Axon Partners invests $5 million in iYogi

MUMBAI: Private equity player Axon Partners Group has invested $5 million in technology support services provider iYogi, bringing the total funds raised so far in this series E financing round to $28 million.

The company will use the funds to support its growth in the Latin American markets and expects to double its revenue over the next two years, iYogi Co-Founder and Chief Executive Uday Challu said in a statement.

iYogi had recently launched its services in Spain through a partnership with Telefonica and has also established a service delivery centre there.

It will serve as a centre of excellence, supporting iYogi's expansion in Latin America. Axon Partners has a strong presence in Spain and Latin America and 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, the company said in a statement.

Commenting on the investment, Axon Partners' President Francisco Velázquez de Cuéllar said, "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."