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2015-02-17

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

NextGen, previously incubated at NSRCEL, IIM-Bangalore and TBI, BITS-Pilani was co-founded by Abhishek Humbad and Richa Bajpai.

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.

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