IDG Ventures India, a corporate venturing unit of US-based publisher International Data Group, has invested $5.7m in the series A round of Agile Financial Technologies, a software provider.
TC Meenakshisundaram and Hemir Doshi of IDG Ventures, which is raising its second India-focused fund, will join the board of Agile.
Meenakshisundaram, founder and managing director of IDG Ventures India, said: "The way forward for the Indian IT industry is to move up the value chain and offer home-grown software products for global consumption."
Kalpesh Desai, founder and chief executive of Agile, which provides banking, financial services and insurance (BFSI) software product added: "There are nearly 5,000 BFSI institutions across the regions we cover presently, namely emerging Central and Eastern Europe, India, Asia-Pacific, Middle East and Africa. This represents a multi-billion dollar opportunity with double-digit annual growth."