Last month, news provider VCCircle said the deal valued the company at $100m.
India-based document imaging services provider Newgen Software Technologies has raised a reported $15.5m from corporate venturing unit IDG Ventures and venture capital firm Ascent Capital.
Last month, news provider VCCircle said the deal valued the company at $100m.
Sudhir Sethi, founder, chairman and managing director at IDG Ventures India, said: “We are extremely excited to partner with Newgen, which is a global software product leader and a role for budding Indian product startups. Enterprise software is a key area of focus for IDG Ventures India, and Diwakar [Nigam, the managing director of Newgen] has been a pioneer in the space. We look forward to Newgen’s continued rapid growth across areas such as cloud and mobility.”
Avendus Capital was the financial advisor to the transaction.
