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Our Bureau

It targets $100 m revenues in the next 4 years

New Delhi April 25 Canaan Partners, a global early stage venture investor in technology and healthcare companies, along with California-based SVB Financial Group (the parent company of SVB Silicon Valley Bank) have collectively invested $3.1 million in a Series A funding in iYogi Holdings Ltd.

Promising Companies

iYogi is a Gurgaon-based provider of live computer support on phone and via remote access for home and small office home office (SOHO) users.

Addressing a press conference here on Wednesday, Mr Alok Mittal, Executive Director-India, Canaan Partners, said: "As computers become more central to our lives, technology and services companies are in a race to provide tools and solutions that can meet the ever growing need for support. iYogi is one of the promising companies to emerge in this sector and that is why Canaan Partners has invested in it."

According to Mr Uday Challu, Chief Executive Officer of iYogi, the company leverages its proprietary (iMantra) technology, skilled technicians and its offshore advantage to deliver services at different price-points. iYogi, which started operations one-and-half-years ago, currently has 72 employees and plans to increase to around 400 by the end of the current financial year.

"In the last six months we have developed a subscriber base of around 2,000 customers in the US and the UK and expect it to touch around one million by the end of 2011. We expect the company's revenues be around $100 million in the next four years. We have also identified 27 other geographies to which we would like to expand, but at the moment it is too early to say which geography will be next on the agenda," Mr Challu said.

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