CRMnext raises capital from Norwest Venture Partners (NVP) to accelerate global reach

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CRMnext, a leading global CRM (Customer relationship Management) product company with leadership in more than nine industry verticals, today announced a strategic investment from Norwest Venture Partners (NVP). 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.

“We are focused on expanding our reach in the global market and this move will accelerate it. Even though we are a very profitable business, this funding will enable us to fuel investments into our research and innovation initiatives. All this will lead to further 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” said Nishant Singh, chief executive officer, CRMnext.

CRMnext runs some of the largest CRM implementations in Asia Pacifc, Africa and Middle East regions. In India today, all the top 3 private banks such as ICICI Bank, AXIS Bank and HDFC Bank use CRMnext. Infact, it has to its credit the largest banking implementation in Asia at HDFC Bank with 40,000+ users across 3,000+ branches in 1,500+ cities. With CRMnext, these organizations have implemented global best practices in customer facing departments, thereby significantly improving their business performance.

Mohan Kumar, executive director, NVP India said, “We are happy and excited to be partnering with CRMnext – India’s leading CRM solution provider in the BFSI space. 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.”

CRMnext helps 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. CRMnext is the only product with a Commutable cloudTM platform, offering an extremely comprehensive private cloud solution. The platform brings flexibility, agility and automatic upgrades to the complex enterprise environments which incumbents have failed to serve.

CRMnext is the flagship product of Acidaes Solutions Pvt Ltd. which is a specialist customer relationship management product company, providing services to customers in the global market. In this transaction, Mumbai based boutique investment bank Zanskar Advisors was the exclusive financial advisor to Acidaes Solutions Pvt Ltd.