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India’s Top 30 Enterprise Software Companies Cross $10 Bn Mark In Valuation: Report

India’s Top 30 Enterprise Software Companies Cross $10 Bn Mark In Valuation: Report

According to Indian Software Products Industry Index – B2B, compiled by software products think tank iSPIRT,  India’s top 30 B2B software product companies are currently valued at over $10.25 Bn (INR 65,500 crores) and employ over 21,000 people.

The index has grown 20% in USD terms and 28% in INR terms from October 30, 2014 to June 30, 2015.

Infographic of Top 30 companies included in Indian Software Products Industry Index – B2Bcol_imageThere are six new entrants in the list including Accelya Kale, BrowserStack, CRMnext, Indix, InMobi and Knowlarity. The list also features public companies such as Accelya Kale and Ramco.

Report Highlights

The report highlights that there has been an acceleration of creating B2B companies since 2010.

  • Top 30 startups employ about 21,200 people.
  • About 43% of the companies are bootstrapped
  • 16 featured companies were started after 2005; 10 between 2005 and 2009,pointing to an increase in the creation of B2B companies.

*Large number of companies started in the 90s and 2000s are not featured in the Index as they have not scaled.

Dev Khare, Managing Director of Lightspeed India Partners Advisors and Fellow and volunteer at iSPiRT, said,

Now you can sell over the Internet, this was not the case even a few years ago. Companies like BrowserStack, Freshdesk, Knowlarity and others are all examples of such companies.

Targeted Verticals

iSPIRT report illustrated that software products industry is growing in parallel with the consumer internet side.

target verticals 1

Companies of organized retail, healthcare and technology sector in product commerce and services commerce space have started to purchase software products from Indian B2B companies helping them get closer to market product globally.

  • 80% of companies have global customer base
  • 67% of companies are domiciled in India
  • Bangalore and NCR account for half the companies’ principal city of operations with Chennai and Pune as key secondary hubs.
  • Average enterprise value per employee is climbing toward Silicon Valley levels – the index currently nets out to $480k per employee.

Funding Pattern

fundingIndian Software Products Industry Index – B2B analysed that not only Indian-based venture funds back these companies but also Silicon Valley funds are coming in once there is initial customer adoption in US. Besides,  merger and acquisition (M&A) activity has also picked up along with Venture capital (VC) funding for enterprise startups.


  • Recent funding in enterprise startups include $45 Mn raised by customer relationship management software products company Capillary Technologies
  • $60 Mn raised by analytics services company Manthan Software Services Pvt. Ltd
  • $15 Mn raised by ad tech firm Vserv
  • Capillary also bought multi-channel commerce solutions provider MartJack recently

Dev Khare, who has helped in putting together the index, said

IPOs and M&A will happen perhaps in India or in the US stock markets. We are going to see a lot of smaller acquisitions, and the larger acquisitions will depend on companies successfully transitioning to global consumer bases.

Khare also pointed out that India is seeing lot of people coming into the entrepreneurial ecosystem, perhaps energized by what they are seeing on the consumer side. Seeing a shift in buying pattern of B2B products companies like Freshdesk, BrowserStack and Zoho are able to sell to customers from around the world even though they are based in India, without raising capital.

iSPIRT looked at more than 300 software product startups while compiling the index and spoke to more than 100 start-ups, investors and others for verifying valuations, which were estimated as of 30 June.