ServiceNow Invests $40 Million in Indian Banking Software Firm BusinessNext
ServiceNow has invested $40 million in Indian banking software specialist BusinessNext at a $700 million valuation, gaining access to the company's AI-driven banking platform and expanding into financial services across Asia.
ServiceNow, the U.S. enterprise software company, has invested $40 million in BusinessNext, a Noida-based Indian banking software specialist, taking a roughly 5% stake at a $700 million valuation, according to TechCrunch.
The investment marks ServiceNow's latest push into financial services through partnership rather than full acquisition. BusinessNext, founded in 2002 and formerly known as CRMNext until 2022, generated approximately $32 million in revenue in its latest financial year and serves more than 70 banks across India, Southeast Asia, the Middle East, and the U.S. Its customer roster includes the Reserve Bank of India, State Bank of India, and HDFC Bank.
BusinessNext founder and CEO Nishant Singh characterized the deal as a strategic partnership cemented with funding. The company prioritized ServiceNow's global sales infrastructure over traditional financial investors to accelerate overseas expansion. Singh noted that about half of BusinessNext's current revenue comes from outside India, with international markets expected to drive future growth.
The two companies plan to jointly sell a combined solution to financial institutions. BusinessNext focuses on customer-facing banking workflows and has built what Singh describes as an "autonomous banking" platform using AI agents to automate banking operations while maintaining sensitive customer data on private AI infrastructure to satisfy regulatory requirements.
ServiceNow's workflow automation strengths complement BusinessNext's banking domain expertise. Kulmeet Bawa, ServiceNow's group vice president and managing director for India and SAARC, stated that "India's financial services sector is at an inflection point — institutions are moving from digital experimentation to full-scale AI-led operations."
BusinessNext has raised more than $60 million in external funding across its 24-year history. Previous investors include Avataar Ventures, Norwest Venture Partners, and Ascent Capital. The company employs more than 1,300 people. Tracxn, a private market intelligence platform, valued BusinessNext at $181 million in 2021.
The deal occurs amid pressure on established enterprise software vendors from customers questioning the value of traditional SaaS tools as AI-native alternatives emerge. For ServiceNow, the investment expands its banking position through a company already focused on AI-driven banking software, complementing the vendor's broader expansion through acquisitions, investments, and partnerships.
