Successful SaaS startups of India

SAAS Technology

Indian digital technology has been the talk of the town for quite some time, but there is the specific niche of SaaS (Software-as-a-service) which has been growing leaps and bounds under the radar. Without any doubt, globally it is the most trending and modern business technology. It is not just a rhetoric in India. The numbers and predictions prove that the future of this technology would be widespread in the Indian business industry. It has been fruitful for industries such as healthcare, e-commerce, payroll, and so on. Companies provide Saas services on a subscription model. According to Google Accel Report, Indian SaaS companies will have a $10 Billion revenue which will be around 8% of the global SaaS industry market. The number of Saas-based startups has increased rapidly in the last 5 years. It tripled from 3000 in 2014 to 8336 until 2019. 

SaaS startups in India have shown enormous growth and a promising future. At a staggering rate of 34% growth, the Indian SaaS-based industry is accelerating at a very rapid pace. With this growth rate, the global market experts believe that by 2022 India will be exporting SaaS products worth $20 billion. Let us take a look at India’s most successful SaaS startups :

  1. ZOHO: Zoho was founded in 1996 by Sridhar Vembu. Zoho offers 45+ apps to major business domains. Has offices in 11 different countries and 9000+ employees. It has 50 million users all across the world. They offer a unique suite of software that can help them to run daily operations and backend with ease. Zoho is recognized globally and competes with Google cloud, Microsoft, and Salesforce. The company currently has a valuation of $6 billion, remained bootstrapped and profitable since its birth. 
  2. HighRadius: Founded by Shashi Narahari in 2006. HighRadius is a fintech company. Offering their services to 350+ business clients. The company uses technologies like artificial intelligence, automation, and transaction process systems. HighRadius has processed 1.3 trillion worth of transactions for multiple global industries across the world. The CEO Shashi Narahari bootstrapped the company for almost a decade, However, in 2017 the company raised $125 million funding from investors such as Citi Ventures, Susquehanna Growth Equity, and ICONIQ Capital.
  3. Freshworks: Founded as Freshdesk in 2010 by Girish Mathrubootham and Shan Krishnasamy. Freshworks offers companies a “customer support desk” helping their support team to resolve the customer’s issues in an efficient manner. The company emerged as a successful breakthrough startup. More than 150 companies use their SaaS service. Freshworks got their unicorn startup status in 2018. They raised a total funding of $399 million from investors like Accel, CapitalG, and Tiger Global.
  4. Druva: Founded in 2008 by Jaspreet Singh and Milind Borate. Under the Umbrella of “complete data protection,” the company offers data migration, data recovery, ransomware protection & cloud backup. Druva turned out a notable name in the cloud data protection industry. The company has an annual recurring revenue of $100 million. More than 4000 customers taking help to protect their data from Druva. The idea of backup security helping the various industry players to cut down the heavy cost of hardware. The company became a unicorn and raised $328 million in funding.
  5. Icertis: Icertis is a contract management startup. Founded in 2009 by Monish Darda and Samir Bordas. Offering their services to smoothen the operation process by handling the contracts related to important issues like compliance, negotiations, and procurement in order. Benefiting big giants like Microsoft, Airbus, Adobe, Adobe, and Wipro. Taking care of 6.5 million contracts in 40 different languages. Raised $211 million in funding from investors like Greycroft & PremjiInvest. 
  6. Capillary Technologies: This company has had a very interesting journey so far. Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani. In 2015, while expanding to 10 different countries Krishna Mehra and Ajay Modani left the company. The company started with steady growth but ended up closing its operation in various markets. Aneesh saw the silver lining with the emergence of the e-commerce industry in India. He restructured the company products and started offering SaaS-based omnichannel customer engagement platforms. There has been no turning back since then. Offering services to more than 300 international brands such as PUMA, KFC, Samsung, Walmart, and many more. Raised over $100 million in funding.

SaaS has emerged as one of the safest and expandable business models. One of the advantages of this business model is the constant cash flow. For Indian SaaS companies, it’s a great opportunity to expand its services to the global market and capture a major chunk of 70% of the global share. More Indian entrepreneurs and VC funds are looking for opportunities in the SaaS domain considering the talented yet economical workforce available in India and the possibility of capturing the humongous Indian market. 

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Successful SaaS startups of India

Indian digital technology has been the talk of the town for quite some time, but there is the specific niche of SaaS (Software-as-a-service) which has