[Funding alert] Mindtickle turns unicorn with $1.2B valuation after $100M round led by SoftBank Vision Fund 2
, the Pune and San Francisco based tech startup that provides sales readiness technology, said it has raised an additional $100 million in Series E funding at a valuation of $1.2 billion led by SoftBank Vision Fund 2.
This funding round also saw participation from existing investors — Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures. Mindtickle said it has now raised $281 million in total.
The startup was founded in 2011 by Krishna Depura, Deepak Diwakar, and Nishant Mungali.
With the latest fundraise, Mindtickle has now joined the coveted unicorn club i.e., companies with a valuation of $1 billion and above. It has become the 20th unicorn from the Indian startup ecosystem just this year.
This year has been a blockbuster for the Indian startup ecosystem in terms of unicorns, with 2021 on track to set a new benchmark.
In the case of Mindtickle, its valuation of $1.2 billion almost doubled from its last funding round in November 2020.
The investment into Mindtickle comes at a time when there is continued growth in market demand for sales readiness technologies. Sales enablement technologies are projected to grow to $4.23 billion by 2027, and the conversation intelligence market will reach $13 billion by 2025.
According to Mindtickle, the collision of these two investment areas is creating the sales readiness category as revenue leaders and sales enablement professionals seek to house these capabilities under one umbrella.
Mindtickle said its technology platform helps companies be ready to grow revenue by understanding ideal sales behaviours, increasing seller knowledge and skillsets, and incorporating real-world feedback from their meetings with customers.
“Revenue leaders understand that sales readiness is a mission-critical component of their strategy to consistently meet or exceed their goals,” said Krishna Depura, Mindtickle CEO and Co-founder, adding, “They are taking more square ownership of these programmes, and partnering with their sales enablement, revenue operations, and training teams to create a continuous state of excellence across their organisations.”
The Mindtickle sales readiness platform allows revenue teams to enhance organisational performance with sales enablement, content management, conversation intelligence, performance analytics, and coaching solutions – all available in one place.
“We continue to be impressed by Mindtickle’s performance in creating and becoming a category leader in the sales readiness space,” said Munish Varma, Managing Partner, SoftBank Investment Advisers, adding, “The product has become an essential part of any sales organisation and we are excited to support the company in its growth.”