The aggregate value of the aforesaid purchase order is Rs 34.64 crore. The order is valid for 5 years from the date of go live.

The announcement was made after market hours yesterday.

Newgen had launched its low code trade finance platform for banks in September last year.

Trade finance is a complex process as it involves a lot of paperwork, multiple stakeholders, and compliance requirements. Newgen's comprehensive, configurable, and future-ready trade finance platform helps banks go paperless and streamline their end-to-end trade processes while ensuring compliance with domestic and international regulations.

Virender Jeet, CEO, Newgen Software, had said: “The trade finance software market revenue is projected to grow to $2.9 billion by 2027. Given the growing need for automating the manual and paper-heavy trade finance process, we, with our modern trade finance platform, are well-poised to capitalize on this opportunity.”

Newgen Software Technologies is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen's industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries.

The company's consolidated net profit jumped 63.09% to Rs 78.61 crore on 19.67% increase in revenue from operations to Rs 305.05 crore in Q4 FY23 over Q3 FY23.