Personal offshoring firm iYogi has raised a fresh round of funding led by venture capital firm Draper Fisher Jurvetson (DFJ). iYogi has raised $15 million in its series-C round which has also seen participation from existing investors SAP Ventures, Canaan Partners and SVB India Capital Partners.
The Gurgaon-headquartered firm earlier raised $3.1 million and $9.5 million in two rounds in 2007 and 2008, respectively.
iYogi provides online technical support for personal computers to small business and individuals across the world. The company was founded in 2005 by current CEO Uday Challu and Vishal Dhar, who is president of marketing, The rapidly growing company had revenues of $7.1 million ( Rs 35 crore) in 2008-2009 which are expected to grow to Rs 100 crore this year. The company has established a presence in the United States, the United Kingdom, Australia and Canada.
iYogi offers a number of services like PC recovery, anti-virus/spyware, data back-up and PC optimization. Its annual unlimited tech support plan starts at $139.99. It has partnered with retailers like Amazon and Walmart to offer its services. In order expand its services and presence, iYogi last year acquired US-based Clean Machine Inc, a personal computer security and performance management service provider. That deal helped the firm expand into newer markets.
The area of personal offshoring is starting to gain traction in India. While outsourcing from the enterprises and corporates around the world continues to be a big market for Indian IT/ITES companies, outsourcing services for individual and small businesses is still growing. Another segment in this area that caught investor attention is e-learning with companies like Tutorvista and Learningmate raising several rounds of funding. Other areas where personal offshoring is present are remote executive assistant (websites like GetFriday), personal income taxes and website designing.
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