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iSPIRT launches iSPIxB2B, an Index for Measuring the “Made in India” Software Product Industry

iSPIRT launches iSPIxB2B, an Index for Measuring the “Made in India” Software Product Industry

The Indian startup and tech ecosystem has seen a major uplift and interest from investors as well as global buyers over the past year. With Flipkart and Snapdeal taking Indian ecommerce to new heights with their billion dollar valuations and funding rounds; homegrown Ola and Taxi For Sure are competing with Uber with huge war chars and fighting back with innovations in tech and localisation, it shows how quickly the startup scenario in India is changing and how vibrant it is getting day by day.

In the past one month alone, more than 35 startups have raised nearly 5700 Cr. in funding, 15+ startups have raised undisclosed amount of funding and more than 10 companies have been acquired of which 4 startups were acquired by global players.

While talking about the success of the evolving Indian startups ecosystem, it would be naive if we overlook the B2B software product companies, who in background, in complete silence, are making products which are positioning India in the global market of enterprise solutions, a market valued at over $500 Bn (INR 30,00,000 Cr.)

More than 200 B2B companies present in India are creating an ecosystem, which is not yet visible in the paparazzi of Indian startups (which are often showcased as the India’s success stories) but which actually serves as the backbone of these success stories.

iSPIRT, the Indian think tank which is actively helping and promoting Indian product companies to make India a product nation, has come out with an Index, India Software Products Industry Index – B2B (iSPIxB2B), with the intention of highlighting some surprising facts about the Indian B2B software product companies.

The index highlights a list of 30 product and software companies which are leading the Indian B2B software industry in India and globally. Along with several volunteers at iSPIRT, Dev Khare from LightSpeed Ventures,  Professor Sharique Hasan of Stanford Graduate School of Business, Stanford University; Professor Rishi Krishnan of IIM-Indore; and Klaas Oskam of Signal Hill have provided valuable inputs which led to define the first list of 30 companies using the index.

The top 30 Indian B2B product companies are valued at $6.2 Bn (₹37,500 crores) employing over 18,000 people!

According to the data collected, enterprise value of the top 30 companies dealing in the B2B software product space is $6.2 Bn (₹37,500 crores) and these 30 companies employ over 18,000 people.

The B2B sector started developing in India in since the 1980s.

Quick takeaways:

Companies Which Started Pre 2006

  • These were generally bootstrapped to scale and then about 40% of these companies raised growth capital.
  • Many of the companies are verticalized, and are selling into banking, financial services, retail and travel.
  • Maximum of these companies are domiciled in India.

Companies Which  started post 2006

  • About 73% have got early-stage venture capital into them now – the majority by far are not bootstrapped.
  • These are more horizontally focused in areas such as CRM, collaboration and ad-tech.
  • Over 50% of these are domiciled in the US or Singapore .


  • About 37% of the total 30 companies are bootstrapped, of these bootstrapped companies maximum were founded in 1990s and 2000s.
  • Most of the company who have got institutional funding have got growth financing, rather than early stage venture capital funding.



  • According to the findings about 37% of the companies are horizontal and the rest are selling into verticals such as financial services, media and travel.

business vertical

  • Of the total, only 50% of the companies provide end user business applications in segments such as CRM, trading, collaboration etc.
  • 20% of the companies are adtech companies while the rest enable technology in infrastructure and provide tools.


Target Audience

  • Nearly 80% of these companies have a global customer base.


  • About 70% of the total companies are based out in India.
  • Since 2009, number Indian B2B companies have started incorporating their offices in US and Singapore.

Quick Glance Of The 30 Companies 

Accelerite Persistent Systems: It provides endpoint management, recovery as a service, and mobile operator location solutions. It is now headquartered in Silicon Valley.

AdNear: It is a Location intelligence startup, and has developed insights from anonymous device users across Asia Pacific using their historical location footprint and real-world offline data. It is headquartered in Singapore.

Capillary Technologies: It is a Cloud-based retail customer engagement management company. Started in Bangalore, it is now headquartered Singapore.

