Inc42 and Hubilo’s panel discussion on The Indian SaaS Market Opportunity touched on various areas, such as:
- The big debate: Building in India vs global
- How to go about hiring, brand building and scaling in global markets
- Scaling technology, infrastructure and processes to meet the demands of enterprise clients
- How to raise funds in the competitive and cluttered market
Moderated by Kshitij Shah, ex-Principal, 3one4 Capital, the discussion saw the participation of Vaibhav Jain, Cofounder & CEO, Hubilo; Rohit Chennamaneni, Cofounder, Darwinbox; and Anand Jain, Cofounder and Chief Strategy Officer, CleverTap.
The Next Big Thing: The Rise of Indian SaaS Industry
The Covid-19 pandemic has hugely impacted the economy, and several sectors, especially those with predominantly physical operations, are still struggling to survive. Moreover, many companies in India and abroad have been compelled to migrate to the cloud by enforced remote work, triggering a significant rise in cloud adoption.
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According to a NASSCOM report published in July 2020, India’s total SaaS revenue breached $3.5 Bn in March 2020, recording a 30% CAGR. The SaaS industry has the potential to grow 6x to $13 Bn – $15 Bn by 2025, buoyed by a strong push from the government and other stakeholders to create a sustainable growth ecosystem.
Thanks to this sudden rise in SaaS adoption, the homegrown SaaS industry has seen explosive growth in the past couple of years. As many as 11 out of India’s 83 unicorns are in the SaaS business, and the country is now home to more than 30,000 enterprise tech startups. Some of the key companies in this space include Postman, BrowserStack, Zoho and Freshworks. Overall, Indian startups in the SaaS space have amassed $8.6 Bn in funding between 2014 and 2021 (December 11).
With these companies leading the way, there is now a surge of young SaaS players who are on the way to making India a SaaS powerhouse. Helping the SaaS sector extend and grow its footprint will unlock a treasure-chest for India’s future.