Wilmington and Chennai-based SaaS startup Everstage today announced it has raised $1.7 million in a Seed funding round led by VC firm 3one4 Capital.
The round also saw participation from prominent angel investors, 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.
According to a statement, The raised capital will be used for the team expansion and B2B marketing initiatives.
Founded in 2020 by Siva Rajamani (formerly with Freshworks) and Vivek Suriyamoorthy (formerly with DE Shaw), Everstage offers services that help companies drive the performance of their customer-facing teams through its no-code sales commission automation platform.
Over the next 12 months, The startup is aiming to grow its customer base by 20X. It claims to have multiple customers from the US and is planning to launch its operations at a much larger scale in the US in the next 12 months, the statement said.
Speaking on the development, Siva Rajamani, Co-founder CEO, Everstage, said:
“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.
Anurag Ramdasan, Principal & Head of Investments, 3one4 Capital, said: “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.”
It claims to have customers like Chargebee, Postman, and Lambdatest.