{"id":2384,"date":"2021-08-15T14:02:00","date_gmt":"2021-08-15T08:32:00","guid":{"rendered":"https:\/\/www.saasworthy.com\/blog\/?p=2384"},"modified":"2021-12-15T14:59:35","modified_gmt":"2021-12-15T09:29:35","slug":"indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world","status":"publish","type":"post","link":"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world","title":{"rendered":"Indian SaaS Unicorns: A Look At The Companies That Are Taking Over The World"},"content":{"rendered":"\n<p>Sridhar Vembu of <a rel=\"noreferrer noopener\" href=\"https:\/\/www.saasworthy.com\/product\/zoho-crm\" target=\"_blank\">Zoho<\/a> and Girish Mathrubootham of <a rel=\"noreferrer noopener\" href=\"https:\/\/www.saasworthy.com\/product\/freshworks-crm\" target=\"_blank\">Freshworks <\/a>are two names that invariably pop up in every discussion concerning the Indian SaaS ecosystem. And for a good reason. Both these companies mark significant milestones in the evolution of the Indian SaaS industry. Today, we&#8217;ve many more companies from the subcontinent that are part of the exclusive unicorn club. But along with that, let&#8217;s discuss how the ecosystem has matured over the years. <\/p>\n\n\n\n<p>Zoho and Freshworks set off a revolution of India-born, world-facing SaaS startups. (Okay, you can call it US-facing) Regardless of who the customers were, these companies built great products that created a market for themselves and others. Remarkably, bootstrapped for a long time, Zoho relied solely on the product strength to gain customers, with little marketing support. As Vembu once put it, <strong><em>\u201cEngineer a good product, and customers will spread the word.\u201d<\/em><\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#The_starting_point_of_the_Indian_SaaS_Ecosystem\" title=\"The starting point of the Indian SaaS Ecosystem\">The starting point of the Indian SaaS Ecosystem<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#The_Indian_SaaS_unicorns\" title=\"The Indian SaaS unicorns\">The Indian SaaS unicorns<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#1_Zoho_-_bootstrapped\" title=\"1. Zoho &#8211; (bootstrapped)&nbsp;&nbsp;\">1. Zoho &#8211; (bootstrapped)&nbsp;&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#2_July_2018_-_Freshworks_-_35billion\" title=\"2. July 2018 &#8211; Freshworks &#8211; $3.5billion&nbsp;\">2. July 2018 &#8211; Freshworks &#8211; $3.5billion&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#3_June_2019_-_Druva_-_1billion\" title=\"3. June 2019 &#8211; Druva &#8211; $1billion\">3. June 2019 &#8211; Druva &#8211; $1billion<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#4_July_2019_-_Icertis_-_1billion\" title=\"4. July 2019 &#8211; Icertis &#8211; $1billion\">4. July 2019 &#8211; Icertis &#8211; $1billion<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#5_January_2020_-_HighRadius_-_1billion\" title=\"5. January 2020 &#8211; HighRadius &#8211; $1billion\">5. January 2020 &#8211; HighRadius &#8211; $1billion<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#6_June_2020_-_Postman_-_2billion\" title=\"6. June 2020 &#8211; Postman &#8211; $2billion&nbsp;\">6. June 2020 &#8211; Postman &#8211; $2billion&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#7_October_2020_-_RazorPay_-_1billion\" title=\"7. October 2020 &#8211; RazorPay &#8211; $1billion\">7. October 2020 &#8211; RazorPay &#8211; $1billion<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#8_December_2020_-_Zenoti_-_1billion\" title=\"8. December 2020 &#8211; Zenoti &#8211; $1billion\">8. December 2020 &#8211; Zenoti &#8211; $1billion<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#9_Feb_2021_-_Innovaccer\" title=\"9. Feb 2021 &#8211; Innovaccer\">9. Feb 2021 &#8211; Innovaccer<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#Indian_SaaS_unicorns_companies_to_watch_out_for\" title=\"Indian SaaS unicorns: companies to watch out for\">Indian SaaS unicorns: companies to watch out