ServiceNow invests $40 million in BusinessNext at $700 million valuation to expand AI banking software partnership

ServiceNow, an enterprise software company focused on workflow automation, announced a $40 million investment in BusinessNext, an Indian banking software specialist. The investment values BusinessNext at $700 million and grants ServiceNow a roughly 5% stake.

BusinessNext, founded in 2002 and based in Noida, develops an AI-powered platform for banking workflows, including customer-facing and back-office operations. The company reported about $32 million in revenue for its latest financial year and serves more than 70 banks across India, Southeast Asia, the Middle East, and the U.S.

BusinessNext’s customer roster includes the Reserve Bank of India, State Bank of India, and HDFC Bank. About half of its revenue is generated outside India, with overseas markets expected to drive future growth.

The partnership aims to combine ServiceNow’s global sales infrastructure with BusinessNext’s AI-driven banking software, targeting financial institutions worldwide. ServiceNow’s group vice president for India and SAARC described the collaboration as a move to address India’s shift from digital experimentation to AI-led banking operations.

BusinessNext’s platform incorporates AI agents to automate banking workflows while maintaining sensitive customer data on private AI infrastructure to meet regulatory and privacy requirements. The company was last valued at $181 million in 2021 and has raised over $60 million in external funding from investors including Avataar Ventures, Norwest Venture Partners, and Ascent Capital.