Canaan partners $3.1 mn investment into iYogi

New Delhi, Apr 25: US based Venture capitalist (VC) Canaan Partners today announced an injection of $3.1 million into iYogi (iYogi Holdings Ltd), specialising in live computer support on phone and via remote access.

After a lull since its investment in bharatmatrimony, Canaan Partnerts investment shows that they are still bullish about India. Cannan which is a global early stage venture investor in innovative technology companies and SVB Finanicial group, the parent company of SVB Silicon Valley Bank, have invested collectively in iYogi.

''iYogi has big aspiration and wants to build a global venture.

This is in consonance with what we belive and stand for,'' said Executive Director-India, Canaan Partners Alok Mittal.

The investment in iYogi is envisaged at accelerating the growth and customer aquisition while enhancing its delivery infrastructure.

iYogi currently concentrates in business in the UK and US markets by providing live computer support on phone and remote acess from India for home and SOHO (Small Office Home Office).

''iYogi is Canaan Partners first investment in a growing trend of next generation of outsourcing services from India wherein companies establish a direct customer realtionship with end-customer. We bring to iYogi investment experience beyond mere supplying of capital,'' added Mr Mittal.

The beta programme for iYogi started six months back with 2000 subscribers in UK and US. This was done to validate its operating and quality metrics. Operating out of Gurgaon, iYogi aims to flex is muscle and reach a psychological benchmark of one million subscribers by 2011.

On being asked about the entrepreneurial scenario in the country and Israel's ability to churn out more seeds then India, Mr Mittal told UNI ''India and Israel are different markets.

VCs have been in Israel for 20 years while in India they have been present for only 5-6 years. While Israel benefits from its hi-tech deals primarily military based, India has the advantage of a huge talent pool.'' ''The momentum is there in India and it will surely pick up. We get interesting proposals everyday,'' added Mr Mittal.

Founded in 1987, Canaan Partners has 2.4 billion dollar capital under management and has invested in more then 240 companies. With its office in Gurgaon, Canaan is headquatered in California.

UNI