for<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#1_BrowserStack\" title=\"1. BrowserStack\">1. BrowserStack<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#2_MindTickle\" title=\"2. MindTickle\">2. MindTickle<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#3_FarEye\" title=\"3. FarEye\">3. FarEye<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#4_Classplus\" title=\"4. Classplus\">4. Classplus<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#5_Whatfix\" title=\"5. Whatfix\">5. Whatfix<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#6_LeadSquared\" title=\"6. LeadSquared\">6. LeadSquared<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#What_binds_them_together\" title=\"What binds them together\">What binds them together<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\/#Where_is_the_Indian_SaaS_ecosystem_heading\" title=\"Where is the Indian SaaS ecosystem heading?\">Where is the Indian SaaS ecosystem heading?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 id=\"the-starting-point-of-the-indian-saas-ecosystem\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_starting_point_of_the_Indian_SaaS_Ecosystem\"><\/span>The starting point of the Indian SaaS Ecosystem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The software and IT services export laid the foundation of the Indian SaaS ecosystem. It provided a better understanding of the needs of the international market. Other factors that made the environment conducive for SaaS companies are:<\/p>\n\n\n\n<p>1. Low personnel costs \u2013 Salaries for entry-level developers and sales personnel are 85 percent and 74 percent lower than in the US<\/p>\n\n\n\n<p>2. Availability of talent \u2013 More than 100,000 SaaS developers<\/p>\n\n\n\n<p>3. Effective customer service \u2013 Thanks to the IT and BPO industries, India had trained customer service workers<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1012\" height=\"593\" src=\"https:\/\/images.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1.jpg\" alt=\"\" class=\"wp-image-2385\" srcset=\"https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1.jpg 1012w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1-400x234.jpg 400w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1-128x75.jpg 128w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1-768x450.jpg 768w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1-390x229.jpg 390w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image1-820x480.jpg 820w\" sizes=\"(max-width: 1012px) 100vw, 1012px\" \/><figcaption><em>Source: India SaaS Report 2020<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>All of this reflects in the growth in the number of SaaS companies over the past five years. The number of funded companies has doubled, whereas Series C or later stages have quadrupled.<\/p>\n\n\n\n<p>One would expect more <a href=\"https:\/\/www.saasworthy.com\/product\/freshworks-crm\" target=\"_blank\" rel=\"noreferrer noopener\">CRM <\/a>or <a href=\"https:\/\/www.saasworthy.com\/list\/workflow-automation-software\" target=\"_blank\" rel=\"noreferrer noopener\">workflow automation<\/a> products after Vembu and Mathrubootham\u2019s spectacular success. But that isn\u2019t the case. Interestingly, all of these companies cater to different domains.<\/p>\n\n\n\n<h2 id=\"the-indian-saas-unicorns\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Indian_SaaS_unicorns\"><\/span>The Indian SaaS unicorns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Transitioning from IT services to SaaS products, the Indian startup ecosystem now has eight unicorns \u2013 companies with more than a billion-dollar valuation.<\/p>\n\n\n\n<h3 id=\"1-zoho-bootstrapped\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Zoho_-_bootstrapped\"><\/span>1. Zoho &#8211; (bootstrapped)&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Bootstrapped, organic growth (barring a few minor acquisitions), likes to be called a platform and not software \u2013 that\u2019s Zoho for you. Built on strong business foundations, it is one of the shining examples of the Indian SaaS ecosystem.&nbsp;<\/p>\n\n\n\n<p>Founded in 1996 as AdventNet, it launched Zoho CRM as a product in 2005. It reached the 1-million-customers milestone in 2008. A year later, in 2009, it was rebranded as Zoho CRM.<\/p>\n\n\n\n<p>Fast forward to 2021, Zoho is planning to take on Whatsapp with Arattai, which is a repurposed version of its enterprise messaging platform <a href=\"https:\/\/www.saasworthy.com\/product\/zoho-cliq\" target=\"_blank\" rel=\"noreferrer noopener\">Cliq<\/a>.