MindTickle, a company dedicated to enhancing sales performance for businesses of all sizes through its sales readiness platform, announced on Monday that it has secured $100 million in a recent funding round.

SoftBank Vision Fund 2 spearheaded the financing for the startup, which maintains headquarters in both Pune, India, and San Francisco, California. This round incorporates both debt and equity financing. Current investors Norwest Venture Partners, Accel Partners, Canaan, NEA, NewView Capital, and Qualcomm Ventures also contributed to the round. According to an informed source, this investment has increased the eight-year-old company’s valuation to approximately $500 million, a significant rise from its $250 million valuation last year.

The majority of the $100 million received is in the form of equity investment, according to Krishna Depura, co-founder and CEO of MindTickle, in an interview with TechCrunch. He refrained from revealing the precise amount or commenting on the valuation details.

The business landscape has shifted from a seller-driven market, where buyers had limited options, to one where customers are presented with a wide array of choices. Depura explained, “Previously, purchasing a car might mean waiting four years for a new model. The situation has evolved.” He emphasized that today’s consumers have numerous companies vying for their business, offering comparable products.

This increased competition benefits customers, but it also necessitates a greater effort from companies to secure sales. Regardless of the products or services they offer, businesses now face competition from a multitude of rivals and must engage with customers who have decreasing levels of patience.

Depura observed the success of companies like Facebook and Zynga in creating engaging products and services a decade ago, prompting him to consider how similar principles could be applied to modern sales strategies. This insight led to the creation of MindTickle, which now focuses on training companies’ customer-facing teams.

Inspired by the concept of gamified learning, MindTickle enables organizations to efficiently train and develop their sales teams. The platform utilizes role-playing exercises to help salespeople refine their presentations and effectively address customer inquiries.

Currently, MindTickle serves over 200 enterprise clients, including more than 40 companies featured in the Fortune 500 and Forbes Global 2000 lists. Due to confidentiality agreements, the company is unable to disclose all client names. However, some of the disclosed clients include MongoDB, Nutanix, Qualtrics, Procore, Square, Janssen, Cloudera, Dexcom, Merck & Co., and Benetton Group.

Notably, MindTickle’s clients have publicly acknowledged the value of its platform. As of the current date, MindTickle is recognized as the leading product for enterprises and the fifth-best product for sales on G2, a well-known software and services marketplace.

Regarding financial performance, the company reported revenue growth exceeding 170% over the past year and anticipates achieving an annual recurring revenue of over $30 million by year-end. Like many other SaaS companies, MindTickle has remained resilient during the recent global health crisis.

In fact, the company has experienced an increase in its customer base and platform usage in recent months, as organizations transitioned to remote work environments to mitigate the risks associated with the coronavirus pandemic, according to Depura. “Our platform is now being utilized in ways we hadn’t previously imagined,” he said, noting that departments such as finance and HR at some companies have also begun using MindTickle. “We are witnessing a significant transformation.”

“MindTickle’s demonstrated growth, product quality, and impressive client roster underscore its strengths,” commented Sumer Juneja, Partner at SoftBank Investment Advisers, in a formal statement. “By providing engaging and personalized training, MindTickle is uniquely positioned to help businesses boost revenue and enhance the capabilities of their workforce.” The Japanese investment firm, which initiated discussions with MindTickle approximately three months ago, indicated its interest in further investments within the SaaS sector.

The new funding will enable MindTickle, which employs around 400 individuals across the U.S., Europe, and India, to further solidify its position in the market. The company also plans to introduce new product features and utilize the funds to expand its presence in Europe and the U.S., which is already a key market.