Cloud Based Tech Startup NextGen Raises Funding From Mumbai Angels & Other Investors

NextGen, Bangalore-based CSR & Sustainability Management company has raised an undisclosed amount of funding from Mumbai Angels and a group of angel investors based in the Silicon Valley and India.

Phanindra Sama, the founder of  online bus ticketing firm redBus led the deal for Mumbai Angels. He will be joining the NextGen boardroom along with retail veteran Bijou Kurien and other angel investors.

The company intends on using the fund for customer acquisition, augmentation of its technology base and other expansion plans. NextGen was previously incubated at NSRCEL, IIM-Bangalore and TBI, BITS-Pilani.

With a clientele of many Fortune 500 companies in 16 different sectors across 6 countries, NextGen has developed India’s first CSR & Sustainability Management IT Platform called p3 – People.Planet.Profit, jointly with Mindtree. This tool helps in management of development capital while also measuring the impact.The p3 platform seeks to reduce the overheads of CSR projects, increases transparency and uses data to ensure maximum impact for the end beneficiary.

Founded in 2009 by Abhishek Humbad and Richa Bajpai, NextGen is helping major companies manage their sustainability needs, right from strategy development to on ground implementation to reporting and audit across the value chain. Humbad and Bajpai are both engineers who hold management degrees from top institutes of the country. After a BE in Electrical and Electronics from BITS, Pilani, Humbad joined IIM, Bangalore, for a two-year course in business management. Bajpai, who did her BE in Electrical and Electronics at BITS’ Jaipur campus, opted for a short-term course for women entrepreneurs at the same B-school.

A trend that is truly becoming a pillar in the  industry these days, is the focus on sustainability and CSR.  Addressing energy, water and greenhouse gas emissions reduction goals and the supply chain is indispensable. Cloud based IT platforms such as NextGen help are gaining attention from investors all across due to their ability to complete the CSR projects of companies at reduced costs and with greater transparency.