CRMNEXT, a Noida-based digital and customer experience transformation firm, said that it has secured $16 million in Series B funding round led by Ascent Capital and Avataar Ventures.
Nishant Singh, CEO & Founder of CRMNEXT, said, “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.”
He further said, “At a time when most banking centres were closed, we helped our customers smoothly scale their operations (for example, seamless business continuity, work from home capabilities) while also investing in getting ready for the new normal (for example, virtual relationship management, newer AI-driven customer engagement models). My ultimate vision is for us to help usher in the autonomous banking revolution.”
Nishant Rao, Founding Partner of Avataar Ventures, and CRMNEXT’s board member, added, “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.”
