Canaan partners, Intel Capital & Ashok Soota Invests in Happiest Minds
Date: Tuesday , December 06, 2011
Happiest Minds, an IT solution and service firm based out of Bangalore, has raised $45 Million in Series A investment. The funding round was led by Canaan partners. Intel Capital and Ashok Soota also participated in this funding round. The funds would be used to deliver advance technology solution and services, hire talented employees, setting up additional infrastructure, and increase global sales and marketing efforts. Representatives from both Canaan partners and Intel capital are expected to join the Happiest Minds board. The company aims to be the fastest IT services firm from India to reach $100 Million in revenue.
It was founded in 2011 by Ashok Soota and backed by other co-founders. The company offers research and development, software product engineering, remote infrastructure, testing, and consulting. “Canaan Partners and Intel Capital have already demonstrated their ability to add considerable value to Happiest Minds. We are very pleased that they have partnered with us to build India’s next-generation IT solutions & services company,” says Soota. Prior to founding Happiest Minds, he Co-Founded MindTree, and was a President of Wipro InfoTech and Confederation of Indian Industry. He also served on the Indian Prime Minister's task force for development of the IT industry. Soota is currently a member of the Advisory Council of World Intellectual Property Organization in Geneva.
Vikram Gulati, CEO and Managing Director of Happiest Minds, also brings decades of experience in the IT services industry to the company. “The shifting technology landscape provides an excellent launch pad for Happiest Minds. Our initial conversations with customers have only strengthened our belief in the route we have chosen,” says Gulati. In a short span of its operations, the company has already gathered substantial business momentum and has customers in the U.S., UK and India and has its presence in five locations.