The company said the new investment will fuel continued product innovation for the Modern Analytics Cloud, which will enable companies to build their business on data and will also be used to grow the headcount by more than 30% across offices in Bangalore, Hyderabad, and Trivandrum in the next year alone.
“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 software integrators (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,” Sudheesh Nair, CEO, ThoughtSpot said in a statement.
The company said that the investments it is making in India over the next five years is part of its long term strategy in the market and a natural evolution.
“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,” Ajeet Singh, Co-Founder and Executive Chairman, ThoughtSpot said.
The company launched its first R&D center in Bangalore in 2017 responsible for product building from design to development. It expanded with a $25 million investment two years later to support continued product innovation and talent recruitment.
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The acquisition of Diyotta in 2021, led to addition of a 50% increase in headcount in India, including an expanded footprint in Hyderabad.
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, the company said.
“In the 12 months, ThoughtSpot has more than tripled its ThoughtSpot Everywhere customer base, and has realized nearly 400% 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,” the company added.
