Agile Financial Technologies gets more agility with IDG Ventures India's Investment
Agile is a company that provides Financial Services support systems to the BFSI sector across the Middle East, Africa and India. With an office in Dubai, they have a wide footprint across the GCC. As per a release recently (attached FYI) they have secured series A funding from IDG Ventures India to the tune of US$ 5.7 million.
- (1888PressRelease) May 12, 2011 - Indian BFSI software products company, Agile Financial Technologies (www.agile-ft.com), announces the successful completion of its US$ 5.7mn Series A financing, led by IDG Ventures India (IDGVI). This funding will enable Agile Financial Technologies (Agile FT) to surge ahead with its organic and inorganic growth plans and expansion into new markets.
With a rapidly growing footprint in emerging and frontier markets in the Middle East, Africa and Asia, Agile FT has now embarked on its next level of expansion with an enhanced range of pioneering software products especially in the space of Investment Management, Lending Management, Microfinance and Insurance.
Agile FT's strategy has been successful in delivering its products and services to a growing customer community of leading institutions, leveraging its channel presence across 20 countries.
IDG Ventures India, a US$150 Million technology venture capital fund, helps build category-leading companies from India for the Indian and global markets. T.C.Meenakshisundaram and Hemir Doshi of IDGVI will be joining the board of Agile FT.
Kalpesh Desai, founder &CEO of Agile Financial Technologies, says, "We are extremely proud to partner with IDG Ventures India. From the outset, the IDGVI team has demonstrated an enabling spirit, a keen desire to contribute to our vision and a deep understanding of our business - a rare combination in a financial partner."
T C Meenakshisundaram, Founder & Managing Director of IDG Ventures India, commented, "The way forward for the Indian IT industry is to move up the value chain and offer home-grown software products for global consumption. We chose to invest in Agile FT given its industry leading team, clear product focus, growing customer base and proven ability to deliver growth far ahead of its peer group of product companies. These are the hallmarks of a market leader and Agile FT has the potential to become a significant player in the BFSI technologies landscape."
Kalpesh Desai adds, "There are nearly 5,000 BFSI institutions across the regions we cover presently, namely emerging Central & Eastern Europe, India, Asia-Pacific, M.E. & Africa. This represents a multi-billion dollar opportunity with double-digit annual growth. The Agile FT team is well on its way to fulfill its vision of becoming a market leader in the BFSI software product space."
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