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Domestic computer support brand iYogi gets international investors

26-April-2007
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Domestic computer support brand iYogi gets international investors

With manufacturers failing to meet customers’ demands, a new category has evolved in the market that provides support for desktops to consumers directly to their destinations. iYogi has announced in the capital that it has raised $3.1 million through a tie-up with Canaan Partners and SVB Financial Group. iYogi is a computer support provider for home and small businesses on the phone and via remote access.

Canaan Partners is a global venture capital firm that specialises in early-stage information technology and life sciences companies, while SVB Financial Group is the parent company of SVB Silicon Valley Bank. Alok Mittal, Executive Director, Canaan Partners, was named to the iYogi board of directors.

Such an investment from Canaan Partners will speed up iYogi’s growth and customer acquisition and would also promote its delivery infrastructure. Canaan has been the leading investor in the online matrimonial service portal Bharat Matrimony.

About the latest tie-up with iYogi, Mittal said, “As computers become more central to our lives, technology and service companies are in a race to provide tools and solutions that can meet the ever growing need for support. iYogi is Canaan Partners’ first investment in a growing trend of outsourcing services from India, wherein companies establish a direct customer relationship with end consumers.”

Uday Challu, CEO, iYogi, said, “Most manufacturers have been scaling back the scope of their warranties, thus leaving customer distraught. This has led to the emergence of the third party vendor independent support providers. It is a new service category and an opportunity to shape customer expectations. We are delighted to partner with Canaan Partners and Silicon Valley Bank. Together they bring a wealth of knowledge and experience. More importantly, they share a common vision to bring to market next generation services, reaching millions of customers across the globe.”

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