Chiratae News

Agile gets $5.7 mn funding from IDG Ventures India Investment

Live Mint

May 3, 2011

New Delhi: Software products firm Agile Financial Technologies (Agile FT) today said it has raised USD 5.7 million from IDG Ventures India.

Agile FT has raised USD 5.7 million in Series A financing from IDG Ventures India (IDGVI), Agile FT said in a statement.

The funding will enable Agile to explore organic and inorganic growth plans and expand into new markets, it added.

Agile FT provides software products in the space of investment management, lending management, micro finance and insurance and has presence across 20 countries.

T C Meenakshisundaram and Hemir Doshi of IDGVI will join the board of Agile FT.

“There are nearly 5,000 BFSI institutions across the regions we cover presently, which represents a multi-billion dollar opportunity with double-digit annual growth,” Agile Financial Technologies CEO Kalpesh Desai said.

“The Agile FT team is well on its way to fulfill its vision of becoming a market leader in the BFSI software product space,” he said.

The IDG Ventures India portfolio consists of 3DSoC, Agile Financial Technologies, Apalya, Aujas Networks, ConnectM, iCreate, iProf, iViZ, Kreeda, Manthan Systems, Myntra, Ozone Media and Perfint.