SaaS firm Everstage raises $13 mn to expand and serve customers worldwide

Series A round was led by Elevation Capital, also saw participation from existing investor 3one4 Capital

Everstage, a Chennai- and Delaware-based SaaS company that provides a modern sales commission management platform, has raised $13 million in Series A from Elevation Capital. The round also saw participation from existing investor 3one4 Capital.

Everstage, which was founded by Siva Rajamani and Vivek Suriyamoorthy, will use the funds to further expand the sales, engineering and solutions teams to serve customers worldwide. The 50-member team is expected to grow 3x 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,” said Siva Rajamani, co-founder and CEO of Everstage. Rajamani formerly ran the Revenue Operations globally at the now Nasdaq-listed Freshworks. “The market need was clear – customers wanted an easy to set up and use product that was high on ongoing configurability. Our conviction for disrupting the market has only gone up in the last one year with the amount of customers choosing us over established players,” said Rajamani.

In just six months from the previous round, Everstage has grown 5x in revenue and 6x in customer base. Everstage now has customers across four continents and counts several known companies like Chargebee, Postman, Nitro, Hackerrank, Clevertap as their customers.

"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,” said Akarsh Shrivastava, Principal at Elevation Capital. “This is currently missing from the legacy vendor's value chain. (We are) Super excited to back the Everstage team as they build the RevOps platform of the future."

“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,” said Anurag Ramdasan, Partner at 3one4 Capital