IDG Ventures India invests in Agile Financial Technologies

Mumbai, May 10: The Indian software company Agile Financial Technologies, announced the successful completion of its US$ 5.7million Series A financing, which was led by IDG Ventures India (IDGVI). This funding is aimed to accomplish organic and inorganic growth plans along with expansion in new markets.

A 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, Micro-finance 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.

On the occasion Kalpesh Desai, the founder & CEO of Agile Financial Technologies, says, “We are extremely proud to partner with IDG Ventures India."

TC 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."

Desai also added, “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."

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