Ashok Soota's Happiest Minds raises $45 million

Business

oi-Staff

By Super

Published: Tuesday, June 19, 2012, 14:10 [IST]

Bangalore-based IT company Happiest Minds Technologies got its first round of funding of $45 million (Rs 229 crore) from VC firm Canaan Partners and Intel Capital. The infused funding also includes funds from co-founder Ashok Soota and other founders of the company.

The funds will be utilized to deliver most advanced technology solutions and services to the market by hiring world-class talent, setting up additional infrastructure and accelerate sales and marketing efforts globally, the company said in a statement.

Former Chairman of Mindtree, Ashok Soota announced the launch of his new venture “Happiest Minds Technologies Pvt. Ltd.” in April to focus on six areas of business including IT services, research and development, software product engineering, remote infra, testing and consulting.

The representatives of both Canaan Partners and Intel Capital will join the board of Happiest Minds.

"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," said Soota.

Vikram Gulati, CEO and Managing Director of Happiest Minds said, “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,” he added.

Within the few months of operation, Happiest Minds have already got a good number of clientele from US, UK and India.

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