CRMNext Raises $16 Mn Funding The company will use the funds to accelerate by doubling-down on product innovation, scale international GTM and also build out a world-class talent pool
By Prabhjeet Bhatla •
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Digital and customer experience transformation platform for enterprise banks and financial service providers globally, CRMNext, on Thursday announced significant momentum with $16 million in Series B funding co-led by Avataar Ventures and Ascent Capital resulting in multi-fold expansion of enterprise value.
"COVID has presented the most challenging economic and operating environment in recent history for large enterprises and startups alike. To see our team rise to the occasion and deliver our most successful year ever in such times makes me especially proud," said Nishant Singh, chief executive officer, and founder, CRMNext. He went on to explain "we have been able to double ARR and register our highest ever revenue and EBITDA in FY21 at a time when most of our customers had their operations massively curtailed. In such a setting, to deliver a 150 per cent net dollar retention rate speaks volumes in terms of our customer's belief in CRMNext as a strategic platform for them. At a time when most banking centers were closed, we helped our customers smoothly scale their operations (example. seamless business continuity, work from home capabilities) while also investing in being ready for the new normal (example. virtual relationship management, newer AI-driven customer engagement models). My ultimate vision is for us to help usher in the autonomous banking revolution."
As it enters hyper-growth, this new fundraise was meant to help the company accelerate by double-down on product innovation, scale international GTM and also build out a world-class talent pool.
"FY21 has been a great year for us but the real excitement is for what's about to come! While CRMNext is already the most dominant financial services tech provider in Asia, we now have clear proof points of our products resonating even in western markets. We now already have our first ten US bank customers with half of them already live, in record time. Meanwhile, there remains huge cross-sell potential as the team continues to create new deep IP products purpose-built, especially for the BFSI industry. It's a great example of the Global SaaS 2.0 model wherein we can create world-leading product companies from India that can both scale fast while also being profitable much earlier in the scaling journey," added Nishant Rao, board member and founding partner, Avataar Ventures.
Using AI, CRMNext helps deliver three core value propositions to its clients - drive top-line growth, simplify work to boost productivity, while also delivering on great digital customer experience.
