ServiceNow invests $40M in Indian banking software firm BusinessNext
Original: ServiceNow bets $40 million on Indian banking software specialist to expand its financial services push
Why This Matters
The deal signals growing enterprise interest in AI-driven banking workflow automation across emerging and global markets.
ServiceNow has invested $40 million in BusinessNext, an Indian banking software company, valuing it at $700 million and acquiring approximately a 5% stake. The deal expands their AI-focused financial services partnership and gives BusinessNext access to ServiceNow's global sales network.
ServiceNow has committed $40 million to Noida-based BusinessNext, valuing the 24-year-old firm at $700 million — up sharply from its $181 million valuation in 2021. The investment gives ServiceNow a roughly 5% stake and deepens a joint go-to-market strategy targeting financial institutions globally.
BusinessNext, founded in 2002 as CRMNext and rebranded in 2022, serves more than 70 banks across India, Southeast Asia, the Middle East, and the U.S. Its clients include the Reserve Bank of India, State Bank of India, and HDFC Bank. The company generated approximately $32 million in revenue in its most recent financial year and employs over 1,300 people.
About half of BusinessNext's revenue already comes from outside India, with international markets expected to drive future growth. CEO Nishant Singh said the company chose a strategic investor over financial backers specifically to leverage ServiceNow's global sales infrastructure in markets where BusinessNext has limited presence.
The two companies plan to jointly sell to financial institutions by combining BusinessNext's customer-facing banking workflow software with ServiceNow's back-office automation platform. BusinessNext positions its offering as an 'autonomous banking' platform, using AI agents on private infrastructure to meet regulatory and data privacy requirements. Singh noted that AI was built into the platform's core architecture rather than retrofitted.