ServiceNow has invested $40 million in BusinessNext, a Noida-based banking software company, valuing the firm at $700 million and acquiring a roughly 5% stake. The deal, announced in 2026, gives BusinessNext access to ServiceNow’s global sales network as the two companies deepen their partnership around AI for financial services.
Founded in 2002 and formerly known as CRMNext, BusinessNext serves more than 70 banks across India, Southeast Asia, the Middle East, and the United States. Its customers include the Reserve Bank of India, State Bank of India, and HDFC Bank. The company generated approximately $32 million in revenue in its latest financial year and employs more than 1,300 people. It was last valued at $181 million in 2021.
About half of BusinessNext’s revenue comes from outside India, and the company’s CEO and founder, Nishant Singh, said overseas markets are expected to drive much of its future growth. Singh told TechCrunch the company chose ServiceNow over potential financial investors specifically to tap into the U.S. firm’s sales infrastructure in markets where BusinessNext has a limited presence. “Think of it as a strategic partnership, which is cemented with funding,” he said.
The two companies plan to jointly sell to financial institutions by combining BusinessNext’s customer-facing banking workflow software with ServiceNow’s workflow automation and back-office capabilities. BusinessNext describes its platform as an “autonomous banking” system that uses AI agents to automate banking workflows while keeping customer data on private AI infrastructure to meet regulatory and privacy requirements.
For ServiceNow, the investment extends its position in the financial services sector at a time when established enterprise software vendors face pressure from customers weighing AI-native alternatives against traditional SaaS tools. BusinessNext has raised more than $60 million in total external funding, with existing investors including Avataar Ventures, Norwest Venture Partners, and Ascent Capital.
Source: TechCrunch