&nbsp;<\/p>\n\n\n\n<h3 id=\"2-july-2018-freshworks-3-5billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_July_2018_-_Freshworks_-_35billion\"><\/span>2. July 2018 &#8211; Freshworks &#8211; $3.5billion&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Freshworks, started in 2010 by ex-employees of Zoho, Girish, and Shan, operates in a similar space as Zoho \u2013 a host of CRM, <a href=\"https:\/\/www.saasworthy.com\/list\/collaboration-software\" target=\"_blank\" rel=\"noreferrer noopener\">collaboration<\/a>, and business solutions for enterprises.<\/p>\n\n\n\n<p>But unlike Zoho, it has been using fundraising to catapult its growth since its inception. Freshworks joined the Unicorn club in July 2018 by raising $100mn in its seventh round. <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"363\" height=\"1024\" src=\"https:\/\/images.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-363x1024.jpg\" alt=\"\" class=\"wp-image-2386\" srcset=\"https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-363x1024.jpg 363w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-142x400.jpg 142w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-27x75.jpg 27w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-545x1536.jpg 545w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-390x1100.jpg 390w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2-560x1580.jpg 560w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/SaaSworthy-Indian-SaaS-unicorns-image2.jpg 713w\" sizes=\"(max-width: 363px) 100vw, 363px\" \/><\/figure><\/div>\n\n\n\n<p>Notably, Zoho and Freshworks are involved in a <a href=\"https:\/\/inc42.com\/buzz\/in-zoho-vs-freshworks-case-us-court-looks-to-madras-hc-for-clarity\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">legal tussle<\/a> now, with the former alleging that the latter stole IP and business data from it to build a business.<\/p>\n\n\n\n<h3 id=\"3-june-2019-druva-1billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_June_2019_-_Druva_-_1billion\"><\/span>3. June 2019 &#8211; <a href=\"https:\/\/www.saasworthy.com\/product\/druva-cloud-platform\" target=\"_blank\" rel=\"noreferrer noopener\">Druva <\/a>&#8211; $1billion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Druva was founded in 2008 by Milind Borate and Jaspreet Singh in Pune as a startup that provided solutions for <a href=\"https:\/\/www.saasworthy.com\/list\/contract-management-software\" target=\"_blank\" rel=\"noreferrer noopener\">data protection and management<\/a> of laptops. It moved its solutions to the cloud and became a SaaS company. In 2010, it secured its Series A, and in 2019, it raised $130mn in series E.<\/p>\n\n\n\n<p>With offices in Sunnyvale, Singapore, and Pune, Druva has used acquisitions and partnerships to power itself to the next growth stage.<\/p>\n\n\n\n<p>In 2020, it acquired sfApex, a leading Salesforce data migration service provider, to bolster data protection and governance. It also launched the industry\u2019s first SaaS-based data protection for Kubernetes.<\/p>\n\n\n\n<h3 id=\"4-july-2019-icertis-1billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_July_2019_-_Icertis_-_1billion\"><\/span>4. July 2019 &#8211; <a href=\"https:\/\/www.saasworthy.com\/product\/icertis-contract-management\" target=\"_blank\" rel=\"noreferrer noopener\">Icertis <\/a>&#8211; $1billion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Icertis is a <a href=\"https:\/\/www.saasworthy.com\/list\/contract-management-software\" target=\"_blank\" rel=\"noreferrer noopener\">contract management platform<\/a> used by several blue-chip companies around the world.<\/p>\n\n\n\n<p>With 5.7million contracts, 2million-plus subscribers, and over $1trillion in value of contracts &#8211; it raised $115mn in Series E in July 2019. The funding made it a leading provider of contract lifecycle management (CLM) space.<\/p>\n\n\n\n<p>The pandemic accelerated its growth. Icertis took CLM to a large number of mid-market companies. Also, it recently announced a tie-up with <a href=\"https:\/\/www.saasworthy.com\/product\/sap-sales-cloud\" target=\"_blank\" rel=\"noreferrer noopener\">SAP Sales Cloud<\/a> to Reduce Sales Cycle Times.