Chennai and US-based Everstage, a sales performance management software for enterprises, has raised $30 million in a Series-B round of funding led by Eight Roads Ventures, with participation from existing investors, Elevation Capital and 3one4 Capital. This investment brings Everstage’s total funding to $45 million.
Founded in 2020 by Freshworks alumnus Siva Rajamani and techie Vivek Suriyamoorthy, Everstage was launched to address challenges around sales compensation management. The SaaS (software as a service) firm’s product development teams are based out of India across Chennai and Coimbatore. Overall, Everstage has close to 200 employees with 90 per cent of this in India and the rest in the US.
The start-up plans to use its funds for deepening R&D, expanding global presence and building their professional services team.
“We are also launching an AI Agent Studio that can empower revenue operations and finance teams to build their own assistants to build reports, automate repetitive tasks, plan modelling and AI Insights generation etc,” Co-Founder and CEO Rajamani told businessline. “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,” he added. Everstage recently hired Kelly McGuire as VP of Customer Success, bringing over 15 years of experience from companies like Glassdoor and Sisense.
Clients
Everstage currently caters to various industry verticals such as technology, manufacturing, and financial services with Crystal, a module that provides real-time commission forecasting for sales representatives. This allows sales teams to understand potential earnings from closing deals and thus, reduces financial uncertainty. The software also includes a BI-powered reporting and analytics platform.
The company counts publicly-listed companies and large enterprises such as GrayTV, Wiley, Diligent, Trimble, Postman, and Paychex as some of its clients and claims a growth of 300per cent YoY revenue growth last year. In terms of impact, Everstage notes that clients like Postman have achieved a 2x increase in multi-year deals after implementing Everstage for their sales teams, while Chargebee has improved the commission experience for over 300 sales reps across 50 teams.
Everstage also announced an Employee Stock Ownership Plan (ESOP) buyback worth ₹5 crore.