CRMNext gets Rs 42-cr funding from Norwest Venture Partners

Customer relationship management company CRMNext today said it has received a funding of Rs 42 crore from Norwest Venture Partners for expansion and furthering research activities.
"The fresh capital will be used to accelerate our global outreach and fuel investments into research and innovation portfolio," the company said in a statement, without disclosing details of the stake to be held by the venture capital fund.
The company, which provides customer relationship solutions, aspires to be among the top five globally in the CRM space and the funding will accelerate the process of reaching the ambition, it said.
"Even though we are a very profitable business, this funding will enable us to fuel investments into our research and innovation initiatives," chief executive Nishant Singh said.

The Delhi-based company currently caters to banking, financial services, insurance, media, pharma, telecom, entertainment, energy and manufacturing sectors and its clients include three top private sector lenders ICICI Bank, HDFC Bank and Axis Bank, as also Pfizer, Max Life Insurance, Tata-AIA, and Reliance, Crisil, among others.