MindTickle gets $40 million from Norwest, Others

Bengaluru: Sales enablement platform MindTickle has secured $40 million in fresh funding, led by US-based venture capital fund Norwest Venture Partners.
This comes at a time when Indian software-as-a-service (SaaS) companies are gaining prominence in global markets, drawing increased investor interest.
Existing investors Accel Partners, Canaan Partners, NewView Capital - a spin out of New Enterprise Associates, and Qualcomm Ventures also participated in the Series-C round.
Scott Beechuk, partner at Norwest Venture Partners, will also join the startup’s board as part of the deal. The firm, based out of Silicon Valley and Pune, will utilise the funding to strengthen its products and expand outside the US.
MindTickle has multiple Fortune 500 firms — across sectors such as technology, pharmaceuticals and finance — as customers, it said.
“Within the past 2-3 years, we’ve done a lot of work and within the Valley at least, we’ve made a good name for ourselves,” said Krishna Depura, CEO of MindTickle. “The largest cloud, social media, pharma and insurance companies in the US are today on the MindTickle platform.”
The company will double revenue annually and expects growth to sustain for a few years at least, Depura said, without disclosing revenue numbers. The company will also use the capital to expand into Europe and Southeast Asia in the coming months.
“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. “Mind-Tickle has proven product-market fit for its mobile-first, readiness platform that engages employees and delivers perpetual micro-learning experiences.”
India has three SaaS firms valued at over $1 billion, with Freshworks, Druva and Icertis making it to the hallowed Unicorn Club in the last 12 months.
India’s prowess in creating great software products from the likes of Zoho is well known, but rising valuations of these companies are a testament to this trend.