IDG Ventures and Ascent Capital has invested over Rs 110 Cr in a Delhi-based technology solutions provider Newgen Software Technologies to buy a minority stake in the company.
Previously, the company has also raised over Rs 47 Cr from Headland Capital Partners and SAP Ventures in 2008. Over Rs 60 crore from this latest round of funding was used to provide an exit to Headland Capital Partners.
Related Article: Delhi Based IT Company Newgen Software To Launch $71 Mn IPO Soon
Newgen Software is a global provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM), Document Management System (DMS), Workflow and Process Automation. A few of its clients include TCS, HP, HCL etc. The company also has banks, insurance firms, BPOs, healthcare organizations etc. as its clients.
Founded in 1992, Newgen currently has offices in over 11 locations and customer base in about 50 countries.