Druva Software: Druva, a cloud backup, data protection and governance tool . It was started in Pune, it is headquartered in Silicon Valley now.

Eka Software Solutions: Eka  provides Smart Commodity Management software solutions. It is headquartered in Bangalore.

Freshdesk: It enables customer support reps to view and respond to customer queries across multiple channels, including email, phone, online forums, live chat, and social media. It is headquartered in Chennai.

IBS Software Services: IBS offers software products for airlines for airline reservation, cargo revenue accounting, tour booking, crew, and hotel management systems. It is headquartered in Kerala.


Ilantus Technologies: ILANTUS delivers innovative identity security products & solutions by leveraging best of breed technologies and 12 years of IAM experience. It is based out in Bangalore.

Indian Energy Exchange: It is an premier power trading platform, providing a transparent, neutral, demutualized and automated platform for physical delivery of electricity, IEX enables efficient price discovery and price risk management for participants of the electricity market, including industries eligible for open access. It is headquartered in the National Capital Region (NCR).

InfrasoftTech: It is a software products, solutions, and services provider focused on banking, financial services and insurance sector.  It is headquartered in Mumbai.

Kayako: It offers help desk software and customer service software to improve customer satisfaction and increase sales, both as SaaS and on-premise. It is headquartered in London.

Komli Media: Based out in Mumbai, its digital advertising technologies enable marketers to reach, acquire, and foster audiences and publishers to maximize their revenues.

Manthan Systems: It offers advanced analytics, business intelligence, optimization, and analytics-driven execution solutions for retailers and consumer goods manufacturers. It is headquartered in Bangalore.

Newgen Software Technologies: It is a global provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM), Document Management System (DMS), Workflow and Process Automation. A few of its clients include TCS, HP, HCL etc. The company also has banks, insurance firms, BPOs, healthcare organizations etc. as its clients. It is based out in NCR.

Nucleus Software: Provider of global banking software product and solutions. It is headquartered in NCR.

Ozone Media Solutions: It is a global technology company. It is based in Bangalore.

PubMatic: It is a is a global technology platform that powers the programmatic advertising strategy of leading publishers and premium brands. It is headquartered in Silicon Valley.

Qubole: It is a big data as a service (BDaas) platform, running on  leading cloud offerings like  the AWS which makes fast data analysis easier for all users. It is headquartered in Silicon Valley.

Quick Heal Technologies: It provides IT security solutions for PC, Mac, mobile, tablet, and enterprise networks. It is headquartered in Pune.

Ramco Systems: It offers next-generation enterprise

solutions across cloud, mobile, and tablet computers. It is headquartered in Chennai.

Rategain: It offers hotel channel management and promotion management to the travel and hospitality industry. It is headquartered in the NCR.

Real Image Media Technologies: It offers media tech solutions and it is headquartered in Chennai.

SunTec Business Solutions: It provides revenue management and business assurance solutions to banks, financial institutions, and communications services companies. It is headquartered in Kerala.

SVG Media: SVG Media is a leading Indian digital media network with 45 Mn unique visitors in India. It is headquartered in the NCR.

Tally: It is a market leader in enterprise resource planning (ERP) software solutions. It is headquartered in Bangalore.

Vizury: It is a ad-retargeting startup, it offers digital marketing technology solutions. Vizury provides Visitor Relationship Management (VRM), a retargeting solutions and works with online brands in 27 countries across industries such as travel & hospitality, eCommerce, healthcare, automobile, and classifieds.

Vserv:  It is a mobile marketing platform provides and it is based out in Mumbai.

Wingify:   Headquartered in NCR, Wingify is a performance testing startup.

Wooqer: It helps people to structure work and measure results without SMS, emails, phonecalls, and spreadsheets. It is based out in Bangalore.

Zoho: It offers a suite of online web applications geared towards increasing your productivity and offering easy collaboration. It is headquartered in Silicon Valley.

We have reached out iSPIRT for more inputs, and will update the story soon.

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