Sales commissions management platform Everstage on Wednesday said it has racked up Series A funding of $13 million (around Rs 99 crore) from Elevation Capital and existing investor 3one4 Capital.
The Chennai and Delaware-based startup said it will deploy the fresh capital to expand its sales, engineering and solutions teams to serve customers worldwide.
The 50-member team is expected to grow three times by the end of the year, the startup said.
“We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. The market need was clear – customers wanted an easy to set up and use a product that was high on ongoing configurability.
Our conviction for disrupting the market has only gone up in the last one year with the number of customers choosing us over established players," said Siva Rajamani, Co-Founder and Chief Executive Officer of Everstage.
Founded in 2020 by Rajamani and Vivek Suriyamoorthy, the software-as-a-service (SaaS) startup claims to have customers across four continents and its clientele includes companies like Chargebee, Postman, Nitro, Hackerrank, and Clevertap, among others.
Everstage raised $1.7 million (approximately Rs 13 crore) from 3one4 Capital and other investors in August 2021.
"With ever-increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. Everstage elegantly allows companies to design and manage even the most complex plans while ensuring a modern UI/UX and a consumer app-like experience.
This is currently missing from the legacy vendors' value chain. Super excited to back the Everstage team as they build the RevOps platform of the future" said Akarsh Shrivastava, Principal at Elevation Capital.
Elevation Capital is a venture capital firm that provides seed and early-stage capital for emerging companies in India.
It has been investing in India since 2002 and has invested in over 150 companies across consumer internet, SaaS, fintech, D2C, edtech, healthtech and web3/crypto.
Some of their notable investments include technology majors such as Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company and Xpressbees.
Recently, Elevation Capital invested in audio OTT (over-the-top) platform Headfone, healthcare and insurance technology platform Loop Health.
