Software-as-a-Service (SaaS) startup Everstage is in advanced stages to raise $30 million, its largest funding round so far, from existing and new investors, people aware of the development told Moneycontrol.
While the round is likely being led by a new investor, Eight Roads Ventures, existing backers like 3one4 Capital and Elevation Capital will also participate and double down on the company, the sources said.
The round values Everstage at $150 million, they added.
This will be the Chennai and Delaware-based company’s largest round yet. In the past, it has raised smaller amounts. In 2021, it raised $1.7 million from 3one4 Capital and others and a year later, it closed a $13-million round from Elevation Capital and 3one4 Capital.
Everstage, 3one4 Capital, Elevation Capital and Eight Roads Ventures did not respond to Moneycontrol’s queries.
Once the deal goes through, Everstage will become a part of Eight Roads Ventures’ growing SaaS portfolio. It backs startups like Icertis, Moengage, SaaS Labs, Securonix, and Jiffy.ai.
Founded by Siva Rajamani, former director and head of revenue operations at Freshworks, and Vivek Suriyamoorthy in 2020, Everstage is a platform that automates sales commissioning processes for companies. PopMenu, Whatfix, Chargebee and Alphasense are some of its customers.
Everstage is a sales performance management (SPM) platform designed to streamline and optimise the process of managing sales commissions and incentives. It provides SaaS tools aimed at enhancing the efficiency of sales compensation plans.
The investment into Everstage comes at a time when investors are stepping up focus on SaaS startups, especially vertical platforms in the space.
Global private equity player Warburg Pincus is likely to lead a $100-150 million round in Whatfix, according to several reports. Smaller companies in the space are also mopping up capital. Last month, marketing SaaS platform HighPerformr raised $3.5 million in seed funding led by Venture Highway. In May, OrbitShift, an artificial intelligence-based enterprise software firm, raised $7 million from Peak XV’s Surge and Stellaris Venture Partners.
Similarly, SiftHub, an artificial intelligence-enabled SaaS company, secured $5.5 million in a round led by Matrix Partners India and Blume Ventures.
Even investors in the space, like Together, Velocity and GetVantage, are setting aside funds to invest in B2B SaaS startups.
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