ThoughtSpot, a technology company that produces business intelligence analytics search software, on Tuesday announced plans to invest $150 million across its operations in India over the next five years.
Additionally, ThoughtSpot has announced the opening of a new office in Trivandrum, the company’s third R&D centre in India. The new investment will fuel continued product innovation for the Modern Analytics Cloud, empowering every company to build their business on data.
Dominating the decade of data with Live Analytics
According to ThoughtSpot, the company was built to empower anyone to tap into the full value of innovations through intuitive, interactive Live Analytics. Any team member, from store clerk to business analyst, to the executive chair, can leverage search and Artificial Intelligence (AI) to self-serve insights and take action that drives their business forward.
In the last year, ThoughtSpot said its annual recurring revenue from cloud offerings grew by 102 percent. ThoughtSpot hopes to continue to grow by growing headcount by more than 30 percent across offices in Bengaluru, Hyderabad, and Trivandrum in the next year.
Simultaneously, it wants to 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.
The next step in ThoughtSpot’s strategic bet on India
The investments ThoughtSpot is making in India over the next five years are part of the company’s long-term strategy in the market and natural evolution of activity to date.
Delivering innovations for global customers
While the R&D teams in India work closely with global counterparts, the team has also built ThoughtSpot Everywhere, a low-code embedded analytics platform that allows developers and product leaders to incorporate the best of ThoughtSpot into their apps and services. ThoughtSpot Everywhere, entirely built out of India, supports a global market of customers across industry verticals to co-innovate and design products and applications.
In the 12 months, ThoughtSpot claims that it has more than tripled its ThoughtSpot Everywhere customer base, and has realised nearly 400 percent growth in monthly active users at organisations such as Capital One, Nue, Chick-fil-A, Go Sharing, and Hogarth Worldwide. As “the fastest growing ThoughtSpot offering”, the team says it will continue to invest in product research, design and development.