<\/p>\n\n\n\n<h3 id=\"5-january-2020-highradius-1billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_January_2020_-_HighRadius_-_1billion\"><\/span>5. January 2020 &#8211; HighRadius &#8211; $1billion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A fintech SaaS company that leverages AI to automate accounts receivable and treasury processes, HighRadius, was the first unicorn of 2020.<\/p>\n\n\n\n<p>HighRadius, founded in 2006 by Sashi Narahari, was bootstrapped until 2017. It raised $125 million in series B when it had around 400 clients across the globe.<\/p>\n\n\n\n<p>With offices in Amsterdam, Frankfurt, Houston, and Hyderabad, it is now eyeing global expansion. It\u2019s also actively accelerating its platform development targeting new user segments in banks and mid-sized businesses.<\/p>\n\n\n\n<h3 id=\"6-june-2020-postman-2billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_June_2020_-_Postman_-_2billion\"><\/span>6. June 2020 &#8211; <a href=\"https:\/\/www.saasworthy.com\/product\/postman\" target=\"_blank\" rel=\"noreferrer noopener\">Postman <\/a>&#8211; $2billion&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Postman, an <a rel=\"noreferrer noopener\" href=\"https:\/\/www.saasworthy.com\/list\/api-management-software\" target=\"_blank\">API management platform<\/a>, took the shortest time to turn a unicorn. After six years of being founded, it hit a $2bn valuation in its series C of $150mn in June 2020.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"463\" src=\"https:\/\/images.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding.png\" alt=\"\" class=\"wp-image-2425\" srcset=\"https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding.png 1024w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding-400x181.png 400w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding-166x75.png 166w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding-768x347.png 768w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding-390x176.png 390w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/Postman-Series-C-funding-820x371.png 820w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>It makes creating, sharing, testing, and documenting APIs easy. It also helps developers monitor the performance of the API at scheduled intervals.<\/p>\n\n\n\n<h3 id=\"7-october-2020-razorpay-1billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_October_2020_-_RazorPay_-_1billion\"><\/span>7. October 2020 &#8211; <a href=\"https:\/\/www.saasworthy.com\/product\/razorpay\" target=\"_blank\" rel=\"noreferrer noopener\">RazorPay <\/a>&#8211; $1billion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>RazorPay automates <a href=\"https:\/\/www.saasworthy.com\/list\/payment-gateway-software\" target=\"_blank\" rel=\"noreferrer noopener\">payment acceptance<\/a> from customers and payouts to vendors\/employees. It started with a mission to find the right payment solutions for small firms that used a fragmented and less efficient process..<\/p>\n\n\n\n<p>Now it aims to become a full-stack financial company for small businesses. To that end, it\u2019s launched RazorPay Capital and RazorPayX, which are its lending and neo-banking services.<\/p>\n\n\n\n<p>Throughout the last year, RazorPay has grown despite and due to the pandemic by onboarding smaller businesses new to digitized contactless payments. It has registered 5x growth in its customer base and transaction volume during the lockdown. Bullish on its growth prospects, it hired 300 people when other companies on a cost-cutting spree during the same period. With a $100mn Series D funding and a valuation of $1bn, it became a unicorn in October 2020.<\/p>\n\n\n\n<h3 id=\"8-december-2020-zenoti-1billion\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_December_2020_-_Zenoti_-_1billion\"><\/span>8. December 2020 &#8211; <a href=\"https:\/\/www.saasworthy.com\/product\/zenoti\" target=\"_blank\" rel=\"noreferrer noopener\">Zenoti <\/a>&#8211; $1billion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Zenoti turned a unicorn in December 2020. As a vertical SaaS company, it develops cloud management solutions \u2013 both ERP and CRM \u2013 for the health and wellness industry. Although Sudhir Koneru founded it in 2010, it was the product launched only in 2012.