June - 2014 - issue > Venture Beat

iYogi raises Rs.166 crore in Series E led by Axon Partners

SI Team
Friday, June 6, 2014
SI Team
iYogi, a software and services company, has raised Rs.166 crore in series E round from Axon Partners Groups, an international investment firm that has strong presence in Spain and Latin America, along with Madison India Capital and a few existing investors. They had raised a total of about Rs.341 crore from the previous four rounds from partners including Canaan Partners, SVB India Capital Partners, SAP Ventures and Draper Fisher Jurvetson among others.

iYogi plans to expand its business into Latin America market through telecom partnerships and expect to double its revenue in the next 24 months with this series E financing round. iYogi's partnership can enable telecom companies to generate new revenues through SaaS based premium support services aimed at consumers and small businesses by leveraging iYogi's proprietary technology platform Digital Service Cloud.

"Axon is very pleased to be working with iYogi, further expanding our technology portfolio in India. We have been impressed by iYogi's technology, energy and professional management. We believe that iYogi represents a great opportunity for our investors," says Francisco Velázquez de Cuéllar, President, Axon Partners Group.

The Gurgaon headquartered company established in 2006 has commenced its services in Spain via Telefonica's partnership to launch a co-branded service aimed at Spanish customers. It has also established a service delivery center that would aid the expansion plans. Since Axon Partners Group is experienced in working with numerous large telecommunication operators worldwide, they could provide added advantage to iYogi's expansion plans into new business verticals especially in Europe, Latin America and a few African countries.

"It's great to have Axon Partners Group on board as their presence will help accelerate our expansion into Latin America. Spanish is the 2nd most popular language across the globe and key markets across the Latin American region are witnessing rapid growth in devices, which presents a tremendous growth opportunity. We plan to initially focus on the four geographies in this region. It's great to have the right investors backing us as we change gears," says Uday Challu, Co-Founder & CEO, iYogi.

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