[Funding alert] Noida-based CRMNEXT raises $16M in Series B co-led by Avataar Ventures, Ascent Capital

CRMNEXT, a Noida-headquartered digital and customer experience transformation platform for enterprise banks and financial service providers globally, on Thursday, said it raised a Series B funding of $16 million co-led by Avataar Ventures and Ascent Capital.

“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 percent net dollar retention rate speaks volumes in terms of our customer’s belief in CRMNEXT as a strategic platform for them,” said Nishant Singh, CEO and Founder, CRMNEXT. 

He added, “At a time when most banking centres were closed, we helped our customers smoothly scale their operations (for example, seamless business continuity, work from home capabilities) while also investing in getting ready for the new normal (for example, virtual relationship management, newer AI-driven customer engagement models). My ultimate vision is for us to help usher in the autonomous banking revolution.”

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At present, CRMNEXT services about 100  large global enterprises in the banking and insurance space. Its marquee customer base includes the likes of HDFC, SBI, BDO Unibank, Krungsri Consumer Finance, National Bank of Oman, Arab Bank, and Metlife. 

The startup claims that about four out of the five largest most complex CRM implementations worldwide run on CRMNEXT, with a million bankers using the platform to manage more than a billion customers.

Nishant Rao, Founding Partner of Avataar Ventures, and a board member of CRMNEXT, said,

“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 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.”

CRMNEXT has offices in 11 countries across the USA, Middle East, Africa, and Southeast Asia. It is used by over one million users to manage more than a billion customers on its platform.