Canaan Partners to invest $3.1 mn in iYogi

Global venture capital firm Canaan Partners has announced investment of $3.1 million...

25 April, 2007

NEW DELHI: Global venture capital firm Canaan Partners has announced investment of $3.1 million (around Rs 14 crore) in computer support provider iYogi to accelerate the latter's growth, customer acquisition and delivery infrastructure.

"Canaan is committed to invest in areas like IT, healthcare and energy oriented businesses. With the first phase investment of $3.1 million in iYogi, Canaan will help the company for expanding in the US and UK markets,"
Canaan Partners India Executive Director Alok Mittal told reporters here.

The investment has been made in participation with SVB Financial Group, the parent company of SVB Silicon Valley Bank, he said.

Mittal said this was the initial investment and Canaan will continue to invest further depending on the pace of growth and requirement of iYogi. The US-based Canaan has also invested in Bharat Matrimony, an online matrimonial service in the country.

iYogi offers computer support via phone and remote access to households and small businesses. The company caters to the US and UK markets currently besides India and plans to expand to other geographies as well in future.

"iYogi computer support aims at servicing households, small businesses and aims at building a base of one million customers by 2011," iYogi President Marketing Vishal Dhar said.

Single incident support provided by iYogi is priced at 9.99 dollar and unlimited annual subscription costs 89.99 dollar.

Founded in 1987, Canaan Partners has 2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions and brought over 50 companies public.