ServiceNow invests $40 million in Businessnext at $700 million valuation

Global tech major ServiceNow on Thursday announced a USD 40 million investment in Businessnext, a homegrown platform focused on the banking and financial services industry.

The Series C funding round values Businessnext at USD 700 million, and the funding will strengthen the company's efforts to drive autonomous operations and private AI solutions across banking and financial services, according to a statement.

It will also help boost India's role in global AI technology for financial services, the statement added.


Pointing to the strengths of working together, the statement said Businessnext's customer relationship management verticalised AI capabilities and digital lending platform for financial services, combined with ServiceNow's industry-specific AI solutions, portend growth potential to accelerate autonomous banking across the Asia Pacific region.

"Today, as AI has matured, this investment will further accelerate our efforts to deliver private AI solutions, meeting the unique needs of banking and financial services, helping ensure the highest level of security while meeting all regulatory governance frameworks and sovereignty aspects," said Nishant Singh, the chief executive of Businessnext.

ServiceNow's managing director for the country and SAARC region, Kulmeet Bawa, said financial services entities are moving from digital experimentation to full-scale AI-led operations, and his company's bet is primed on the same.

"ServiceNow's investment in Businessnext is a direct bet on that transformation, bringing together deep banking intelligence and enterprise-grade AI orchestration to help Indian banks and insurers move faster, serve customers better, and operate with far greater efficiency," Bawa added.

Offerings from Businessnext are being used by over 1 billion end customers globally today, the statement said.