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Funding alert- SaaS startup announced a funding of USD 150K. This sector is doing extremely well

Let us talk about the SaaS industry and the funding happening in it. First, we should know what SaaS is? SaaS stands for Software-as-a-service.

It can be explained as a sort of a software distribution model in which hosts applications are provided by the cloud, which is then made available to the end-users over the internet. There are three categories of cloud computing, and is SaaS is one of them. The other two are IaaS, Infrastructure as a Service, and PaaS, Platform as a Service.

Some of the biggest examples of popular SaaS products are- Microsoft 365, Hubspot, Netflix, Zoom, Slack, Shopify, Adobe Creative Cloud, Trello, Mailchimp, etc. We all know the increase in digital adoption in the lockdown period, and with the world sitting inside their homes, the world was shifted to the online medium.

Then it was during that time, the Indian SaaS market saw a huge growth of around five times in revenue and is expected to rise more till the year 2025. According to a report published by Chiraete Ventures and Zinnov, which is a consulting firm, the market value of SaaS is expected to cross IT services by 2025-2030.

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The global SaaS market is predicted to reach USD 400 billion by the year 2025, and India will be able to serve 19% of the world’s demand. A report named “ Indian SaaS Revolution: Rising Trillion Dollar Global Opportunity” has been published.

According to the facts and figures of this report, the SaaS industry of India will grow eight times from USD 5.3 billion in the year 2020 to USD 42.2 billion in the year 202. If the growth comes out to be aggressive, then the revenue is expected to grow 14 times and will reach USD 75.3 billion by 2025.

The last five years have seen the increase in the number of SaaS companies double, from more than 500 in 2015 to more than 1000 in 2020. Even the revenue has grown five times, from USD 1 billion in 2015 to USD 5.3 billion in 2020.

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But only 30% of the Indian SaaS companies have their headquarters in India, while the remaining are in the US, which is a sad figure to look to.

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Talking about the funding this sector has received, the Indian SaaS startups received about USD 1.5 billion. India currently has 13 SaaS unicorn startups, which is a wonderful fact.

The Indian SaaS companies give employment to around 62,000 people, and India has the third-largest SaaS ecosystem globally, with the first being the USA, then China. We already told you that the year 2021 had seen a huge rise in the adoption of SaaS, and this can also be proved by the top 15 deals that happened, which are 75% of the total deal value, took place in the year 2021.

Let us now talk about the funding of a SaaS startup that has taken place recently.

Announcement of funding of a SaaS startup

SpoofSesne has raised a funding of USD 150K, as announced on December 08, 2021. JITO Angel Network led this round of funding, and this round of funding also saw the participation of many angel investors.

The startup plans to use the funds raised in various domains across the business, including Research and Development, Team Building, and Marketing.
Just a few months back, the startup had raised INR 25 lakh from 100X.VC.

About the newly funded SaaS startup

The startup, SpoofSense, was started in 2020 by Kartikeya Bharadwaj. The startup is a computer vision algorithm that assists businesses to authenticate their customers through Face Biometrics. The startup has a passive liveness detection technology that helps businesses tell the difference between real and fake users. This is a medium to prevent digital identity fraud. The startup requires just a single selfie for this whole process, and the decision comes out in just 2 seconds.

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spoofsense - face liveness detection

About JITO Angel Network

JITO Angel Network is a premium community-based organization engaged in building entrepreneurs and supporting them by giving leverage to the Jain community platform, which the Jain International trade organization makes. It has investments in many companies and has even made its exits in the last six months by giving huge returns to the investors. It has a portfolio of 55 companies where more than 25 companies have raised rounds and follow-up rounds.

jito angel network

What has been said about the deal?

The founder of the startup, SpoofSense, Kartikeya Bharadwaj, said that by the year 2025, around 2.4 billion people will be using the technology of face recognition to carry out online transactions. He further said that with the help of AI and computer vision, the startup would make Face Recognition a reliable and safe biometric that can be used at a large scale and can help in the revolution of the lives of billions across the world.
The startup is doing a bit to change how the world operates.

We wish the startup a piece of good luck and a bright and successful future ahead. We are excited to see what change it can bring to this world!

edited and proofread by nikita sharma

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