India-based online tech support firm iYogi is said to be close to raising $27m in a pre-IPO round of funding from a strategic investor, VCCircle reported on Wednesday.
The news follows reports that iYogi, which already counts software producer SAP among its backers, is hoping to raise close to $60m before it seeks a public listing. In December, the company annouced it would, “be looking to list in the US within 6-12 months.”
The additional funds would enable iYogi to expand its digital service cloud, which acts as an IT support service across a range of platforms and devices, into new markets globally.
iYogi has raised a total of $86m in funding to date, most recently securing $28m in a series E round in May this year that was led by Madison India Capital and featuring Axon Partners.
The company received $30m in a series D round in Deecmber 2010 from SAP Ventures, Sequoia Capital India, Canaan Partners, Draper Fisher Jurvetson (DFJ) and US bank SVB India Capital Partners. SAP also invested in a $15m series C round in January 2010 that included DFJ, Canaan and SVB.
SAP Ventures was the lead investor in the company’s $9.5m series B round in 2008, after iYogi had raised $3.1m in series A funding in 2007.