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iYogi raises Series E investment of $28 million

iYogiOn-demand technical support firm iYogi, has raised $28 million from Axon Partners Group, Madison India Capital and existing investors.

Gurgaon and New York based iYogi will use the funds to expand in Latin America. It had recently launched its services in Spain through a partnership with Telefonica and established a service delivery center in the country, that will also support iYogi’s expansion in Latin America. As of now the company is offering its services in 11 countries and claims to service 2.5 million users.

“The Latin American region is witnessing rapid growth in devices, which presents a tremendous growth opportunity. We plan to initially focus on the four geographies in this region,” Uday Challu, co-founder and CEO, iYogi said. Some of iYogi’s offerings include technology platform Digital Service Cloud that telecom companies can use to provide SaaS-based support services for consumers and small businesses.

The company had mentioned earlier this year that is plans to raise $125 million through a share sale and listing at Nasdaq in 12-24 months. It is not clear what happens to those plans.

Axon is a new investor in the company, and this is it’s fourth investment in India after JustEat, Captronic Systems and Ampere. Madison Capital had picked up a stake in iYogi this year, which included a mix of primary and secondary investments.

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