As financial institutions accelerate AI adoption, ServiceNow is expanding its presence in the banking sector through a strategic investment in Indian banking software company BusinessNext.
The U.S.-based enterprise software company has invested $40 million in BusinessNext, valuing the 24-year-old Noida-based firm at $700 million and acquiring an approximately 5% stake. The investment strengthens the partnership between the two companies and gives BusinessNext access to ServiceNow’s global sales network to expand AI-driven financial services solutions.
BusinessNext has steadily expanded its presence beyond India. The profitable company reported around $32 million in revenue in its latest financial year and serves more than 70 banks across India, Southeast Asia, the Middle East and the U.S. Its customer base includes the Reserve Bank of India, State Bank of India and HDFC Bank. Around 50% of its revenue comes from international markets, with overseas growth expected to play a major role in its future expansion.
Founder and CEO Nishant Singh said the company selected ServiceNow over financial investors because of its global reach. Speaking to a media publication, he said the partnership would help BusinessNext “borrow” ServiceNow’s go-to-market “machinery” to strengthen its presence in markets where it currently has limited reach. He added, “Think of it as a strategic partnership, which is cemented with funding.”
BusinessNext develops software that manages customer-facing banking workflows, while ServiceNow specializes in workflow automation and back-office operations. Together, the companies plan to deliver integrated AI-powered solutions for financial institutions.
Kulmeet Bawa, Group Vice President and Managing Director, India & SAARC at ServiceNow, said, “India’s financial services sector is at an inflection point — institutions are moving from digital experimentation to full-scale AI-led operations.” He added that the partnership combines ServiceNow’s enterprise workflow platform with BusinessNext’s banking expertise.
Founded in 2002 and rebranded from CRMNext in 2022, BusinessNext has developed an autonomous banking platform powered by AI agents while keeping sensitive customer data on private AI infrastructure to meet regulatory and privacy requirements. The company employs more than 1,300 people, was valued at $181 million in 2021, has raised over $60 million in funding, and counts Avataar Ventures, Norwest Venture Partners and Ascent Capital among its investors.
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