Axon Partners Group has invested in iYogi, a global leader in on-demand tech support for consumers and small businesses, bringing the total raised so far in its latest financing round to USD 28 million.
Axon Partners Group, which has a strong presence in Spain, India and Latin America, has joined this round along with Sequoia Capital, DFJ and Madison India Capital and some existing investors, to support iYogi’s growth in these regions through partnerships with telecom companies.
Francisco Velázquez de Cuéllar, President of Axon Partners Group comments, “Axon is very pleased to be working with iYogi, further expanding our technology portfolio in India. We have been impressed by iYogi’s technology, energy and professional management. Technology is one of the hot investment areas and is one of Axon’s core investment focuses worldwide, so we believe that iYogi represents a great opportunity for our investors.”
With its series E investment, iYogi expects to double its revenue in the next 24 months. iYogi recently launched its services in Spain through a partnership with Telefonica and established a service delivery center in the country. This delivery center will also serve as a center of excellence supporting iYogi’s expansion in Latin America.
“It’s great to have Axon Partners Group on board, as their presence will help accelerate our expansion into Latin America. Spanish is the second 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,” says Uday Challu, co-founder and CEO, iYogi.
Co-founders of iYogi Uday Challu (l) with Vishal Dhar (r)
Axon Partners Group, an emerging markets specialist, manages over USD 180m in funds worldwide, with The India Opportunities Fund (Gurgaon, Delhi) being one of its largest, through which it is has recently invested in JustEat India. Axon is perfectly positioned to support iYogi and other Indian SMEs in their international expansion due to its on-the-ground presence and experience in geographies such as Latin America, Europe and the U.S. Axon plans to increase its investment activity throughout 2014, concentrating on companies in the growth or expansion stages in the healthcare and technology sectors.
Francisco Velázquez de Cuéllar adds, “iYogi is our fourth investment in India and we look forward to supporting the team in their expansion into new business verticals across the different geographies, specially Europe, Latam and some African countries. We have experience working with various large telecommunication operators worldwide which also provides an added advantage to iYogi’s business plans going forward.”