BusinessNext raises $40 million from ServiceNow Ventures at $700 million valuation
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AI-led banking software company BusinessNext has raised $40 million in a Series C funding round from ServiceNow Ventures, valuing the company at $700 million. Following the transaction, ServiceNow will own roughly a 5% stake in the Noida-headquartered startup.
The latest round marks a sharp jump in BusinessNext’s valuation from around $150 million previously, underscoring growing investor interest in AI-native enterprise software focused on financial services.
The company plans to deploy the fresh capital towards research and development of its autonomous banking platform, expand into Australia and New Zealand, and strengthen its Private AI capabilities for banks.
BusinessNext had last raised $16 million in 2021 in a funding round co-led by Avataar Ventures and Ascent Capital. As per Tracxn data, the company reported revenue of ₹312 crore and a net profit of ₹3.1 crore in FY25.
Today, it serves more than 120 financial institutions globally, including HDFC Bank, SBI General Insurance, Axis Bank, Jana Small Finance Bank, AU Small Finance Bank, IndusInd Bank, Kotak Mahindra Bank and Ujjivan Small Finance Bank.
AI drives valuation jump
Founder and CEO Nishant Singh said the company’s AI business and proprietary intellectual property around autonomous banking were the primary reasons behind the nearly five-fold increase in valuation.
“That is largely driven by our AI business. The intellectual property (IP) we have built around AI and our autonomous banking platform is highly differentiated. Having served over 120 financial institutions globally, we have a deep understanding of what large banks are looking for. Delivering these capabilities requires strong domain expertise in both banking and AI, and only a handful of players globally can do this effectively. From a compliance and governance perspective, this combination of banking and AI expertise is critical for leading financial institutions,” Singh told Fortune India.
According to Singh, BusinessNext has grown at around 35% CAGR over the last three years while remaining profitable. Originally built as a customer relationship management (CRM) platform for banks, the company has repositioned itself as an autonomous operating platform powered by AI.
“We are fully committed to AI at the core of our company — evolving from a flagship CRM platform to a fully autonomous operating platform for banks. We began this transformation years ago, deliberately moving from CRM to what is now BusinessNext— a category we have been building around autonomous banking operations. At its heart, this is about the democratisation and mass adoption of AI across financial institutions — making autonomous banking accessible not just to the largest banks, but to every financial institution ready to make the shift,” Singh said.
The investment also deepens BusinessNext’s partnership with ServiceNow. As part of the collaboration, BusinessNext will integrate its AI platform with components such as ServiceNow’s AI Control Tower to help banks manage AI agents while maintaining governance and observability.
“Depending on the specific use case and business requirements, our AI platform will integrate with the AI Control Tower to enable better and more advanced operations, while providing complete observability of all the AI agents being used by banks,” Singh said.
Singh said the company’s competitive advantage lies in combining deep banking expertise with private AI capabilities developed over the past 15 years.
“With over one million bankers using our platform, we have built deep domain expertise over the last 15 years. Combined with our private AI capabilities, this gives us a unique understanding of how financial institutions operate. Today, we continue to learn from the insights generated by over one million bankers who use our platform every day.”
He added that BusinessNext is among the few technology providers offering private AI to financial institutions at a fraction of the cost.
“Built on our proprietary autonomous banking engine and powered by a mixture-of-experts AI architecture, our platform helps banks optimize AI operating costs, scale securely within established guardrails, and stay aligned with evolving regulatory requirements.”
According to the company, BusinessNext’s platform is currently used by more than one million bankers across over 75,000 bank branches globally.