Newgen Software, a global technology services provider 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 U.S. and other major developed markets, as well as in new product development.
Commenting on the occasion, Diwakar Nigam, Managing Director, Newgen Software and a founder member of NASSCOM said, “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 USA 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,” said Sudhir Sethi, Founder, Chairman and Managing Director, IDG Ventures India.
Raja Kumar, Founder, Managing Director and CEO, Ascent Capital said, “Newgen’s founding team has immense domain expertise and the company has marquee global customers. We are excited to partner with the company during their next phase of growth across products and geographies.”
Commenting on the transaction, Aashish Bhinde, Executive Director, Avendus Capital said, “Newgen is one of the few software product companies from India that has built a strong competitive position in the global technology market (in the BPM/ECM segments). They have been delivering best-in-class solutions to clients the world over and growing aggressively. We are excited to have facilitated the induction of IDG Ventures & Ascent Capital to partner with Newgen on its next phase of growth.”
