This growth of SaaS start-ups can be attributed to the increase in demand of SaaS products.
Software as a service (SaaS) is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet. The demand for Indian SaaS products has risen in the global markets as more than 468 start-ups have been funded between 2017 and 2019. According to NASSCOM, in 2020 the development of SaaS start-ups in India will be three times higher than in FY2016 which will make India grab 8% of the global SaaS market by becoming a $10 billion revenue industry. In fact many Indian SaaS start-ups are now looking to expand their services to the West where they are more capable to transform themselves into larger enterprises and can make the profit in millions, giving India a much larger share of the global SaaS pie by 2025.
This growth of SAAS start-ups can be attributed to the increase in demand of SAAS products especially from the e-commerce, healthcare and BFSI segment. More and more companies are gravitating towards SAAS as it allows businesses to operate at the forefront of technology thereby creating a considerable increase in efficiency, productivity and accessibility of business operations without having to take the trouble of managing that technology. Cloud-based systems do not require extra physical space, seamless upgrades are done by the service providers themselves and also helps in total cost reduction of software infrastructure.
Below are some SaaS startups that are poised to revolutionize the way their industries function:
ClickPost - Ecommerce is booming in India where it has truly transformed the way people shop. But while big players have access to logistics in a way that smaller players don’t, last-mile logistics is posing a great problem to solve. And this is where Clickpost is making a difference. The Delhi-based startup is utilizing logistics intelligence solutions to help its customers reduce return rates and costs, provide post-purchase experience and streamline their supply chain operations. Founded in 2015, it is India’s first and Asia’s second-largest integrated logistics platform with more than 100 logistics partners integrated via a single REST API. Currently, the company is processing more than 8 million shipments per month and growing at a year-on-year rate of 600%. It has been adopted by the biggest e-commerce and retail brands in the country like Nykaa, RealMe, PharmEasy etc to streamline their supply chain operations.
ClassPlus - Classplus is one of the fastest growing SaaS startups in the edutech space which is enabling tutors to take their traditionally offline, brick and mortar setups called coaching centres online using its mobile-first product. It allows tutors to run all their communication, payments, assessments and online learning programmes via the product that also doubles up as their online content repository. It also acts as a new-age content distribution platform, enabling tutors to set up e-commerce channels and make online learning programmes available to students. Within 15 months of its launch, the company has built a base with over 1200 coaching centres as its clients across 50-plus Indian cities and has been backed by investors like Sequoia, Blume, Times Internet, Strive and Spiral Ventures.
Increff - Increff is a data and technology startup helping fashion and lifestyle brands and retailers improve inventory turns through Intelligent Merchandising (IRIS) and single view Inventory Fulfillment (ASSURE). The Bengaluru-based startup has been helping clothing companies by providing intelligence technology that understands consumer behaviour and maps it to the supply chain. Their technology products and services bring in efficiency on the supply side to maximise inventory rotation. It is currently working with top brands like Wrogn and Puma to give them visibility of their inventory and help optimise stock movement.
iZooto - Delhi-based iZooto is a data enabled platform that allows marketers to send app customised push notifications to subscribers through the mobile, tablet and desktop platforms. It allows consumers to opt for notifications from their preferred websites rather than downloading mobile apps. Once approved, they receive personalised notifications and alerts that are relevant to their interests without logging on to the concerned website, and are able to view breaking news, stock updates, sports scores and other real-time updates.The startup claims that its one click solution allows websites to convert up to 15 percent of their web traffic into subscribers and drive 20 percent click through rates on web push notifications. At present, the company has 50 brands, including Jabong, Limeroad, American Swan, American Express, OyoRooms, ChaiPoint, Trak.in and Koovs.com, as its clients.
The SaaS market is a fascinating place to monitor and Indian firms can very well lead the industry internationally with their technologies driving small and large organizations worldwide.