iYogi sets its sight on the $100 million target
Remote desktop-support firm iYogi Technical Services Pvt. Ltd is surely on a roll and the company is well set to cross the $100 million revenue figure by the end of the next fiscal.
With a growth target of a massive 300% yoy, the company expects to close the current fiscal year ending March 2011, with a revenue figure of $70-80 million in mind. The firm's co-founder Vishal Dhar said that the company is very much sure of the 300-400% growth rate for the foreseeable future and is well on its course to cross the $100 million target in the first five years of its commercial operations.
While the company was founded in late 2006, it is believed that the company currently has 140,000 subscribers and is adding customers at the rate of nearly 20,000 per month.
It may be noted here that 60% of iYogi customers are older citizens of 50-plus years of age, a segment where almost 55% of the total US populations falls in place.
As far as financing part for the company goes, the future looks smooth as it has already raised $26 million in the total of three rounds from players like Canaan Partners and SVB India Capital Partners, SAP Ventures, SVB Financial Group and Draper Fisher Jurvetson (DFJ).