ServiceNow has invested $40 million in Indian banking specialist BusinessNext, valuing the firm at $700 million to strengthen its foothold in financial services.
The deal grants BusinessNext access to ServiceNow’s global sales channels as both companies expand their joint work on artificial intelligence for finance.
The target
BusinessNext, based in Noida, generates around $32 million in revenue annually. It serves over 70 banks across India, Southeast Asia, the Middle East, and the United States. Clients include the Reserve Bank of India, the State Bank of India, and HDFC Bank.
Nishant Singh, the founder and CEO, says half of the company’s income comes from outside India. He expects overseas markets to drive most future growth.
“We chose ServiceNow over potential financial investors to accelerate our expansion by tapping the U.S. software group’s global reach,” Singh told TechCrunch.
He noted the partnership would allow BusinessNext to “borrow” ServiceNow’s sales infrastructure in regions where it has limited presence.
“Think of it as a strategic partnership, which is cemented with funding,” he said.
How the software works
BusinessNext’s tools manage customer-facing banking workflows. ServiceNow is stronger in workflow automation and back-office systems. The two firms plan to sell this combination to financial institutions.
Kulmeet Bawa, ServiceNow’s group vice president and managing director for India and SAARC, said the sector is moving from digital experimentation to full-scale AI-led operations. He added that the partnership combines ServiceNow’s enterprise workflow platform with BusinessNext’s banking expertise.
Founded in 2002, BusinessNext has spent years building what Singh calls an “autonomous banking” platform. It uses AI agents to automate workflows while keeping sensitive customer data on private infrastructure to meet regulatory and privacy requirements.
Singh told TechCrunch that AI was built into the platform from the start rather than added later. “We actually renamed our company and we kind of rewrote our stack to put that fundamentally at the core,” he said.
Background
The firm, known as CRMNext until 2022, employs more than 1,300 people. It was last valued at $181 million in 2021, according to Tracxn. The company has raised over $60 million in external funding and counts Avataar Ventures, Norwest Venture Partners, and Ascent Capital among its investors.
For ServiceNow, the deal builds its position in banking by partnering with a firm focused on AI-driven banking software. It expands the enterprise software portfolio through acquisitions, investments, and partnerships.
Established vendors face pressure from customers questioning whether traditional SaaS tools are worth paying for when AI-native alternatives emerge.
What it means
For banks, the partnership offers a way to automate internal systems without exposing customer data to public cloud models. ServiceNow gets a partner with deep local knowledge and a ready-made AI platform to deploy in markets where it lacks a direct sales presence.
