Sales commissions management platform Everstage has raised of $13 million in Series A funding round from Elevation Capital and existing investor 3one4 Capital.
The startup plans to use the funds to expand its sales, engineering and solutions teams to serve customers around the world and its 50-member team is expected to triple by the end of the year.
The Chennai and Delaware-based Everstage was founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, It helps companies drive the performance of their customer-facing teams through its no-code sales commission automation platform.
“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 a product that was high on ongoing configurability. Our conviction for disrupting the market has only gone up in the last one year with the number of customers choosing us over established players”, said, Siva Rajamani, Co-Founder and Chief Executive Officer(CEO) of Everstage.
The startup claims to have customers across four continents and its clients include companies such as Chargebee, Postman, Nitro, Hackerrank and CleverTap.
“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”, said, Akarsh Shrivastava, Principal at Elevation Capital.
Everstage has claimed 5X growth in revenue and 6X growth in customer base in the last six months.
In August 2021, The startup had raised $1.7 million from 3one4 Capital and other investors.
Gurugram-based Elevation Capital is a venture capital firm that provides seed and early stage capital to emerging companies in India. Since inception, it has invested in over 150 companies in consumer internet, SaaS, fintech, D2C, edtech, healthtech and web3/crypto.
Sales teams play a crucial role in helping companies hit their revenue goals. But the way sales teams get paid remains stuck in the last century.
Every team in an organization has clarity on their monthly paycheck, except sales. Each new month is a dance between operations, finance and sales teams to determine what the accurate commission payouts need to be.
There had to be a better way to do this. So, they jumped right in to make one!
Everstage is a no-code commissions automation platform that removes recurring busywork for clients Ops and Finance teams and provides a transparent and gamified incentives experience to your customer-facing teams.