Noida-based banking software startup BusinessNext has secured $40 million in a Series B funding round led by ServiceNow Ventures, the investment arm of US cloud software company ServiceNow. The investment values the company at $700 million, marking a significant jump from its previous valuation of $181 million in 2021.
Fresh Capital to Accelerate AI Banking Platform
BusinessNext said it will use the newly raised capital to strengthen its autonomous banking platform and expand its Private AI capabilities designed for banks and financial institutions. The company also plans to support its international growth by expanding operations in Australia and New Zealand.
The investment is expected to further strengthen BusinessNext’s position in the banking technology sector as financial institutions continue to adopt artificial intelligence to improve customer engagement, operational efficiency, and decision-making.
According to Reuters, ServiceNow has acquired an approximately 5% stake in BusinessNext as part of the funding transaction.
Strategic Partnership to Drive Global Expansion
Beyond the financial investment, the partnership with ServiceNow is expected to support BusinessNext’s expansion across Southeast Asia, Australia, and New Zealand.
The collaboration aligns with the company’s strategy of increasing its global footprint while delivering AI-powered banking solutions to financial institutions in international markets. BusinessNext has been focusing on helping banks modernize customer relationship management, sales, service, and lending operations through its software platform.
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Building AI Solutions for Financial Institutions
Founded by Nishant Singh, BusinessNext develops AI-powered software products for banks and other financial institutions. The company says its platform is currently used by more than one million bankers across over 75,000 bank branches worldwide.
Its technology is designed to help banks streamline customer interactions, improve operational workflows, and enable digital transformation through artificial intelligence-driven automation.
As banks continue investing in digital infrastructure, demand for specialized banking software platforms has increased, creating growth opportunities for companies focused on financial technology solutions.
Strong Customer Portfolio Across India’s Banking Sector
BusinessNext serves several leading financial institutions in India. Its customer base includes HDFC Bank, SBI General, Axis Bank, Jana Small Finance Bank, AU Small Finance Bank, IndusInd Bank, Kotak Mahindra Bank, and Ujjivan Small Finance Bank.
The company’s presence across private banks, small finance banks, and insurance firms highlights its growing role in supporting digital banking operations for a diverse range of financial institutions.
Funding Journey and Financial Performance
The latest Series B investment follows BusinessNext’s previous fundraising round in 2021, when it secured $16 million from investors including Avataar Ventures and Ascent Capital.
According to media reports, the company reported revenue of Rs 312 crore and a net profit of Rs 3.1 crore for the financial year ending FY25. Its financial results for FY26 were not publicly available at the time of reporting.
The sharp increase in valuation from $181 million in 2021 to $700 million reflects growing investor confidence in the company’s business model and its focus on AI-powered banking technology.
Competing in a Fast-Growing Enterprise Software Market
BusinessNext operates in a competitive enterprise software market where it faces competition from global and domestic technology companies, including Salesforce, Zoho, Freshworks, HubSpot, and LeadSquared. These companies provide customer relationship management and enterprise software solutions, with BusinessNext differentiating itself through products tailored specifically for the banking and financial services industry.
The rapid adoption of AI across financial services has intensified competition among software providers, as banks increasingly seek platforms that can automate processes, improve customer experiences, and enhance employee productivity.
AI Adoption Remains a Key Growth Driver
Commenting on the growing use of artificial intelligence in banking, founder Nikhil Singh said financial institutions are increasingly exploring AI to improve productivity and increase revenue generated per employee. He added that the partnership with ServiceNow is expected to contribute to BusinessNext’s long-term growth.
With fresh funding, an expanded global strategy, and continued investment in AI-powered banking technology, BusinessNext is positioning itself to strengthen its presence in both domestic and international financial services markets while supporting banks in their digital transformation efforts.
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