ThoughtSpot Inc., a US-based data analytics startup, was founded by Indian-origin entrepreneurs. On Tuesday, it said it would be investing $150 million across its operations in India over the next five years.
ThoughtSpot has announced the establishment of its third research and development centre in India, in Trivandrum. Bengaluru and Hyderabad are the other two locations.
According to a statement, the new investment will spur product innovation for the modern analytics cloud and enable every Indian company to build their business on data.
IIT-Kanpur alumni Ajeet Singh and Amit Prakash founded ThoughtSpot in 2012. The startup enables everyone in an organisation to limitlessly engage with live data regardless of their cloud data platform, making it easy to achieve granular, actionable insights through live analytics.
Sudheesh Nair, Chief Executive Officer, ThoughtSpot, mentioned that India is the place to collaborate with these data-savvy Saas organisations and build a platform. This exposure to users, in with an inclusive culture that recognises the contributions of every Spotter, is at the core of what makes our customers, and our team, so successful.
"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 businesses on data," said Ajeet Singh, co-founder and executive chairman at ThoughtSpot.
In 2019, the startup bagged $248 million from a bunch of marquee investors. As of now, it has secured a total of $670 million.
ThoughtSpot is backed by major global investors, including Lightspeed Ventures, Future Fund, Khosla Ventures, General Catalyst, and Sapphire Ventures.