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| (L) Vivek Suriyamoorthy, Co-founder and CTO (R) Siva Rajamani,Co-founder and CEO |
- Prominent angels like Prasanna Sankar, co-founder of Rippling; Krish Subramanian and Rajaraman Santhanam, co-founders of Chargebee; Sidharth Malik, CRO of Freshworks; Koti Reddy, CTO of Conga; Vetri Vellore, CEO of Ally.io; Utsav Somani, Partner at Angellist India; Ganesh Shankar, CEO of Rfpio also participated in the round
- Funds raised to be used for team expansion and B2B focused marketing initiatives
- Everstage automates the sales commission processes in companies to drive the performance of their customer executives
- Everstage customers include SaaS Unicorns like Chargebee, Postman and Lambdatest
Chennai, 12th August 2021: Everstage, a B2B Software-as-a-Service (SaaS) startup has raised $1.7 million in seed funding led by 3one4 Capital with participation from several prominent angels including Prasanna Sankar, co-founder of Rippling; Krish Subramanian and Rajaraman Santhanam, co-founders of Chargebee; Sidharth Malik, CRO of Freshworks; Koti Reddy, CTO of Conga; Vetri Vellore, CEO of Ally.io; Utsav Somani, Partner at Angellist India; Ganesh Shankar, CEO of Rfpio among others. The Company plans to use
Founded in 2020, by Siva Rajamani formerly with Freshworks and Vivek Suriyamoorthy previously with DE Shaw, Everstage helps companies drive performance of their customer-facing teams through its no-code sales commission automation platform. Some of the early customers include SaaS unicorns and high-performing companies such as Chargebee, Postman & Lambdatest. Over the next 12 months, the Company plans to grow their customer base by 20X. Everstage is already working with multiple customers from the US. The Company is planning to launch their operations at a much larger scale in the US in the next 12 months.
Mr. Siva Rajamani saw this problem first-hand as the Global Head of Revenue Operations at Freshworks: sales commission management complicates work for ops & finance teams, and lack of transparency leads to stressed sales teams.
Siva Rajamani, Co-founder CEO, Everstage, says, “A typical company spends more than 10% of their budget on commissions. Yet, most companies manage commissions over spreadsheets, losing out on the opportunity to provide visibility and drive sales performance through interventions.” Legacy vendors have also not addressed this problem effectively. “In my previous role, while evaluating these vendors, we realized that they were really professional services firms disguised as software products. There was neither flexibility for the Ops and Finance team, nor were they set up to motivate sales teams,'' he adds.
Everstage was born to address this gap as they have built a platform which fully integrates quota and commissions management platform, with a no-code plan designer offering complete flexibility to Ops and Finance teams while gamifying the entire commission’s experience for customer-facing teams.
Anurag Ramdasan, Principal & Head of Investments, 3one4 Capital says, “As customer acquisition and retention have increased in complexity with more roles & workflows than ever, Revops teams have become mandatory to drive revenue. With their considerable experience, the Everstage team is well-positioned to help Revops teams succeed, starting with real-time commission planning and administration, and we're excited to partner with them."
Everstage is a B2B SaaS startup based in Delaware, US, and Chennai, India. The company provides a no-code commissions automation platform to companies across verticals. Most of its customers are organizations based in North America.
Customers use Everstage to remove recurring busywork for their Ops and Finance teams and provide transparent and gamified incentives experience to their customer-facing teams. Everstage counts hyper-growth companies such as Chargebee, Postman and Lambdatest among its customer base.
The company was founded in 2020, by Siva Rajamani (previously Freshworks) and Vivek Suriyamoorthy (previously DE Shaw). Everstage has raised $1.7M in its seed funding led by 3one4 Capital with the participation of several prominent angels. The company has aggressive growth plans with the aim to 30x its customer base and 4x its employees over the next 12 months.
About 3one4 Capital
3one4 Capital is an early-stage VC fund based in Bangalore, India. The firm works in select market categories and in the intersection of adjacencies that are large, growing, and ready for unique products and services. The themes pursued are SaaS and Enterprise Automation, Direct-to-Consumer, Media & Content, FinTech, and Deep Technology, with a focus on sectors that include machine-driven actionable intelligence services for the enterprise, ambient intelligence technologies, edtech, logistics and distribution, agri-tech, consumer products and services, and health.
3one4 Capital currently oversees a corpus of INR 1800 Cr (+$240 Mn) and a portfolio of 70+ total investments across the early stage. Its portfolio companies include Licious, Bank Open, DarwinBox, Betterplace, Koo, Dozee, Breathe Well-Being, among others. The firm, founded by Pranav Pai & Siddarth Pai, has continuously attracted top-tier global and Indian investors as Limited Partners (LPs). These investors include family offices, endowments, foundations, as well as corporate and financial institutional investors.
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