Everstage, a software-as-a-service (SaaS) company based in Chennai and Delaware that offers a modern sales commission management platform, has raised $13 million in a Series A round headed by Elevation Capital and current investor 3one4 Capital.
Everstage is a sales commission management platform that automates sales commission processes in companies to drive the performance of their customer executives. It was founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy.
Everstage will use this amount of funding to extend its client services globally by growing its sales, engineering, and solutions teams. The company currently employs 50 people and expects to triple in size by the end of the year.
“We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market,” Siva Rajamani, Co-founder & CEO of Everstage, who formerly led the Revenue Operations globally at the NASDAQ listed Freshworks.
In the last six months, Everstage says it has grown 5x in revenue and 6x in customer base. “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 year with the number of customers choosing us over established players, he said.
According to the company’s statement, The SaaS firm has customers across four continents and counts several known companies like Chargebee, Postman, Nitro, Hackerrank, and Clevertap as its customers.
“Offering transparency to reps is more important than ever to help motivate them and drive revenue growth as per a study by Gartner: “Of surveyed account executives, only 24% of sellers can easily calculate their total variable compensation,” Siva adds.
Speaking on the investment, Akarsh Shrivastava, Principal at Elevation Capital, said: “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.”
“We have been extremely privileged to be working with Siva, Vivek and the entire Everstage team over the last two years and have been highly impressed by their execution. We are excited to welcome new partners into the journey and double down ourselves as the team further scales their GTM and cements themselves as the most trusted sales commission management software for the enterprise,” said Anurag Ramdasan, Partner at 3one4 Capital.
Prior to the current round, Everstage had raised $1.7 million in a seed round in August 2021 from 3one4 Capital.
Catch all the latest updates of Indian Startup ecosystem : http://indiafirststartup.com
