India-focused technology venture capital fund IDG Ventures India and private equity firm Ascent Capital have together invested $15.5 million (around Rs 97 crore) in Delhi-based Newgen solutions.
Newgen Solutions provides business process management, enterprise content management and customer communication management. The company has presence in the US, Europe, West Asia, Africa and Asia Pacific, including India. “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, MD of Newgen Software said.
Avendus Capital was the financial advisor to the transaction, the release added.
“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,” said Sudhir Sethi, founder, chairman and MD of IDG Ventures India. “We look forward to Newgen’s continued rapid growth across areas such as cloud and mobility.”
Sethi refused to share the stake bought by IDG Ventures and Ascent Capital under this investment.
