IDG Ventures invests $5.7 mn in Agile FT

MUMBAI: Indian software products company, Agile Financial Technologies (Agile FT) today announced successful completion of its $5.7 mn financing, led by IDG Ventures India (IDGVI).

This funding will be used by Agile FT to surge ahead with its organic and inorganic growth plans and expansion into new markets.

IDG Ventures India is a USD 150 million technology venture capital fund to helps build category-leading companies from India for the Indian and global markets.

"We chose to invest in Agile FT given its industry leading team, clear product focus, growing customer base and proven ability to deliver growth far ahead of its peer group of product companies," T C Meenakshisundaram, Founder and Managing Director, IDGVI said in a statement.

Meenakshisundaram and co-founder and vice-president Hemir Doshi of IDGVI will be joining the board of Agile FT, the statement said.

"There are nearly 5,000 BFSI institutions across the regions we cover presently, namely emerging Central and Eastern Europe, India, Asia-Pacific, middle east and Africa. This represents a multi-billion dollar opportunity with double-digit annual growth," Kalpesh Desai, founder and CEO of Agile FT said.