ThoughtSpot to invest $150 million in India
- ByStartupStory | September 14, 2022
ThoughtSpot Inc., a US-based data analytics business founded by indigenous entrepreneurs, announced on Tuesday that it will spend $150 million (about Rs. 1,185 crores) on its Indian operations over the next five years.
ThoughtSpot was started in 2012 by Ajeet Singh and Amit Prakash, both of IIT-Kanpur, alongside some other Indian techies. The startup allows anybody in an organization to engage with live data indefinitely, independent of their cloud data platform, making it simple to gain detailed, actionable insights using live analytics.
ThoughtSpot has announced the establishment of its third research and development center in India, Trivandrum. Bengaluru and Hyderabad are the other two locations. ThoughtSpot reported a 102 percent increase in yearly recurring income from cloud products in the previous year. ThoughtSpot expects to increase personnel by more than 30% in the coming year across offices in Bengaluru, Hyderabad, and Trivandrum.
At the same time, it intends to go beyond traditional R&D with partner engineering, collaborating closely with software integrators (SIs) and other tech partners to create collaborative solutions and value for clients.
ThoughtSpot’s investments in India over the next five years are part of the company’s long-term market strategy and the natural progression of activities to date. The company expects this additional acquisition to accelerate product innovation for the contemporary analytics cloud and enable all Indian businesses to build their businesses on data, according to a statement.
“India is the place to build a platform in partnership with these data savvy, SaaS organizations. This exposure to customers, paired with an inclusive culture that recognizes the contributions of every Spotter, is at the core of what makes our customers, and our team, so successful,” said Sudheesh Nair, chief executive officer at ThoughtSpot.
“The innovation and product capabilities that the team in India is designing and delivering continue to set new industry limits. The proof is not only in the adoption and scale of growth in our business but also in that of our customers who are able to create new offerings and tap into new revenue streams as they build their business on data,” said Ajeet Singh, co-founder and executive chairman at ThoughtSpot.
Follow Startup Story
Related Posts