<\/p>\n\n\n\n<p>In the past ten years, Zenoti has served 12,000 <a href=\"https:\/\/www.saasworthy.com\/list\/spa-and-salon-management-software\" target=\"_blank\" rel=\"noreferrer noopener\">spas and salon businesses<\/a> in 50 countries. Also, it raised over $250mn (including $160mn in Dec 2020), taking its valuation to well over $1bn.<\/p>\n\n\n\n<p>Flush with funds, Zenoti plans to enter new segments like grooming. It\u2019s recently started serving gyms and fitness centers. M&amp;A for inorganic growth is also reportedly on the cards.<\/p>\n\n\n\n<p>Even as most of them have moved to the USA, these startups have established the credibility of Indian-origin SaaS solutions. More companies are likely to follow suit and challenge the established legacy players.<\/p>\n\n\n\n<h3 id=\"9-feb-2021-innovaccer\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Feb_2021_-_Innovaccer\"><\/span>9. Feb 2021 &#8211; Innovaccer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Innovaccer, a healthcare-focused SaaS startup, is <a href=\"https:\/\/techstory.in\/innovaccer-to-raise-150m-funding-from-tiger-global-becoming-unicorn\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">reported <\/a>to be a part of the unicorn club with $150mn in funding from Tiger Global. It was founded in 2015 by Abhinav Shashank and Kanav Hasija, and Sandeep Gupta.<\/p>\n\n\n\n<p>The company develops digitized solutions for hospitals, clinics, and patients. By leveraging data, it enables them to improve patient assignment and automate outreach. Innovaccer\u2019s solutions also focus on collaborative care and productivity enhancement. With the onset of the pandemic and digital transformation of healthcare, it achieved 100 percent YoY growth last year.<\/p>\n\n\n\n<h2 id=\"indian-saas-unicorns-companies-to-watch-out-for\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indian_SaaS_unicorns_companies_to_watch_out_for\"><\/span>Indian SaaS unicorns: companies to watch out for<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With 1,200 funded SaaS companies and 40+ at Series C and beyond, the list of companies to watch out for is virtually endless. Here we list six companies with solutions with unique propositions that have stood the market test and look scalable to achieve billion-dollar valuation and more. <\/p>\n\n\n\n<h3 id=\"1-browserstack\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_BrowserStack\"><\/span>1. <a href=\"https:\/\/www.saasworthy.com\/product\/browserstack\" target=\"_blank\" rel=\"noreferrer noopener\">BrowserStack<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ritesh Arora and Nakul Aggarwal founded BrowserStack, a cloud web and mobile <a href=\"https:\/\/www.saasworthy.com\/list\/automated-testing-software\" target=\"_blank\" rel=\"noreferrer noopener\">testing platform<\/a> in 2011. Running a tight ship, the company was bootstrapped until 2018, when it raised $50mn from Accel Partners. It subsequently moved its HQ to San Francisco.<\/p>\n\n\n\n<p>BrowserStack enables developers to test their websites and mobile applications across on-demand browsers, operating systems, and real mobile devices. The <a href=\"https:\/\/economictimes.indiatimes.com\/tech\/startups\/software-startup-browserstack-completes-first-esop-buyback\/articleshow\/80916190.cms\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">demand shot up by 50 percent<\/a> in recent months, as developers\u2019 access to physical devices was severely curtailed during the pandemic.<\/p>\n\n\n\n<h3 id=\"2-mindtickle\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_MindTickle\"><\/span>2. <a href=\"https:\/\/www.saasworthy.com\/product\/mindtickle\" target=\"_blank\" rel=\"noreferrer noopener\">MindTickle<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>MindTickle is in the business of improving Sales Readiness. It essentially helps onboard and coach sales teams, for better revenue leadership. It also provides a host of CRM and events solutions. Its customers include several Fortune 500 and Global 2000 companies.