As per Markets&Markets, sectors such as ecommerce, software-as-a-service (SaaS), healthcare, and enterprise technology are likely to see growth and create investment opportunities in the post-COVID-19 era.
According to India Private Equity Report 2020 by Bain and Co., the Indian SaaS market is forecast to grow from $6 billion in 2019 to more than $20 billion by 2022.
SaaS has not only helped the existing companies to grow, but many Indian tech startups are now adopting the model to manage their operations better. The ease of access offered by the SaaS-based industry has changed the view of its users.
Over the last few years, SaaS startups have witnessed a sharp growth in the market, and the technology in this space continues to develop and evolve. Below are five SaaS-based companies in India that are making it big in the market.
SaaS-based HR Tech startup Dockabl is the brainchild of two management professionals Samarth Masson and Sanjeev Grover. The startup aims to enable organisations to perform better by providing continuous performance management through a set of modules that work in harmony.
Via Dockabl, organisations can transition to a continuous and real-time performance management system that benefits both the growth of the organisation and its employees. Policybazaar, Tata Realty, SIDBI, Becton
Dickinson, Innov8, 91Springboard, Bajaj Capital, and Hero HFL are a few of the notable companies that are already using Dockabl. The platform works effectively for all sizes of organisations, ranging from startups to large conglomerates.
RateGain is a leading provider of SaaS products to travel and hospitality companies which help with cognitive revenue management, smart e-distribution, and brand engagement to make more revenue every day.
It is the only travel tech startup that has been featured four times on Deloitte Technology Fast 50 list. It raised $50 million from TA associates in 2016. In 2018, it acquired hotel distribution service provider DHISCO, which made it the only startup in the world to offer end-to-end smart distribution.
This was followed by its acquisition of hospitality-focused social media provider BCV in 2019, to create a guest experience cloud to help hospitality chains maximise guest lifetime value. Profitable since inception, the startup supports 250,000+ hotel properties globally by providing 240 billion rate and availability updates, and powering over 30 million bookings.
Chennai-based SaaS behemoth Zoho started as AdventNet and focused on providing network management products before entering the cloud-based business in 2009 after changing its name.
Founded by Sridhar Vembu in 1996, the company, at present, offers more than 30 SaaS-based apps to help companies increase productivity, manage projects, boost sales, and handle IT support.
Today, Zoho has more than 50 million users across 180 countries. Further, Zoho is among the few companies that have remained bootstrapped and profitable since its inception.
Amidst the COVID-19 pandemic, the SaaS company is experimenting with 10 villages in Tamil Nadu, where 200 of its engineers – 20 in each village – will collaborate and build software for the world. These feeder offices are situated 20-30 kilometres away from their hometowns.
Druva is an all-in-one data protection provider. Founded by Jaspreet Singh, along with Milind Borate in 2008, Druva offers complete data protection to its customers by providing services like data recovery, data migration, ransomware protection, and cloud backup on demand.
The SaaS startup has emerged as a leader in the cloud data protection and management industry, and it is among the few private companies to generate $100 million in annual recurring revenue.
The startup has helped more than 4,000 customers to protect their data, while also bringing down the high costs involved with data security, by removing the need for all the unnecessary hardware.
Druva became a unicorn last year in 2019. To date, it has raised $328 million from Nexus Venture Partners, Sequoia Capital, Dell Technologies Capital, and Orios Venture Partners.
Founded by Anand Jain, Suresh Kondamudi, and Sunil Thomas in 2013, CleverTap is a mobile marketing startup that uses artificial intelligence and machine learning to boost user retention by providing personalised customer experience based on their needs. It was previously known as WizRocket.
CleverTap signed its first customer in 2014, and now, it has more than 8,000 customers across 100 countries. The startup claims to have helped its customers gain $2 billion in incremental revenue.
CleverTap has raised $76.6 million from investors like Accel, Sequoia Capital, and Tiger Global.