Everstage Announces USD 30 Mn Series B Funding and INR 5 Cr ESOP Buyback The newly acquired funds will be used to enhance Everstage's product capabilities and expand its in-house professional services.
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Software-as-a-service (SaaS) startup Everstage has raised USD 30 million in a Series B funding round led by Eight Roads Ventures, with participation from existing investors Elevation Capital and 3one4 Capital.
This is the largest fundraise to date for the Delaware and Chennai-based firm, bringing its total funding to USD 45 million. Eight Roads Ventures contributed over 50% of the round, while Elevation Capital and 3one4 Capital made up the remainder.
The newly acquired funds will be used to enhance Everstage's product capabilities and expand its in-house professional services.
Siva Rajamani, Co-founder and CEO of Everstage, emphasised, "Our Series B is not just about growth; it's about a long-term commitment to our customers. In a market dominated by traditional vendors, we've questioned the status quo by offering a modern, strategic approach to sales performance management. This investment will allow us to double down on product innovation and elevate our customer experience with the highest standard of service, unlike anything the market has seen before."
The funding round also included an Employee Stock Ownership Plan (Esop) buyback worth INR 5 crore, demonstrating Everstage's commitment to rewarding its employees.
Founded in 2020 by Siva Rajamani, previously head of global revenue operations at Freshworks, and Vivek Suriyamoorthy, Everstage was developed to automate the sales commission process for companies.
The platform was built with two key missions: simplifying the work of operations and finance professionals and bringing certainty to the earnings of sales representatives. With over 200 team members, Everstage is rapidly translating these missions into profitable outcomes for its clients.
The company now boasts a client base that includes several Fortune 1000 companies, publicly-listed firms, and large enterprises such as GrayTV, Wiley, Diligent, Trimble, and Paychex. In 2023, Everstage achieved a remarkable 300% year-over-year revenue growth, a testament to its ability to innovate and adapt to the evolving needs of the market.
Aditya Systla, Partner at Eight Roads Ventures, highlighted, "Everstage's modular product helps organisations dynamically manage their evolving sales performance management needs and align frontline teams with broader organisational goals. Customers consistently expressed their appreciation for the product's simplicity and intuitive design, which significantly shortens the time to value. We are excited to partner with Siva and Vivek, who have assembled a strong team with extensive experience in revenue operations. Together, we share a unified vision of creating a customer-first sales performance management platform that delivers real impact."
Everstage serves multiple industries, including technology, manufacturing, and financial services. A key element of its platform is "Crystal," a module that provides real-time commission forecasting for sales teams, helping sales representatives understand their potential earnings from deals.
The platform also offers BI-powered reporting and analytics, allowing businesses to leverage data to drive growth through sales compensation.
Looking to the future, Everstage is set to launch its AI Agent Creation Studio, which will allow Revenue Operations (RevOps) professionals to build and customise their own AI assistants. These agents will perform tasks such as sales performance analysis, plan building, and recommendation modeling, further streamlining sales operations.
