Agile Financial Technologies, a BFSI software products company, has raised a total of $5.7 million in Series A financing, led by IDG Ventures – a technology venture capital firm. While IDG is putting $5 million into the company, the remaining comes from the promoters of the company and angel investors. The size of the stake sale is not known. This is the first round of institutional financing into the company.
Agile Financial Technologies offers software applications and works as a technology partner of its clients in the BFSI (banking, financial services and insurance) space. The application software of Agile FT enables automation of its client’s processes and helps them outsource their back-office, accounting and analytical needs. The company has built its product portfolio in the niche areas of investment management, lending management, microfinance and insurance. The funding will be used by the company to expand its operations across the Middle East, Africa and Asia.
Recently, Apollo Insurance Company partnered with Agile Financial Technologies for managing wealth, mutual fund, pension fund and investor services for its wholly owned subsidiary Apollo Asset Management.
Agile is founded by Kalpesh Desai who has more than two decades of experience as a techno-commercial executive and held multiple roles in product development, operations management, sales and marketing management and general management. Kalpesh led EMEA operations as the COO of 3i Infotech (a publicly listed BFSI software company, promoted by the ICICI group). He also founded Xmediaries, a new economy software company that developed enterprise relationship management product. Prior to Xmediaries, Desai was the COO of Insyst (which was also acquired by 3i Infotech) where he drove a product-led sales strategy globally for ERP & insurance products.
The IT Services market for the BFSI space in India is expected to grow from $1.6 billion in 2009 to $2.7 billion in 2013, growing at a CAGR (compound annual growth rate) of 14.2 per cent, according to Springboard Research, a provider in the IT market research industry.