MindTickle is a start-up that offers a Sales Readiness Software that has and is currently helping hundreds of small, medium and large enterprises to improve their overall business sales; the company has recently raised funds worth USD 100 million in its latest funding round.
SoftBank’s Vision Fund 2 led the funding round for MindTickle wherein it raised $100 million with a combination of both equity and debt.
Existing investors including Accel Partners, NEA, NewView Capital, Norwest Venture Partners, Canaan and well-known technology giant- Qualcomm Ventures also participated in the funding round.
According to sources, these companies together raised MindTickle’s valuation to over USD 500 million from about USD 250 million that the company raised last year in 2019.
Krishna Depura, Co-founder and CEO of the eight years old start-up, MindTickle mentioned in an interview that a majority of these freshly raised $100 million funds is an equity investment. Specific amounts were not disclosed during the discussion.
What drastic change has arrived in the world of buyers and sellers? In earlier times, the buyers were the puppets of sellers, a limited choice of options between products were given to the buyers. As an example given by Depura, in those times, buyers had to wait for four to five years for the selling car company to launch a new model. Whereas, today we have more than a dozen car companies ready to cut throats in order to sell their products to customers. Car companies are selling better than the best car models every year with the competition falling under the same category. Buyers have multiple choices and it is great for the customers.
However, selling companies have to make more and more effort and give buyers a genuine reason to go with their product.
MindTickle- the name is inspired by the excitement of mind and the companies implicates the same in training their employees and salesmen. The training involves improving people skills and inculcates methodology to help employees practice their salesmanship and the company experts teach them ways to handle customers, they learn how to talk and answer each of customer’s queries with patience.
Furthermore, Depura stated that the platform allows the salesperson to measure their improvement over their training period based on revenue metrics and feedbacks on the calls they made. The software uses ML (Machine Learning) capabilities to offer personalised recommendations to salesmen.
When asked about their latest funding, MindTickle mentions that they already have more than 400 employees working under the company name in Europe, the United States and India, this funding will upscale by adding more employees. The start-up is also aiming to develop new products and features and will deploy the freshly acquired fund to further grow in their respective countries.