CRMNEXT raises $16M in a Series B round co-led by Avataar Ventures and Ascent Capital

SaaS News -Avataar,-Ascent-Capital-co-lead-Series-B-CRMNext(source: SaaS Industry)

At a Glance

Avataar Ventures and Ascent Capital led a Series B investment of $16 million for CRMNEXT. Avataar Ventures and Ascent Capital lead a $16 million Series B investment for CRMNEXT. Across 100 major banking and insurance firms around the world currently use the startup’s services.

CRMNEXT has announced that it has raised $16M in a Series B funding round led by Avataar Ventures and Ascent Capital. CRMNEXT is a digital and customer experience transformation platform for corporate banks and financial service providers worldwide based in Noida.

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.

Nishant Singh, CEO and founder, CRMNEXT

He added that they assisted their clients in seamlessly scaling their operations (for example, seamless business continuity, work from home options) while simultaneously investing in getting ready for the new normal at a time when most banking centers were closed (for example, virtual relationship management, newer AI-driven customer engagement models). His ultimate goal was for them to contribute to the autonomous financial revolution.

The startup now provides services to around 100 big worldwide banking and insurance companies. HDFC, SBI, BDO Unibank, Krungsri Consumer Finance, National Bank of Oman, Arab Bank, and Metlife are among its notable clients.

CRMNEXT is said to power four out of five of the world’s most sophisticated CRM deployments, with a million bankers utilizing the platform to handle more than a billion clients.

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.

Nishant Rao, the founding partner of Avataar Ventures and a board member of CRMNEXT

CRMNEXT has offices in 11 countries across the United States, the Middle East, Africa, and Southeast Asia. Over a million users utilize its platform to handle over a billion consumers.

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