The SaaS Boom In India
Software-as-a-Service platforms have seen a rise after people started switching to digital, industry captains and experts ponder on the current driving trends and what lies ahead in the sector
The rise of technology has made our lives different. In today’s world, we all are using much software for different purposes and also go to many websites to use their services. The most famous example could be Google which has a wide variety of online products such as Gmail, Docs, Cloud Storage, Sheets, Playstore and many more. In the entertainment sector the platforms like Netflix and amazon prime, these all are examples of SaaS - Software as a Service.
Despite the economic worsening during the pandemic, SaaS was one of those sectors that were largely unaffected as it completely operates online. According to a report by Bessemer venture partner, India’s SaaS industry is expected to touch the $50 billion mark by the end of 2030. SaaS as a sector deals with both B2B and B2C but it majorly deals with the B2B segment.
Venkat Nott, Founder and CEO, Vinculum Group suggests, "Consumer behaviour has shifted retail trends at an accelerated pace. Brands have moved from multi-channel to omnichannel and the customer has become core to the experience. Investment in tech solutions and SaaS platforms like ours helps brands in making a digital shift."
There are many Indian companies in the SaaS sector dominating the Indian market Elucidata, Vinculum Group, Convosight and more. When asked about a brief intro of the companies Tamanna Dhamija, Co-founder, Convosight, said, "It is a community advocacy platform where we help companies to tap into consumers in existing communities social channels like Facebook group, Reddit”.
“We are essentially Netflix for career seekers, we have experts from Google, McKinsey, IITs, IIMs and top B schools in the form of video bots to help globally billions of professionals in career changes”, Said Jatin Solanki, Co-founder Expertrons. Growth, Scale, and cost of acquisition are the few things that drive the business of SaaS usually.
“We were relying on the founders in the initial stages but as soon as the funding round came, we scaled up. Our sales team worked better, but marketing has a huge role. One can’t have a sales team to work without getting leads from the marketing department. We are currently focused on Bio-pharma markets majorly in Boston, New York and Europe. However, Cambridge is the hub,” Swetab Pathak Co-founder and CTO, Elucidata explains.
Scaling in SaaS globally was the focus point of the panel discussion. The panellists were Swetab Pathak Co-founder and CTO, Elucidata; Venkat Nott, Founder and CEO, Vinculum Group; Tamanna Dhamija, Co-founder, convosight; Jatin Solanki Co-founder Expertrons; Abhay Gupta, Founder and CEO, Bidgely. The Session was moderated by Ashish Wadhwani, Managing Partners, Ivycap Ventures.
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