ThoughtSpot Inc., a US-based data analytics startup launched by Indian-origin entrepreneurs, on Tuesday said it will be investing $150 million (around 1,185 crore) across its operations in India over the next five years.
The announcement is close on the heels of ThoughtSpot setting up its third research and development centre India, at Trivandrum. The other two centres are in Bengaluru and Hyderabad.
With this new investment, ThoughtSpot looks to fuel its product innovation for the modern analytics cloud and empower every Indian companies to build their business on data, it said in a statement.
ThoughtSpot was founded in 2012 by IIT-Kanpur alumni Ajeet Singh and Amit Prakash, and a few other Indian-origin techies. The startup enables everyone within an organization to limitlessly engage with live data regardless of their cloud data platform, making it easy to achieve granular, actionable insights through live analytics.
“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.
In 2019, ThoughtSpot had secured $248 million in a funding round from a bunch of marquee investors. It has raised $670 million so far.
ThoughtSpot is backed by Lightspeed Ventures, Future Fund, Khosla Ventures, General Catalyst, Sapphire Ventures and other global investors.