In
just the six years that it has been in the industry, iYogi has managed to carve
a niche for itself by successfully resolving millions of tech-related queries
of their customers across the 10 countries where they have their footprints in.
With a view to go on to the next level, iYogi is looking forward to expanding their
horizon and capture newer regions in the coming year. They are also aiming at
increasing the revenue, which currently stands at $100 million, every two years
for the next five years. This is in addition to their planning to increase the
headcount from 4500 to 7000 proficient tech professionals.
As
per the latest updates, iYogi will raise $55 million from equity funds (approx.
340 Crore INR), and to raise this amount, the company will sell its 10 percent
stake. This will also reduce the stake that the key management executives had
by up to 30 percent. The remaining portion of the funds will be taken care of
by PE funds such as SAP Ventures, Canaan Partners, Sequoia Capital, Draper
Fisher Jurvetson, and Samaa Capital. iYogi is also in talks with several
American and European investors to raise an extra fund of $20 million before
the end of March 2014.
Uday
Challu, co-founder and CEO of iYogi has shared that, “Led by Madison India
Capital and existing investors, PE firms have already committed $35 million to
the company”. This statement clearly affirms the expansion plans of the company
and that they have already taken the first steps towards realizing this goal.
This
planning is in sync with the company’s idea of venturing into newer
geographical regions such as Europe, Latin America, and also Asia. So far, the
company has already entered into partnership with Telephonica, a leading
telecommunication brand in Spain, thereby flagging off the iYogi operations in
the country. In addition to this, iYogi is in talks with several telecom
companies across Australia, West Asia, and India to start off similar services
in their regions of operation.
Going
by the history of the company’s performance, it is just a matter of sometime
before one could say that iYogi has indeed entered the prestigious $1 billion-revenue
club.
