India's iYogi raises $28m Series E round

Axon's contribution to the round is $5 million. The size of other individual commitments was not disclosed. Previous investors include Canaan Partners, SVB Capital Partners, SAP Ventures, Sequoia Capital and Draper Fisher Jurvetson (DFJ).

IYogi is looking to double its revenue in the next 24 months through expansion into new geographies, particularly Spain and Latin America. The company recently launched in Spain through a partnership with local carrier Telefonica and set up a delivery center in the country.

Axon, which has $180 million in capital under management and a presence in Latin America and Spain as well as India, is expected to support this expansion.

IYogi operates via a technology platform called Digital Service Cloud, which allows customers in different geographies to collaborate on tasks and establish automated processes that facilitate service delivery. For example, telecom industry clients can generate additional revenue through software-as-a-service (Saas) offerings directed at consumers and small businesses.

The company has 5,000 employees across 12 centers in India, the Philippines and the UK, and claims to serve users in 10 countries.

"IYogi is our fourth investment in India and we look forward to supporting the team in their expansion into new business verticals across the different geographies, especially Europe, Latin America and some African countries," said Francisco Velázquez de Cuéllar, Axon's president, in a statement.

"We have experience working with various large telecommunication operators worldwide which also provides an added advantage to iYogi's business plans going forward."

According to AVCJ Research, iYogi received its first round of funding in April 2007 as Canaan and SVB put in just over $3 million. SAP entered at the Series B stage, worth $9.5 million in July 2008, and then DFJ joined the incumbents for the $15 million Series C in early 2010. Later that year, the same group of investors committed a further $30 million.

It was reported in February that Madison India had invested in the company through a fifth round of funding and it has now been joined by Axon.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Venture
• Technology
• Support services
• South Asia
• Early-stage
• Venture
• Sequoia Capital
• Draper Fisher Jurvetson
• Axon Partners Group
• Madison India Capital
• SAP Ventures
• Canaan Partners
• Technology
• India