MindTickle, a company which has developed cloud-based software focused towards sales representatives, has raised $12.5 million in Series A round of funding, led by New Enterprise Associates.
Its existing investors Qualcomm Ventures and Accel Partners also invested in this round. It will use the infused capital to further develop its software.
The company was founded four years ago by Nishant Mungali, Mohit Garg, Deepak Diwakar, and Krishna Depura. The software developed by the company promises to cut training time for salespeople and helps them to be up-to-date on rapidly changing products and to be on top-of-the-game.
The software has been developed in Pune by its 40-member team. It helps address sales personnel at all levels: from new recruits to existing employees using data science and gamification.
Commenting about the software, Jyothi Bansal, CEO of AppDynamics, an application intelligence tool, said,
Our sales team has grown manifolds and across multiple locations, and this presented us a daunting sales enablement challenge. We have seen significant impact in win rates and shortening of sales cycles since we implemented MindTickle’s sales-readiness technology.
Its product has already made its way into the sales and marketing departments of all enterprises, with automation and data. Industry lobby Nasscom estimates that Indian IT players’ share in global marketing-tech industry can grow up to $45-55 billion by the end of 2025.
Its clientele includes Cloudbase, Ola, Cloudera, Bloomreach, Avalara, Nutanix, Rubicon, Appdynamics, and sixty others. Previously, the company had raised $1.8 million in seed funding from Accel Partners and Moneta Ventures.
Dinesh Katiyar, partner at Accel Partners in San Francisco, said,
We see very few category creators in the enterprise space from India, who have a shot at making it big in US and globally. MindTickle is one of them.
Ravi Viswanathan, general partner at NEA, said,
The sales productivity market is witnessing a very interesting segmentation. We were impressed with the number and quality of customers that MindTickle has signed up in less than a year,” said Viswanathan, who will be joining the board of MindTickle.