CRMnext raises INR 42Cr from Norwest Venture Partners to fuel research and innovation
In what could be termed as ‘one of the largest deals in the enterprise CRM product market in India’, CRMnext, a leading global CRM product company, today announced a strategic investment of INR 42crore from the global, multi-stage venture and growth equity investment firm Norwest Venture Partners. The fresh capital will be used to accelerate the company’s global outreach and fuel investments into its research and innovation portfolio. This move is part of the company’s vision to become one of the top five players in the global CRM space across industries changing the dynamics of the global market.
Commutable cloud model through a single code-base
CRMnext is the flagship product of Acidaes Solutions and available on a commutable cloud model through a single code-base, which provides companies with flexibility for their ownership model. This tools serves banking, financial services, insurance, media, pharmaceutical, telecom, entertainment, energy and manufacturing sectors. CRMnext leverages its extensive domain expertise to enhance their business efficiency by improving processes and practices.
Nishant Singh, CEO, CRMnext said, “Even though we are a very profitable business, this funding will enable us to fuel investments into our research and innovation initiatives and accelerate our global outreach. All this will lead to strengthening of our position as an enterprise class innovator in the CRM space, a space that has seen consolidation, resulting in commoditization and has led to lack of real customer focused innovation”.
Fueling an evolving CRM market
Norwest Venture Partners, headquartered in Palo Alto and with subsidiaries in India and Israel, makes early to late-stage venture and growth equity investments across a wide range of sectors, including technology, information services, business services, financial services, consumer products/services and healthcare.
Mohan Kumar, Executive Director, NVP India commented on the sidelines of the investment. “The company has built a very strong platform – CRMnext – that helps define business strategies by making sense of big data coming from various customer touch points. Traditional CRM systems do not engage customers or make use of analytics. We believe the CRM market is evolving and next generation CRM systems will be multi-channel, more vertically focused and have a heavier emphasis on customer engagement. At NVP, we have invested in a variety of verticals including retail, healthcare and education, and with CRMNext, we found a great company doing the same in the BFSI space.”
In India today, all the top 3 private banks, ICICI Bank, AXIS Bank and HDFC Bank, use CRMnext. CRMnext help manage sales, marketing and customer service across the organization, enables seamless sharing of information by centralizing all customer data and processes. Other customers include thought leaders across various verticals like Pfizer, Max Life Insurance, TATA AIA, Reliance, CRISIL (S&P Co.), Fullerton Financials, Bajaj, IIFL etc.