Cloud-based CSR related IT platform NextGen raises funding from Mumbai Angels, others
Bangalore-based NextGen PMS Pvt Ltd., which owns and operates technology enabled CSR & sustainability management company NextGen, has raised an undisclosed amount of funding through a syndicate between Mumbai Angels and a group of unnamed strategic investors, based in India and the Silicon Valley.
Phanindra Sama, co-founder of redBus who led the round for Mumbai Angels, and retail industry veteran Bejou Kurien will join the board of the company.
This fund will be used for customer acquisition, augmentation of its technology base and other expansion plans.
NextGen currently works with several clients including Bharat Petroleum, HDFC Bank, Vodafone Foundation amongst others. It has developed - p3, a cloud- and mobile-based CSR and sustainability management platform that helps companies track, monitor, evaluate and report on their CSR and sustainability performance. This product has been developed along with IT services firm Mindtree. The company did not say if Mindtree is the unnamed strategic investor in NextGen
Companies and development institutions currently use p3 for management of approximately Rs 500 crore worth of CSR capital annually, while also reporting on national standards like Section-135 (CSR Law of Companies Act,2013) and global standards like the Global Reporting Initiative, United Nations Global Compact amongst others.
The p3 platform seeks to reduce the overheads of CSR projects, increases transparency and uses data to ensure maximum impact for the end beneficiary.
Sama said, "NextGen is amongst the few product companies in India that can scale well in the global market too. Through the cloud and mobile based p3 platform, we see a huge potential for them to become a global market leader."
"The young and passionate team at NextGen has shown great execution skills with a proven track record of working with large clients and delivering value through technology. The p3 platform is a win-win for all stakeholders," added Kurien.
Parthasarathy NS, executive director & COO, Mindtree said, "The passion and conviction of the founders persuaded us to work with them to build p3. Strong domain knowledge coupled with strength in technology got great traction from marquee clients and this combination provides an excellent foundation for high growth."
NextGen was previously incubated at NSRCEL, IIM-Bangalore and TBI, BITS-Pilani.
It was founded by Abishek Humbad and Richa Bajpai in 2009. While Humbad has done his MBA from IIM Bangalore and engineering from BITS Pilani, Richa has done her management program from IIM Bangalore and engineering from Rajasthan University.
"India's new CSR Law has acted as a catalyst and has opened up a huge domestic market for NextGen. Managing development projects and measuring impact is a growing trend globally. The NextGen platform is one of its kind in the global marketplace," added Sunil Chandiramani, former national director of EY and an investor in NextGen.
"With many countries making CSR spend and ESG disclosure mandatory, and increasing pressure from stakeholders to track, target and trace billions of dollars of development capital transparently, a huge market has opened up for technology for good globally, and NextGen has a clear first mover advantage," said Basab Pradhan, former global sales head of Infosys, currently based in the Silicon Valley and another investor in NextGen.