December 13, 2010 08:45 ET
iYogi Raises $30 Million Led by Sequoia Capital to Accelerate Global Growth in Remote Tech Support Services
New Funding Will Further Expand iYogi's Platform-as-a-Service Delivery Model to Address New Devices, Operating Systems, Markets and Geographies
NEW YORK, NY--(Marketwire - December 13, 2010) - iYogi, the world's largest independent remote consumer tech support company, announced today it has closed $30 million in a new round of financing to further boost the company's swift global growth. Sequoia Capital India led the round with continuing investment from existing investors Canaan, SVB Capital Partners, SAP Ventures and Draper Fisher Jurvetson.
The new round of investment in iYogi will expand services outside the existing consumer market and the Windows Operating System platform. It will provide the company with the capability to extend its platform to the global SME market and also aggressively address the growing need for supporting mobile consumer devices. iYogi's planned rollout to new geographies include launching its tech support services in Europe, the Middle East and India in addition to its existing services in North America, Canada, the United Kingdom and Australia.
"We are delighted to be a part of Sequoia Capital's incredible portfolio of investments, and they see this as an endorsement of our leadership position in this market," said Uday Challu, Co-founder and CEO of iYogi. "In this era of multiple devices and increasing dependency on technology, we have witnessed a surging need for our on-demand tech support services. We have invested our successive rounds of capital in the build out of our proprietary customer engagement and service delivery platform iMantra. We have invested significantly in extending our game changing platform-as-a-service delivery model and believe that we have established the new market standard of tech support and related services through a consistent user experience. Our planned expansion includes making our services available in any geography, across any platform, for any device, and at affordable price-points," he said.
In the last 12 months, iYogi has driven an impressive 300 percent growth for its premium annual subscription service alone, and solved more than 2 million tech problems for consumers since its inception. In the past year, the company has increased its force of Global Tech Experts from 1,200 to more than 5,000, all deployed on iMantra, across eight new centers in multiple geographies.
"I believe that iYogi will be cited amongst case studies of disruptive business models delivering world-class service to global consumers from India," said Shailendra Singh, Managing Director, Sequoia Capital India. "While their growth is certainly impressive, what I particularly admire is the constant innovation of its platform-as-a-service delivery model that is predictive and evolving based on customer insights. 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 OEM's and security companies."
iYogi is the first direct-to-consumer services brand from India. iMantra, developed by iYogi, is a powerful platform infrastructure that integrates multiple layers of pre-emptive and pro-active technology, support tools with optimized processes, connecting thousands of its Global Tech Experts across centers to resolve customer issues in real-time. Leveraging its deep understanding of consumer needs, demand, and behavior through direct marketing of its services over the Internet, iYogi is now fast integrating that collective knowledge within the established ecosystem of device manufacturers and security software companies. iYogi is replacing existing vendor-based tech support models through new revenue opportunities for its channel partners, while providing their customers the best tech support experience at affordable prices.
iYogi is a global on-demand services company that provides personalized computer support for consumers and small businesses in the United States, the United Kingdom, Canada and Australia. iYogi's unique model, including proprietary technology iMantra and highly qualified technicians, is designed to eliminate computer-related stress and keep millions of digitally dependent consumers and small businesses always protected and productive. Only iYogi -- with its proven expertise in the global delivery model, intelligent customer insight systems, easy-to-use self-help tools and automated PC optimization and computer support services -- offers users a simple yet comprehensive path to digital serenity. iYogi has perfected the remote technical support model to overcome the current limitations of in-store, on-site, or call center services to become the fastest growing provider of support in the industry. Major resellers, device manufacturers, and software companies are increasingly turning to iYogi to improve customer satisfaction, reduce return rates, and deliver a compelling new-value added offering to customers. For more information on iYogi and a detailed list of technologies supported, visit: http://www.iyogi.com.
About Sequoia Capital India
Sequoia Capital India currently manages funds capitalized at close to US $1.8 billion and invests across venture, growth and late stage opportunities. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams. Over the last 10 years, Sequoia Capital India has invested in more than 50 Indian companies including Applabs, Comviva (Bharti Telesoft), Café Coffee Day, Dr Lal Pathlabs, Firstsource, Idea Cellular, Just Dial, Quickheal, SKS Microfinance and Vasan Healthcare. Sequoia Capital India operates out of offices in Bangalore, Mumbai and New Delhi.
Globally, Sequoia Capital has an unparalleled track record of partnering with entrepreneurs to create global market leaders. Sequoia Capital has been an early investor in companies such as Google, Cisco, Yahoo, YouTube, Oracle and Apple Computers. Sequoia Capital maintains dedicated teams in the US, China, India and Israel.
To learn more about Sequoia Capital India visit: www.sequoiacap.com/india