BusinessNext raises $40 Mn from ServiceNow Ventures at $700 Mn valuation

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BusinessNext, a banking software startup, has raised $40 million in a Series B funding round from ServiceNow Ventures, the investment arm of US cloud software company ServiceNow.
The round values the Noida based company at $700 million, nearly four times its last reported valuation of $181 million in 2021. According to Reuters, ServiceNow has acquired around a 5% stake in BusinessNext as part of the transaction.
According to the company, it will use the fresh capital to strengthen its autonomous banking platform, enhance its Private AI capabilities for financial institutions, and support its expansion into Australia and New Zealand.
The partnership with ServiceNow is also expected to help BusinessNext expand its presence across Southeast Asia, Australia, and New Zealand.
Founded by Nikhil Singh, BusinessNext provides AI powered software for banks and financial institutions. According to the company, its platform is used by more than one million bankers across over 75,000 bank branches globally.
BusinessNext raised $16 million in 2021 in a funding round co led by Avataar Ventures and Ascent Capital.
The startup's customers include HDFC Bank, SBI General, Axis Bank, Jana Small Finance Bank, AU Small Finance Bank, IndusInd Bank, Kotak Mahindra Bank, and Ujjivan Small Finance Bank.
According to media reports, BusinessNext reported Rs 312 crore in revenue and Rs 3.1 crore in net profit in FY25. The firm’s FY26 results couldn’t be ascertained.
The company competes with Salesforce, Zoho, Freshworks, HubSpot, and LeadSquared in the banking software segment.
Speaking on AI adoption, Singh said banks are increasingly looking to use AI to improve productivity and revenue per employee. He added that the partnership with ServiceNow is expected to contribute to the company's growth over time.

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