SUMMARY
Accel, Canaan, NewView Capital and Qualcomm Ventures also participated in the round
MindTickle is a sales enablement platform for entreprises
The company says its annual recurring revenue growth is over 100% yoy
Sales SaaS platform MindTickle has raised $40 Mn Series C funding round led by Norwest Venture Partners along with the participation from existing investors such as Accel Partners, Canaan, NewView Capital and Qualcomm Ventures.
In addition to this, Scott Beechuk, partner at Norwest Venture Partners and former senior vice president of product management at Salesforce will join the MindTickle’s Board of Directors.
“Our Series C funding will fuel our strategic, long-term growth plans while supporting ongoing investment in our expanding products and services.”said Krishna Depura, cofounder and CEO of MindTickle.
This round brings MindTickle’s total raised amount to more than $81 Mn. Other existing investors in the company include Canaan Partners, and New Enterprise Associates.
Founded in 2011 by Krishna Depura, Nishant Mungali, Mohit Garg and Deepak Diwakar, MindTickle is a SaaS platform that focusses on improving the sales function in businesses. The Pune and San Francisco-based company claims to cut training time for salespeople who need to be kept up-to-date on new product lines. It also offers solutions for on-boarding, micro-learning, skills development and coaching to companies that have been using legacy learning management systems (LMS).
According to Krishna, sales and service organisations are facing a perfect storm on many fronts and company representatives that are not equipped to handle complex buyer needs and competitive challenges are being left behind.
Mindtickle is working with such companies to grow their revenue and build more brand value for their customer-facing teams, preparing them to be on message when interacting with the outside world, he added.
The company claims to have experienced rapid growth, with the expansion of its Fortune 500 and Global 2000 customer base by 200% and increasing annual recurring revenue by more than 100% year over year.
MindTickle clientele include names such as United Colors of Benetton, Dabur, Symantec, Phillips, Micro Focus, DexCom, Ola Cabs, Cloudera, and Nutanix, among others.
“MindTickle is successfully confronting one of the most complex issues facing today’s organisations — the ability to train and upskill customer-facing employees,” said Scott Beechuk, partner at Norwest Venture Partners.
“As organisations continue to look beyond traditional learning management systems for new technologies to make their teams more effective in the field, we see a tremendous opportunity ahead for MindTickle to lead this movement,” he added.
Expected to reach $1 Bn by 2020, the Indian SaaS and enterprise software market currently accounts for 9% of all software sales. DataLabs by Inc42 suggests that in the period between January 2014 and June 2018, Indian SaaS startups raised $2.79 Bn across 520 deals.
