It is undeniable that India’s software as a service (SaaS) industry has achieved the fastest growth in the last two years, including the entry of unicorn clubs such as PostMan, MindTickle and Browserstack. Not only that, Girish Mathrubootham led Freshworks made a great debut at Nasdaq last year.
The same boom is expected to continue this year.
According to a recent report by investment firm Chiratae Ventures and management consultant Zinnov, Indian SaaS companies will raise a whopping $ 6.5 billion in 2022. That’s a 55% increase from the $ 4.2 billion these companies raised last year. A report entitled “Indian SaaS: Breaking the Global Hacking Order” states that 1,150 Indian SaaS companies will generate $ 8 billion in revenue in 2021.
“India, which has surpassed the UK in the number of SaaS unicorns this year, is ready to overtake China and become the second largest SaaS country by 2026,” the report said. Unicorn is a company worth over $ 1 billion in startup terms.
There are currently 17 SaaS unicorns in India. About 15 or 90% of these have acquired unicorn status in the last four years.
About 812 SaaS companies are expected to become unicorns this year, the report added. This list may include companies such as Carestack, CleverTap, Deskera, FarEye, Fourkites, Hevo, Kissflow, Loginext, Moengage, Pixis, Shiprocket, Whatfix, Yellow.ai.
