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Indian founded iYogi raises $15 Million
By siliconindia
Bangalore: iYogi, Gurgaon-based provider of online technical support services, has raised $15 million in series C funding. This round of funding is led by Draper Fisher Jurvetson , and was also joined by continuing investors - Canaan Partners, SAP Ventures and SVB India Capital. The company previously raised $12.6 million.
According to the company, this latest financial round aims to accelerate the company's continued global growth in consumer remote tech support service. iYogi will also use the investment capital to expand its team of global tech experts, and build on the significant growth it has experienced in the last year. Founded in 2005 by Uday Challu who is currently the CEO of the company and Vishal Dhar, who is the President of Marketing, iYogi has seen 300 percent growth in revenues and subscribers, and has doubled its employee base to 1,200 since 2008.
iYogi's global delivery platform is powered by Microsoft Certified tech experts, an extensive knowledge base and advance tools for diagnostics, repair and maintenance. The company has witnessed exponential growth through online direct marketing across four primary geographies - U.S., United Kingdom, Australia and Canada. In the coming year, iYogi will continue to build on its online brand presence and expand upon its channel partnerships to accelerate global expansion in the vast market for remote computer tech support.
"The surging demand for remote technical services stems from the critical need for computer owners to keep their systems up and running and retailers to differentiate their offerings, particularly as the PC market becomes increasingly commoditized and competitive," said Mohanjit Jolly, Executive Director at Draper Fisher Jurvetson India. "With its global team of experts, advanced support services and intelligent knowledge platform, iYogi is well-positioned for significant expansion and differentiation in this category, and is partnering with top tier retailers, ISP's, OEM's and software vendors to broaden its footprint."
Today, iYogi has more than 100,000 annual subscribers and provides thousands of single incident sessions every day on a 24/7 basis. Its global delivery platform delivers on the highest customer quality benchmarks in the industry and gets smarter with every customer interaction, building a powerful knowledge base that provides unique customer insights on predictive needs to tech support. For the next year, iYogi is forecasting an additional 300 percent revenue growth and an increase to 3,000 global tech experts worldwide.
"We are delighted to have support from successful, high-profile venture firms like Draper Fisher Jurvetson along with Canaan Partners, SAP Ventures and SVB India Capital Partners," said Challu. "iYogi's progress over the last year is both a strong reflection of the tremendous market opportunity for remote technical services and an indication of iYogi's momentum in seizing significant market share. We are able to effectively and consistently address and resolve consumer concerns through our unique Global delivery model across multiple geographies with the highest resolution rates and customer satisfaction in this growing industry."
