Private equity giants like Warburg Pincus, TA Associates, and Accel-KKR are planning to invest in Noida-based software-as-a-service (SaaS) venture CRMNEXT.
CRMNEXT could raise $40-45 Million
If the deal struck positively then CRMNEXT could raise $40-45 million with a valuation of $140-150 million. The 13 year old company will raise its first equity financing competing with Salesforce, Microsoft and Oracle, since it raised about $7 million from Norwest Venture Partners in 2014.
Risk-capital investor Multiples Alternate Asset Management is a potential investor in CRMNEXT. But it is still unclear if Norwest, which owns 25-30% of CRMNEXT, will participate in the anticipated capital-raising.
CRMNEXT, owned and operated by Acidaes Solutions, is in the process of ramping up its team in the United States, where it started operations a year ago, and considering entering Europe and Australia throughout the following 18 two years.
CRMNEXT in no hurry to raise capital
“CRMNEXT is one of the few deep (intellectual property) plays to have come out of Asia. The company is in no hurry to raise capital given that it has always been profitable” Said a person from the above equity giants on condition of anonymity.
For the monetary year finished March 31, 2016, the organization, which has operations additionally in Indonesia, the Philippines and the Middle East, reported income of Rs 47.8 crore and net benefit of Rs 2.9 crore.
What does CRMNEXT offers?
Founded by Singh, Manoj Kumar and Bidhan Chowdhary the company’s flagship product, CRMNEXT, offers clients sales and service automation, operations management, digital applications and reporting analytics. It carters to companies in the banking, financial services, insurance, retail, pharmaceutical, media and telecom industries.
India’s broader enterprise and SaaS division has kept on observing support from chance capital financial specialists. In November, Freshworks, already known as Freshdesk, brought $55 million up in financing drove by Sequoia Capital India, alongside existing speculator Accel Partners.