Mid-market private equity firm Madison Capital has picked up a minority stake in #iyogi Technical Services, a Gurgaon based tech support services company.
The deal was a mix of primary and secondary investments and exact amount of the deal wasn’t disclosed, VCCircle reported. Typically, Madison invests $5-20 mn in media, communications and business services companies.
The Sequoia backed company refused to confirm the deal. iYogi raised $9.5 mn from SAP Ventures, Canaan Partners & Silicon Valley Bank in 2008. In January 2010, iYogi raised $15 mn from DFJ India & existing investors. In December 2010, it raised an additional $30 mn (series D) from Sequoia and existing investors.