San Francisco-based sales readiness technology startup Mindtickle today announced it has raised $100 million in a Series E funding round at a valuation of $1.2 billion, making it the 20th Indian startup to achieve unicorn status this year.
The funding round was led by Softbank’s Vision Fund 2 with participation from existing investors Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures.
The funding announcement comes almost ten months after it raised $100 million in November 2020, co-led by Softbank Vision Fund and existing investors. That round valued the startup at $500 million. So far, It has raised $281 million in a series of funding rounds.
With the latest fundraise, Mindtickle aims to accelerate its growth and mission to transform and modernize revenue organizations.
The investment in Mindtickle comes with the continued growth in market demand for sales readiness technologies, the startup said in a statement. According to a report by ResearchAndMarkets, Sales enablement technologies are projected to grow to $4.5B by 2027, and the global conversation AI market will reach $13.9B by 2025.
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, the statement added.
Speaking on the development, Krishna Depura, CEO and co-founder of Mindtickle, said:
“Revenue leaders understand that sales readiness is a mission-critical component of their strategy to consistently meet or exceed their goals. They are taking more square ownership of these programs, and partnering with their sales enablement, revenue operations, and training teams to create a continuous state of excellence across their organizations.”
Founded in 2012 by Krishna Depura, Nishant Mungali, Mohit Garg, and Deepak Diwakar. MindTickle is a SaaS (software-as-a-service) platform that helps businesses increase their revenue by understanding ideal sales behaviors, increasing seller knowledge and skillsets, and incorporating real-world feedback from their meetings with customers.
The platform offers solutions for onboarding, micro-learning, skills development, ongoing learning, role-playing, and coaching to companies that have been using legacy learning management systems (LMS).
“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 “The product has become an essential part of any sales organization and we are excited to support the company in its growth,” he adds.
Mindtickle claims that its services are being used by Fortune 500 and Forbes Global 2000 companies. The startup counts Splunk Technology, MongoDB, Elmo Motion Control, Ola Cabs, Snowflake, among others, as top customers. Apart from San Francisco, It has its offices in London and Pune.