SaaS Startup Everstage Closes $13 Mn Funding From Elevation Capital, Others

B2B SaaS startup Everstage has raised $13 Mn in a Series A funding round from Elevation Capital. The round also saw participation from the existing investor–3one4 Capital.

The fresh capital will be used to hire new talent as Everstage plans to expand its engineering, sales and solutions teams.

Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage is a sales commission management platform that helps companies improve the performance of their teams. The startup has a headcount of 50 people. It has a presence in four continents and counts Chargebee, Postman, Nitro, Hackerrank and Clevertap as its customers.

Everstage claims to have clocked a 5X increase in revenue and 6X surge in customer base in the last six months. It aims to increase its team by 3X by the end of 2022.

In August 2021, Everstage raised $1.7 Mn in a seed funding round led by 3one4 Capital. The round saw participation from angel investors including Rippling’s Prasanna Sankar, Chargebee’s Krish Subramanian and Rajaraman Santhanam, Freshworks’ Sidharth Malik, Conga’s Koti Reddy, Ally.io’s Vetri Vellore, Angellist India’s Utsav Somani, and Rfpio’s Ganesh Shankar, among others.

Some of its competitors in the SaaS sector are Freshworks, Zoho, Whatfix, ShepHertz, CleverTap and Wingify.

Recently, Chennai-based Freshworks crossed $100 Mn in revenue and achieved 44% year-on-year growth in the fourth quarter of 2021. It clocked a cumulative revenue of $371 Mn in 2021, up by 49% as compared to 2020. In September 2021, it got listed on the US bourses. 

In September 2021, Chennai and San Francisco-based SaaS company Zoho Corp invested $5 Mn (INR 35 Cr) in healthtech startup Voxelgrids. 

The investment was a part of Voxelgrids’ Series A funding round. Voxelgrids originally builds magnetic resonance imaging (MRI) scanners for healthcare providers and individual patients.  

In 2020, Bengaluru and San Jose-based enterprisetech startup Whatfix raised $32 Mn in a Series C funding round led by Sequoia Capital India. 

The round saw participation from existing investors Eight Roads Ventures, F-Prime Capital, and Cisco Investments also participated in the round.

In 2019, CleverTap’s parent company–WizRocket raised $35 Mn in a Series C funding round at a valuation of $385 Mn. The round saw participation from existing investors–Sequoia Capital and Tiger Global.

According to a Nasscom report, the Indian SaaS market grew to a CAGR of 30% in March 2020. The industry is estimated to grow 6X to $13-$15 Bn by 2025.