking workflows for over 70 institutions across Asia and beyond.
TechCrunch — AI
ServiceNow, the American enterprise software maker behind workflow automation tools, is placing a significant bet on an Indian banking software company to strengthen its footprint in financial services. The $40 million investment values BusinessNext at $700 million, granting ServiceNow roughly a 5% ownership stake.
Why the partnership matters#
This move reflects the tech industry's broader shift toward AI-native solutions in enterprise software. BusinessNext, founded in 2002, has built what leadership describes as an "autonomous banking" platform—using AI agents to handle customer-facing banking workflows while maintaining sensitive data on proprietary infrastructure to comply with regulatory requirements.
The collaboration pairs ServiceNow's enterprise workflow automation strength with BusinessNext's specialized banking domain expertise. Both firms plan to jointly market solutions to financial institutions globally, combining back-office automation with customer-facing banking operations.
BusinessNext's reach and track record#
Based in Noida, the profitable company generated roughly $32 million in revenue recently and serves more than 70 banks across India, Southeast Asia, the Middle East, and the United States. Its customer list includes major players like the Reserve Bank of India, State Bank of India, and HDFC Bank—India's largest public and private lenders, respectively.
About half of BusinessNext's annual revenue already flows from markets outside India, with founder Nishant Singh signaling that overseas expansion will drive much of the company's future growth.
Strategic access over traditional capital#
Singh emphasized that BusinessNext selected ServiceNow not merely for capital but for distribution advantage. The partnership lets the Indian firm tap ServiceNow's established global sales infrastructure and market entry capabilities in regions where BusinessNext has minimal presence. As he put it, it's "a strategic partnership, which is cemented with funding"—prioritizing access to go-to-market machinery over pure financial backing.
The firm has previously raised over $60 million from investors including Avataar Ventures, Norwest Venture Partners, and Ascent Capital. In 2021, it was valued at $181 million.
