Welcome Guest

Businessex.Com
Home News CSR and sustainability management startup NextGen raises funding from Mumbai Angels, Phanindra Sama

CSR and sustainability management startup NextGen raises funding from Mumbai Angels, Phanindra Sama

Tags: CSR, sustainability management, NextGen, Mumbai Angels, Phanindra Sama, redBus, NextGen funding, Infosys

February 17, 2015 | COMMENTS ( 0 )

CSR and sustainability management startup NextGen raises funding from Mumbai Angels, Phanindra Sama

NextGen, India’s leading technology enabled CSR & Sustainability Management company announced that it has raised an undisclosed amount of funding through a syndicate between Mumbai Angels and a group of strategic investors based out of India and the Silicon Valley like - Phanindra Sama of redBus; retail veteran Bijou Kurien; Basab Pradhan of Infosys, and Sunil Chandiramani of EY.

NextGen currently works with Fortune 500 clients across 16 sectors including Bharat Petroleum, HDFC Bank, Vodafone Foundation amongst others. NextGen has developed - “p3”, India’s first cloud and mobile based CSR and Sustainability Management platform that helps companies track, monitor, evaluate and report on their CSR and Sustainability performance.

NextGen, previously incubated at NSRCEL, IIM-Bangalore and TBI, BITS-Pilani was co-founded by Abhishek Humbad and Richa Bajpai at the age of 21. While Abhishek has done his MBA from IIM Bangalore and engineering from BITS Pilani; Richa has done her Management Program from IIM Bangalore and engineering from Rajasthan University.

Parthasarathy NS, Exec Director & COO, Mindtree said, “The passion and conviction of the founders persuaded us to work with them to build p3. Strong domain knowledge coupled with strength in technology got great traction from marquee clients – and this combination provides an excellent foundation for high growth.”

Corporates and development institutions currently use p3 for management of approximately Rs 500 crore of CSR capital annually, while also reporting on national standards like Section- 135 (CSR Law of Companies Act,2013) and global standards like the Global Reporting Initiative, United Nations Global Compact amongst others. The p3 platform reduces the overheads of CSR projects, increases transparency and uses data to ensure maximum impact for the end beneficiary. Mindtree, the global IT major mentored the NextGen team for the development of p3 platform.

Phanindra Sama of redBus fame, who will join the Board of NextGen and led the deal for Mumbai Angels, said, "NextGen is amongst the few product companies in India that can scale well in the global market too. Through the cloud and mobile based p3 platform, we see a huge potential for them to become a global market leader".

"The young and passionate team at NextGen has shown great execution skills with a proven track record of working with large clients and delivering value through technology. The p3 platform is a win-win for all stakeholders," said retail veteran Bijou Kurien, who will be joining the board of NextGen with this investment.

"India’s new CSR Law has acted as a catalyst and has opened up a huge domestic market for NextGen. Managing development projects and measuring impact is a growing trend globally. The NextGen platform is one of its kind in the global marketplace," said Sunil Chandiramani, Ex National Director, EY and an investor in NextGen.

"With many countries making CSR spend and ESG disclosure mandatory, and increasing pressure from stakeholders to track, target and trace billions of dollars of development capital transparently, a huge market has opened up for Technology for Good globally, and NextGen has a clear first mover advantage," said Basab Pradhan, Ex-Global Sales head of Infosys, currently based in the Silicon Valley and an investor in NextGen.

NextGen has established partnerships with institutions like the United Nations Population Fund, FICCI, NASSCOM Foundation amongst others. With this round of funding NextGen is expected to expand rapidly and acquire significantly more customers while simultaneously augmenting its technology base. The young promoters of NextGen are looking forward to building a global product and application business with their pioneering technology, partnering with leading socially and environmentally conscious corporates and institutions.

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....