ThoughtSpot, an analytics cloud company, will invest $150 million across its operations in India over the next five years, Ajeet Singh, Co-Founder and Executive Chairman of the company, said. It will also open a new office in Thiruvananthapuram , the company’s third research and development (R&D) center in India.
The new investment is aimed to fuel continued product innovation for the modern analytics cloud, empowering every company to build their business on data.
ThoughtSpot’s annual recurring revenue from its cloud offerings it says has grown by 102 per cent. The R&D teams in India, composed of fully integrated teams that span engineering to design to operations, have been instrumental in delivering this growth, said the company.
Ajeet Singh told BusinessLine, “India has been growing faster than other locations and we are planning to grow all our functions and invest in engineering in India. We are growing at a healthy clip of 30-40 per cent a year in India.”
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, he further said.
With the new investment in India, the momentum is expected to continue by growing headcount by more than 30 per cent across offices in Bengaluru, Hyderabad, and Thiruvananthapuram in the next year.
Simultaneously it will expand beyond traditional R&D with partner engineering, working closely with software integrators (SIs) and other tech partners to build joint solutions and value for customers. Currently the global headcount of the company is 800 employees, 300 of which are based out of India.
Sumeet Arora, Chief Development Officer, ThoughtSpot, told BusinessLine, “In our mission to build analytics capabilities that empower every knowledge worker, one of the important things is to work very well with the cloud ecosystem. Hence a lot of the focus in Thiruvanathapuram will be on how ThoughtSpot integrates well and is going to be a centre of excellence.”
The investments ThoughtSpot is making in India over the next five years is part of the company’s long term strategy in the market and a natural evolution of activity to date, the press release said.