The New Delhi startup got an investment from Axon Partners and other investors and expects to double its revenues in the next two years
New Delhi, India based iYogi, which provides on-demand tech support for consumers and small businesses, on May 12 raised $28 million in Series E funding to help it grow in Spain and Latin America.
Madrid-based investment firm Axon Partners Group led the investment round, along with participation from Madison India Capital and previous investors. In a statement, iYogi said it expects to double its revenue in the next 24 months.
“It’s great to have Axon Partners Group on board, as their presence will help accelerate our expansion into Latin America,” iYogi cofounder and CEO Uday Challu said in a statement. “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.”
Better customer service
The company recently launched its services in Spain through a partnership with Telefonica and established a service delivery center there. The center will also serve as support for iYogi’s future expansion into Latin America.
The foundation of iYogi’s expansion is based on its technology platform called Digital Service Cloud, which facilitates automation and collaboration across skills, competencies and delivery models and allows companies to replicate learnings from every request that is serviced. iYogi says its Digital Service Cloud allows for continual improvements in customer service quality and allows companies to increase their revenues. The cloud is now deployed across 12 centers in India, the Philippines and the U.K. More than 5,000 tech experts use the platform to serve customers in 10 countries. Its services cover more than 500 products including software, hardware and peripherals and its technical support helps with setup, installation, networking, syncing, diagnostics, repair, security, optimization, and usability assistance.
Axon Partners manages more than $180 million in funds worldwide. Its largest fund is in India and recently invested in food ordering portal JustEat India. In its own statement, Axon Partners said it intends to increase its investments in the healthcare and technology sectors this year.