iYogi mobilizes $28 million in the Series E financing, aims to double revenue

iYogi, a vendor of on-demand tech support for consumers and small businesses, has raised $28 million in the Series E financing.

Axon Partners Group, which has a presence in Spain and Latin America, has joined this round along with Madison India Capital and some existing investors.

The company will utilize the series E investment to double its revenue in the next 24 months.

Recently, iYogi launched its services in Spain through an alliance with Telefonica and set up a service delivery center. This delivery center will serve as a center of excellence supporting iYogi’s expansion in Latin America.

“Spanish is the 2nd 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,” said Uday Challu, co-founder and CEO, iYogi.

Uday Challu, co-founder and CEO, iYogi

iYogi’s Digital Service Cloud, its technology platform, can help telecom companies capture a share of the global cloud computing opportunity estimated by Forrester to be $250 billion by 2020. Telecom companies can generate new revenues through SaaS based support services aimed at consumers and small businesses in partnership with iYogi.

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