India-based enterprise software company CRMnext has raised Rs 420m ($7m) a series A round from Wells Fargo-backed venture capital firm Norwest Venture Partners, the Economic Times has reported.
Founded in 2002, CRMnext began commercial operations in 2007. The company develops customer relationship management (CRM) software, and offers a cloud-based approach to managing, automating and synchronising sales, marketing, customer service, and technical support.
CRMnext will invest the funds in its vertically structured enterprise solutions, and will seek to expand its business to the US, Europe and Australia. The company began operating in the Middle East, South Asia and Africa in 2012.
CRMnext founder Nishant Singh said: “The global CRM market is about $18 billion, compared to a $128 million market in India. We therefore see a huge growth opportunity in global markets like US, Europe and Australia.”
The CRMnext funding follows an investment by Norwest in another India-based CRM company, Capillary Technologies, in September 2012 alongside with wireless communication technology company Qualcomm.