Page 2 - Saas Industry

The rising tide of SaaS adoption in India

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Softbank-backed Unicommerce records 50% growth in revenue in FY23

Softbank-backed Saas platform Unicommerce has registered a 50 per cent growth in revenue driven by onboarding of new clients and international expansion, a senior company official said. Unicommerce CEO Kapil Makhija told PTI that the company has achieved an annual run rate of processing over 600 million transactions amounting to over USD 7 billion in annual gross merchandise value. He said that the company's growth has been consistent over the past three years and expects it to remain aligned to the expansion of the e-commerce industry in India. "Unicommerce's platform has demonstrated remarkable performance with around 50 per cent revenue growth in the financial year 2023. The number of enterprise clients has grown significantly, with a 45 per cent increase in FY'23 and a 68 per cent growth in FY'22," Makhija said. In its RoC (Registrar of Companies) filing for FY'22, the company reported a 47.5 per cent increase in operating revenue to Rs 59 crore in FY 22. Its profit after tax

Indian startup funding in H1CY23 drops 36% to lowest in 4 yrs: PwC

Dip comes despite significant untapped capital reserves held by venture capitalists; fintech, SaaS ad D2C remain most funded sectors

Inkle launches new platform for cross-border payments for startups

Customers will be charged a fixed markup of up to 0.50% on the mid-market forex rate on their transactions

Open challenge to OpenAI, Google: Zoho working to build its own AI model

Zoho's announcement to develop its own LLMs comes after OpenAI founder and CEO Sam Altman said that it would be "hopeless" for an Indian startup with $10 million in funding to build foundational LLM

Saas platform OTPless hires BharatPe's Anubhav Mathur, other key executives

OTPless, the startup founded by Bhavik Koladiya announced the appointment of key executives

Small towns turn big for SaaS sector amid headwinds in global market

Headwinds in the global market are encouraging both major players and newer entrants to set up distributed workforce models outside of the major cities

We need to create opportunities in rural areas: Zoho CEO Sridhar Vembu

With his move from Bay Area to a faraway farm, Vembu is living his 'locally rooted, globally connected' philosophy, writes Shine Jacob

Downturn still nascent, it is time for caution, not expansion: Zoho founder

In an exclusive interaction with Business Standard, Sridhar Vembu say the trend of large-scale layoffs in Silicon Valley has now hit Indian shores

'Complete fiction': Zoho CEO Vembu denies wife's allegations in magazine

Article in Forbes magazine says he wife and their special needs son in the US

Indian SaaS companies to reach $35 bn by 2027: Bain & Company report

Indian Software-as-a-Service companies are expected to grow in the range of 20-25 per cent per annum to USD 35 billion in annual recurring revenue by 2027, consultancy firm Bain & Company said in a report on Tuesday. According to the "India SaaS Report 2022 - Remaining steady through turbulence" of Bain & Company, the Indian Software-as-a-Service (Saas) companies will account for eight per cent global market share in the segment. "Indian Software as a Service companies are poised to command 8 per cent of the global SaaS market, generating USD 35 billion in annual recurring revenue (ARR) by 2027), growing at 2025 per cent per annum," the report said. Indian SaaS companies' future trajectory remains promising as their total annual recurring revenue of USD 12-13 billion in 2022 is up four times over the past five years, it added. Of the 1,600 Indian SaaS companies that have now been funded over the past five years, around 14 of them exceed USD 100 million in ARR, according to the

Indian SaaS firms to have 8% of world market, get $35 bn in revenue: Study

Most Indian investors expect to increase, maintain capital allocation to sector

SaaS company Icertis lays off employees despite raising impressive funds

As last reported, Icertis had more than 2,400 employees globally

India's startup funding in 2022 double the pre-pandemic level: PwC

21 startups entered the unicorn club in 2022, highest from SaaS category

Jungle Ventures-backed BetterPlace raises $40 mn in series C funding

The firm is a SaaS platform for frontline workforce management, with a user base of 1,100 large enterprises

India public cloud service market to be worth $13 bn by 2026: Report

BFSI and manufacturing among leaders in public cloud adoption, as demand grows from other sectors

SaaS major Freshworks lays off 90 employees globally; 60 in India

The company's founder chief executive, Girish Mathrubootham too termed it as a structural change, rather than a company-wide layoff

Saas-based accounting platform Zoho Books has eyes on world markets

Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa

Disruptive tech is fueling investment and innovation in Indian HR Tech

As the pandemic pushed organizations to work remotely, the HR Tech space saw an influx of investments

SaaS firm Prismforce raises $13.6 mn in funding for business expansion

The Mumbai-based company enables IT companies to build supply chains, deliver projects