IDG Ventures India and private equity firm Ascent Capital have invested equity capital in India-based document software management company Newgen Software. The round is worth INR 1100m ($17.61m) Other corporate investors that have backed the business include HSBC Private Equity (Asia) and SAP Ventures.
IDG Ventures has joined fellow corporate venturing units SAP Ventures and HSBC Private Equity (Asia) as an investor in Newgen Software, an India document software management company. The company has raised a reported $25.25m to date. In the latest round, IDG Ventures was joined by private equity firm Ascent Capital in a $17.6m (INR 1100m) expansion capital round.
“The investment will be used to drive global expansion, particularly in the USA and other major developed markets. Another significant area of…
