Cloud analytics firm ThoughtSpot to invest $150M in India
Cloud analytics firmannounced an investment of $150 million across its operations in India over the next five years to fuel continued product innovation through its R&D teams in the country.
ThoughtSpot, which also opened a new office in Thiruvananthapuram—its third R&D centre in the country, is making the investment as part of its long-term strategy in the Indian market.
“India is a hotbed of technological innovation, with so many SaaS companies clamouring 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 (software integrators), 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,” ThoughtSpot CEO Sudheesh Nair said in a statement.
The US-based modern analytics player is building its core products in India, Sudheesh told YourStory. After starting its first R&D centre in Bengaluru in 2017, and the second one in Hyderabad, the firm’s R&D teams in India built ThoughtSpot Everywhere, its fastest-growing product, he added.
With about 300 employees in India, the team is expected to grow by more than 30% across its offices in the country, in the next year alone, as the company simultaneously expands beyond traditional R&D with partner engineering, working closely with software integrators and other tech partners to build joint solutions and value for customers.
Sudheesh noted that the firm is building a product called ThoughtSpot Modelling Language, in partnership with a company called DBT, out of Hyderabad. The semantic modelling layer for data analytics, fundamentally built for cloud through machine learning, would allow customers to merge data without too much effort, he added.
The company claims that using its platform, users can leverage natural language search and artificial intelligence (AI) to find data insights and take action that drives their business forward. It allows people to limitlessly engage with live data, making it easy to achieve granular, actionable insights through its Live Analytics, which is powered by AI.
Companies in the banking, insurance and retail sectors are using data analytics more than other industries, Sudheesh said. “Healthcare is a place where regulations and compliance have been holding us back a little bit, but that is also changing,” he added.
The modern cloud analytics company was founded by Ajeet Singh and Amit Prakash, both Indian immigrants. In the last year, ThoughtSpot’s annual recurring revenue from its cloud offerings grew by 102%, according to the company.