<\/p>\n\n\n\n<p>Founded in 2011, it is led by Krishna Gopal Depura (CEO),&nbsp;Deepak Diwakar (CTO), and Nishant Mungali &nbsp;(CPO). In November 2020, it <a href=\"https:\/\/www.mindtickle.com\/news\/sales-readiness-leader-mindtickle-announces-100m-funding-led-by-softbank-vision-fund-2\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">raised $100mn in debt and equity financing<\/a> led by Softbank Vision Fund 2.<\/p>\n\n\n\n<h3 id=\"3-fareye\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_FarEye\"><\/span>3. FarEye<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>FarEye is a <a rel=\"noreferrer noopener\" href=\"https:\/\/www.saasworthy.com\/list\/fleet-management-software\" target=\"_blank\">logistics SaaS platform<\/a> &#8211; it helps its customers conduct, track, and optimize deliveries. Its clientele includes the likes of DHL and Walmart. It claims to processes 5million transactions a day for more than 150 clients spread across 30 countries.<\/p>\n\n\n\n<p>Why is it a company to watch out? In Aug 2020, it added $13million in taking the series D funding to $37.5million. And that totals to $51mn since it started in 2013.<\/p>\n\n\n\n<p>In more recent news, it <a href=\"https:\/\/www.getfareye.com\/insights\/storage\/media-releases\/February2021\/HMlvGVXnCijBpvUoOF3C.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">plans to hire 100 techies<\/a> in 2021 across India and North America. When the world slowed down due to the pandemic, FarEye ramped up its growth. That makes it worthy of mention on this list.<\/p>\n\n\n\n<h3 id=\"4-classplus\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Classplus\"><\/span>4. Classplus<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In mid-2018, Classplus, a mobile SaaS company, was started by Bhaswat Agarwal, Bikash Dash, Mukul Rustagi, and Vatsal Rustagi.&nbsp;The founders describe it as <a rel=\"noreferrer noopener\" href=\"https:\/\/www.saasworthy.com\/product\/shopify\" target=\"_blank\">Shopify<\/a> for coaching centers.<\/p>\n\n\n\n<p>Classplus gave a fighting chance to tutors and coaching centers who were at a tech disadvantage. It enabled them to compete with well-funded online platforms like Byjus and Unacademy, helping them retain their paying customers, if not acquire new ones.<\/p>\n\n\n\n<p>The pandemic and the shift to online education accelerated its growth. In May 2020, when it raised $9million in series A, it had 3,500 coaching centers onboard. Although relevant to the Indian context, the technology has global application considering the present circumstances.<\/p>\n\n\n\n<h3 id=\"5-whatfix\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Whatfix\"><\/span>5. <a href=\"https:\/\/www.saasworthy.com\/product\/whatfix\" target=\"_blank\" rel=\"noreferrer noopener\">Whatfix<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Founded by Khadim Bhatti in 2014, Whatfix calls itself a <a rel=\"noreferrer noopener\" href=\"https:\/\/www.saasworthy.com\/list\/digital-adoption-platform-software\" target=\"_blank\">digital adoption platform.<\/a> It guides users \u2013 both employees and customers \u2013 through new applications. Thereby it boosts productivity, reduces training time and service tickets.<\/p>\n\n\n\n<p>$32million Series C funding in Feb 2020 couldn\u2019t have come at a better time for the six-year-old startup. Remote working in the past months accelerated the growth of Whatfix. While it added 130+ clients, its revenues doubled last year. And yes, it also won a lot of accolades and was recognized by Gartner and Everest Group as well.<\/p>\n\n\n\n<h3 id=\"6-leadsquared\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_LeadSquared\"><\/span>6. <a href=\"https:\/\/www.leadsquared.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">LeadSquared<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A <a href=\"https:\/\/www.saasworthy.com\/list\/sales-engagement-software\" target=\"_blank\" rel=\"noreferrer noopener\">sales automation platform<\/a> founded in 2012 and launched a year later by Nilesh Patel, Sudhakar Gorti, and Prashant Singh, LeadSquared raised $32mn in series B funding in Dec 2020.<\/p>\n\n\n\n<p>Its current customers include Olx, Byju\u2019s, Kotak Securities, and Cars24. After series B, it plans to expand its sales execution and marketing automation platform to new geographies.