Startup

ThoughtSpot raises Rs 1,794 crore in Series-E funding, says report

Updated : August 29, 2019 01:49 PM IST

Sapphire Ventures, an existing backer, valued the seven-year-old firm at $1.95 billion.

The latest round of funding comes 15 months after the company raised $145 million in May last year.

ThoughtSpot raises Rs 1,794 crore in Series-E funding, says report

An Artificial Intelligence-driven startup ThoughtSpot raised Rs 1,794 crore ($248 million) in its latest round of funding, led by existing investor Lightspeed Ventures, The Economic Times reported.

In the Series E funding, the business intelligence and big data analytics platform saw some growth-stage public investors, whose names were not disclosed, the report said, adding that Sapphire Ventures, an existing backer, valued the seven-year-old firm at $1.95 billion.

“Lightspeed has been an early backer of ThoughtSpot, and in fact, we had practically incubated the company in their offices. They have participated in every round so far… This is a completely primary round,” Ajeet Singh, executive chairman and co-founder of ThoughtSpot, told ET.

As per co-founders Ajeet Singh and Amit Prakash, the initial plan was to raise about $150 million, but a combination of market opportunities and recent consolidation that has taken place in the broader business intelligence sector, including Salesforce’s $15.7 billion acquisition of Tableau in June earlier this year, saw the ThoughtSpot financing round oversubscribed, the report added.

The latest round of funding comes 15 months after the company raised $145 million in May last year, with Sapphire Ventures and other global investors, the report said. Till date, ThoughtSpot has raised about $554 million in financing.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more