Mindtickle becomes a unicorn after SoftBank-led funding
This puts the Pune-based software-as-a-service startup's valuation at USD1.2 billion, earning it the year's 20th unicorn
As global investors continue to pour money into India's fast-growing IT industry, Mindtickle has raised an extra USD100 million in a Series E fundraising round led by existing investor SoftBank Vision Fund II. This puts the Pune-based software-as-a-service startup's valuation at USD1.2 billion, earning it the year's 20th unicorn. Unicorns are companies with a market capitalization of USD1 billion or more.
Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures were among the existing investors in the round. Other firms that the Japanese tech-focused investor has brought into the unicorn club this year include social commerce startup Meesho, banking tech platform Zeta, and business-to-business commerce firm OfBusiness.
After Freshworks, Druva, Icertis, Postman, Zenoti, Chargebee, and BrowserStack, Mindtickle is the seventh Indian SaaS business to join the unicorn club. This is a significant increase in Mindtickle's market capitalization. In November of last year, when it raised roughly USD100 million from SoftBank, the company was valued at USD500 million. Financial services, pharma, medical devices, and oil & gas are among the industries served by the company, which began by serving mid-size and large businesses in the tech sector. MongoDB, Nutanix, Cloudera, and Merck & Co. are among the 2,000 enterprises that employ its services.
Sales enablement technologies are expected to increase to $4.23 billion by 2027, according to Mindtickle, while the conversation intelligence industry will reach $13 billion by 2025.
