Axon Partners Group invests in iYogi’s USD28m Series E capital raise
International investment firm Axon Partners Group has invested in iYogi, a specialist in on-demand tech support for consumers and small businesses, bringing the total raised so far in this Series E financing round to USD28 million.
Axon Partners Group, which has a strong presence in Spain and Latin America, has joined this round along with 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, says: "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 centre in the country. This delivery centre will also serve as a centre 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.
At the core of iYogi’s expansion strategy lies the Digital Service Cloud, its proprietary technology platform which can help telecom companies capture a share of the global cloud computing opportunity estimated by Forrester to be USD250 billion by 2020. Telecom companies can generate new revenues through SaaS based premium support services aimed at consumers and small businesses in partnership with iYogi.
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 plans to increase its investment activity throughout 2014, concentrating on companies in the growth or expansion stages in the healthcare and technology sectors.
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