<\/p>\n\n\n\n<h3 id=\"what-binds-them-together\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_binds_them_together\"><\/span>What binds them together<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"898\" height=\"458\" src=\"https:\/\/images.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image.png\" alt=\"\" class=\"wp-image-2427\" srcset=\"https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image.png 898w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image-400x204.png 400w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image-147x75.png 147w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image-768x392.png 768w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image-390x199.png 390w, https:\/\/dev.saasworthy.com\/blog\/wp-content\/uploads\/2021\/02\/image-820x418.png 820w\" sizes=\"(max-width: 898px) 100vw, 898px\" \/><figcaption><em>Source: India SaaS Report 2020<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p>As diverse as the unicorns and <em>soonicorns<\/em> seem, a few things are common to most of them \u2013 one is the location. Even as they have Indian origins most of these startups relocate to either the US or <a href=\"https:\/\/www.postoast.com\/indian-startups-are-registered-in-singapore\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Singapore<\/a>. While serving the global customer base is a reason, registering a business in these countries far easier. These countries also provide a fertile ground for innovation and testing. Admittedly, this trend isn\u2019t limited to SaaS startups alone.<\/p>\n\n\n\n<p>The second commonality they operate in sectors that have benefited from the tailwinds of COVID-19. Consequently, infrastructure management platforms, collaboration tools, supply chain automation, ed-tech, and business intelligence products are increasingly attracting investor attention.<\/p>\n\n\n\n<p>Lastly, all of them attempt to incorporate an element of intelligence or smartness into their product. AI, as it seems, is the buzz word these days.<\/p>\n\n\n\n<h2 id=\"where-is-the-indian-saas-ecosystem-heading\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_is_the_Indian_SaaS_ecosystem_heading\"><\/span>Where is the Indian SaaS ecosystem heading?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With established credentials, cost-effective solutions, and exposure to international markets, Indian-origin SaaS solutions could witness a sudden surge in demand very soon. The trigger lies in the digital transformation forced upon various industries by COVID19.<\/p>\n\n\n\n<p>A more startup-friendly regulatory environment, and an active focus on developing a skilled workforce, could prevent a few startups from relocating abroad. Easy access to experienced founders could help promising startups with much-required mentoring and growth funding. The resulting ecosystem would be more thriving than it is currently.<\/p>\n\n\n\n<p>However, the changes need to occur fast to tap into the market that the pandemic has opened up.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian SaaS ecosystem is growing at an exponential pace. Bookmark this article to keep visiting the always-updated list of SaaS unicorns from India.<\/p>\n","protected":false},"author":7,"featured_media":8661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":8,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[31],"tags":[187],"class_list":{"0":"post-2384","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-research-report","8":"tag-research-report"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian SaaS Unicorns: A Look At The Companies That Are Taking Over The World - SaaSworthy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.saasworthy.com\/blog\/indian-saas-unicorns-a-look-at-the-companies-that-are-taking-over-the-world\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian SaaS Unicorns: A Look At The Companies That Are Taking Over The World - SaaSworthy Blog\" \/>\n<meta property=\"og:description\" content=\"The Indian SaaS ecosystem is growing at an exponential pace. 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