Remote Tech Support Firm iYogi Secures $28 Mn Series E Funding from Axon Partners

iyogi remote customer supportOn-demand tech support firm iYogi has raised $28 million in series E funding from Axon Partners, Madison India Captial and existing investors. Earlier, it was reported that mid-market private equity firm Madison Capital has picked up a minority stake in the Gurgaon based company.

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, the company said.

Uday Challu, co-founder and CEO, iYogi said

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.

iYogi raised $9.5 mn from SAP Ventures, Canaan Partners & Silicon Valley Bank in 2008.  In January 2010, iYogi raised $15 mn from DFJ India & existing investors. In December 2010, it raised an additional $30 mn (series D) from Sequoia and existing investors.