Newgen Software, a provider of business process management (BPM), enterprise content management (ECM) and customer communication management (CCM) solutions, has raised equity capital from IDG Ventures India and Ascent Capital.
Avendus Capital was the financial advisor to the transaction. The investment will be used to strengthen presence in the US and other major developed markets, as well as in new product development.
Diwakar Nigam, the managing director of Newgen Software and a founder member of NASSCOM, says: "I am pleased that IDG Ventures India and Ascent Capital have placed their confidence in us. The investment will be used to drive global expansion particularly in the US and other major developed markets. Another significant area of focus would be product development and we would like to continue delighting our customers through product innovations."
"We are extremely excited to partner with Newgen, which is a global software product leader and a role model for budding Indian product startups. Enterprise software is a key area of focus for IDG Ventures India, and Diwakar has been a pioneer in the space. We look forward to Newgen's continued rapid growth across areas such as cloud and mobility," says Sudhir Sethi, founder, chairman and managing director, IDG Ventures India.
