Indian customer relations platform bags $16m in series B round

CRMNext, a customer relationship management platform based in India, said it has raised US$16 million in a series B financing round led by Avataar Ventures and Ascent Capital.

Nishant Singh_CEO and co-founder of CRMNext / Photo credit: CRMNext

The startup will use the fresh funds to develop its product, ramp up hiring, and build a go-to-market strategy.

CRMNext offers its services to banks, insurance firms, and financial services companies. It also builds customer acquisition models and provides data mining and retention services.

“Covid-19 has presented the most challenging economic and operating environment in recent history for large enterprises and startups alike,” said Nishant Singh, CEO and founder of CRMNext. “My ultimate vision is for us to help usher in the autonomous banking revolution.”

The platform said it has recorded its highest-ever revenue and EBITDA (earnings before interest, tax, depreciation, and amortization) in the financial year ending 2021. The firm added that annual recurring revenue doubled in the same period but did not disclose its financials.

CRMNext’s customer base includes financial firms like HDFC Bank, State Bank of India, BDO Unibank, Krungsri Consumer Finance, National Bank of Oman, Arab Bank, and Metlife.

“There remains huge cross-sell potential as the team continues to create new deep IP (intellectual property) products purpose-built especially for the BFSI (banking, financial services, and insurance) industry,” said Nishant Rao, founding partner of venture capital firm Avataar Ventures.

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Avataar Ventures, which took part in the latest funding round, had acquired a stake in CRMNext as part of a bulk portfolio deal in 2019.