Happiest Minds gets $45 mn funding from Canaan, Intel

IT firm Happiest Minds today said it has secured a $45 million Series A investment from Canaan Partners, Intel Capital, Ashok Soota and other founders of the company.

The funding will enable Happiest Minds to deliver the most-advanced technology solutions and services to the market, hiring world class talent, setting up additional infrastructure and accelerating sales and marketing efforts globally, Happiest Minds said in a statement.

Former MindTree Chairman Ashok Soota had announced setting up of the new venture, Happiest Minds Technologies, which focuses on six lines of businesses, namely IT services, R&D services, product engineering services, remote infrastructure management, testing and consulting.

Soota, who left the company he co-founded on April 1, said the company will focus on new emerging technologies like cloud, social CRM, unified communications, mobility, business intelligence and analytics.

"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, who is the Executive Chairman of Happiest Minds.

In a short span of its operations, Happiest Minds has already gathered substantial business momentum with customer wins in the US, the UK and India.

Soota had in June this year sold half of his 11.4% stake in MindTree in a block deal to Cafe Coffee Day group's owner VG Siddhartha. Though the amount raised was not disclosed, it was estimated to be over Rs 95 crore.