iYogi raises $ 30-mn led by Sequoia Capital to drive growth

MUMBAI: Riding high on the back of a growing demand for consumer durables across the globe, iYogi, a leading remote consumer tech support firm, has firmed its expansion plans and raised USD 30-million in the fourth round from Sequoia Capital, a top company official said.

The Gurgaon-based firm has already raised close to USD 27.6-million in three tranches from Canaan, SVB Capital Partners, SAP Ventures and Draper Fisher Jurvetson since its inception in 2007.

The new round of funding will be used for upgradation of its technology, scaling-up its distribution channels, new market forays and adding-up more manpower, the official said, adding that it plans to list on the Nasdaq in the next 6-10 months.

"We have raised USD 30-million from Sequoia along with our existing investors. The new fund will go towards our major expansion plan in terms of entering into new geographies, including India, increasing our distribution networks and adding more manpower," iYogi's CEO and Co-Founder, Udai Challu, told PTI here today.

iYogi is currently present in the US, United Kingdom, Canada and Australia. It now plans to launch its services in Europe and emerging markets such as the Middle-East and India next year.