Everstage, a Chennai and Delaware-based SaaS company that provides a modern sales commission management platform, founded by Siva Rajamani and Vivek Suriyamoorthy has raised $13M in Series A from Elevation Capital. The round also saw participation from the existing investor 3one4 Capital.
Siva Rajamani, Co founder & CEO of Everstage, formerly ran the Revenue Operations globally at the now NASDAQ-listed Freshworks, says “We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. 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, he adds.
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.”
In just 6 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.
“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. Super excited to back the Everstage team as they build the RevOps platform of the future” says Akarsh Shrivastava, Principal at Elevation Capital.
“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,” says Anurag Ramdasan, Partner at 3one4 Capital.
Everstage will utilize 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.