ThoughtSpot Announces New $150M Investment in India to Power Innovation for the Modern Data Stack
Bangalore – ThoughtSpot, the Modern Analytics Cloud company, today announced plans to invest $150M across its operations in India over the next five years. Additionally, ThoughtSpot has announced the opening of a new office in Trivandrum, the company’s third R&D center in India. The new investment will fuel continued product innovation for the Modern Analytics Cloud, empowering every company to build their business on data.
Dominating the decade of data with Live Analytics
Today, how organizations leverage data determines whether they win, thrive, or fail. In this defining decade of data, the most successful organizations are embracing an entirely new modern data stack. ThoughtSpot was built as the experience layer for this new stack, empowering anyone to tap into the full value of these innovations through intuitive, interactive Live Analytics. Any team member, from store clerk to business analyst, to executive chair, can leverage search and AI to self-serve insights and take action that drives their business forward.
Companies across the globe have raced to adopt this new approach, resulting in substantial growth for the company. In the last year, ThoughtSpot’s annual recurring revenue from its cloud offerings grew by 102%. ThoughtSpot’s R&D teams in India, composed of fully integrated teams that span engineering to design to operations, have been instrumental in delivering this growth. With the new investment in India, this momentum will continue to grow by growing headcount by more than 30% across offices in Bangalore, Hyderabad, and Trivandrum in the next year alone, while simultaneously expanding beyond traditional R&D with partner engineering, working closely with software integrators (SIs) and other tech partners to build joint solutions and value for customers.
The next step in ThoughtSpot’s strategic bet on India
The investments ThoughtSpot is making in India over the next five years is part of the company’s long term strategy in the market and a natural evolution of activity to date. Founded by Ajeet Singh and Amit Prakash, both Indian immigrants who knew the promise and power of talent in India, ThoughtSpot has established a presence in the last five years including:
Launching its first R&D center in Bangalore in 2017 responsible for product building from design to development
Expanding with $25M USD investment two years later to support continued product innovation and talent recruitment.
The acquisition of Diyotta in 2021, adding 50% more headcount in India, including an expanded footprint in Hyderabad.
“India is a hotbed of technological innovation, with so many SaaS companies clamoring for a modern analytics partner to help take their growth to the next level. With our continued investment in growing our talent in the market and expanding our presence with regional SIs, we’re able to bring our product teams even closer to customers to work hand in hand as they look to build their businesses on data. 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, CEO, ThoughtSpot.
“The unmatched innovation and product capabilities that the team in India is designing and delivering continue to set new industry limits and amaze our customers around the globe, from growth stage companies to the Fortune 5. 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, ThoughtSpot.
“Our customers look to ThoughtSpot as the experience layer that maximizes the value of their modern data stack. Delivering on this promise requires the right mix of team agility and product quality. Our team in India has proven they have both qualities in abundance. From our Data Workspace to ThoughtSpot Everywhere to Liveboards, the amount of value our team in India is creating for customers in India and around the world is truly exceptional. The new investment will take this to the next level, helping all of our customers dominate the decade of data,” said Sumeet Arora, Chief Development Officer, ThoughtSpot.
Delivering innovations for global customers
While the R&D teams in India work closely with global counterparts to deliver innovation across the platform, the team has also built ThoughtSpot Everywhere, the first low-code embedded analytics platform that allows developers and product leaders to incorporate the best of ThoughtSpot into their own apps and services. ThoughtSpot Everywhere, entirely built out of India, is supporting a global market of customers across industry verticals co-innovate and design products and applications that keep users coming back for more.
In the 12 months, ThoughtSpot has more than tripled its ThoughtSpot Everywhere customer base, and has realized nearly 400 percent growth in monthly active users at organizations such as Capital One, Nue, Chick-fil-A, Go Sharing, and Hogarth Worldwide. As the fastest growing ThoughtSpot offering, the team will continue to invest in product research, design and development.