This fresh equity infusion will support iYogi's planned rollout to new geographies.
Mumbai, Dec. 13
A consortium of investors led by Sequoia Capital India has invested $30 million in Noida-based iYogi.
As part of the deal, Sequoia will pick up a minority stake in the remote tech support company, its co-founder and Chief Executive Officer, Mr Uday Challu, told Business Line. iYogi's existing investors, SVB Capital Partners, SAP Ventures and Draper Fisher Jurvetson, also participated in this round of funding.
The first direct-to-consumer services brand from India, iYogi offers basic desktop support to home users and small businesses at a flat fee (plus incident-based repair/support services). This is towards installation and configuration of computer peripherals such as printers, scanners or wireless routers.
The company is expected to end the current fiscal with revenues of $65 million, a growth of over 300 per cent from $19 million in end-2009.
This fresh equity infusion will support iYogi's planned rollout to new geographies such as Europe, West Asia and India in addition to increasing services in North America, Canada, the UK and Australia.
“We are excited by the large and growing market opportunity for remote tech support services, and iYogi's success in reaching consumers across geographies, while injecting itself into the support universe of large OEMs and security companies,” said Mr Shailendra Singh, Managing Director, Sequoia Capital India.
iYogi's staff strength grew to 5,000 from 1,200 in the last year. Its main competitor is Geek Squad, a subsidiary of electronics retailer Best Buy. Unlike, iYogi, it is an on-the-ground tech support firm with about 24,000 employees.