IDG Ventures invests $ 5.7 mn in Agile FT

MUMBAI, INDIA: Indian BFSI software products company Agile Financial Technologies (Agile FT) on Tuesday announced the completion of its US$ 5.7mn Series A financing, led by IDG Ventures India (IDGVI).

This funding will enable Agile FT to surge ahead with its organic and inorganic growth plans and expansion into new markets, said a press release.

IDG Ventures India, a US$150 million technology venture capital fund, helps build category-leading companies from India for the Indian and global markets.

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 and MD of IDG Ventures India, said, “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.”