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Everstage, a Chennai and Delaware-based SaaS company that provides a modern sales commission management platform, has raised $13 million in Series A from Elevation Capital. The round also saw participation from the existing investor 3one4 Capital.
Everstage plans to utilise the funds to further expand the sales, engineering and solutions teams to serve customers worldwide. The 50-member team is expected to grow 3x by the end of the year, the company said.
Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, the company automates the sales commission processes in companies to drive the performance of their customer executives. It now has customers across four continents. Rajamani formerly ran the revenue operations globally at the now NASDAQ-listed Freshworks.
Addressing customer needs
Siva Rajamani, Co-founder & CEO of Everstage, said, “We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. The market need was clear – customers wanted an easy to set up and use a product that was high on ongoing configuring ability. Our conviction for disrupting the market has only gone up in the last one year with the amount of customers choosing us over established players.”
Within six months from the previous round, the company has grown 5x in revenue and 6x in customer base. It has companies like Chargebee, Postman, Nitro, Hackerrank, Clevertap as their customers.
“With ever-increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. Everstage elegantly allows companies to design and manage even the most complex plans, while ensuring a modern UI/UX and a consumer app-like experience. Super excited to back the Everstage team as they build the RevOps platform of the future,” said Akarsh Shrivastava, Principal at Elevation Capital.
“We have been extremely privileged to be working with Siva, Vivek and the entire Everstage team over the last two years and have been highly impressed by their execution. We are excited to welcome new partners into the journey and double down ourselves as the team further scales their GTM and cements themselves as the most trusted sales commission management software for the enterprise,” said Anurag Ramdasan, Partner at 3one4 Capital.
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