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The Rise of SaaS in India

Cloud innovation has been a global endeavor for more than two decades, transforming entire industries—now, India is an emerging global leader driving technological innovation and noteworthy entrepreneurship.

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Rise of
India SaaS
Mohammad Ibrahim
Faruqi
Anant Vidur Puri
Partner
2 / Confidential and Not for Distribution
What is
India SaaS
and why
should we
care about it?
Indian founders, targeting
global customers from day 1;
team split globally with
majority in India
Indian founders, start
selling in India, expand to
SEA/MENA; opportunistic
global expansion
What is India SaaS?
CUSTOMERS TEAM EXAMPLES
India-first
Global-first
India’s SaaS market has
reached an inflection point
Source: Venture Intelligence, BVP analysis
1 2 2
5
10
25
0
10
20
30
40
50
2016 2017 2018 2019 2020 2025F 2030F
50
By 2030,
India SaaS market size
is forecasted to hit
$50B
in ARR
INDIA SAAS MARKET SIZE
ARR, $B
Hello India Unicorns!
Unicorn year 2022 1
6
1. Year to date of 2022
#New unicorns
2018
2
2019
2
2020
5
2021
6
TOTAL
INVESTMENT IN
INDIAN SAAS
STARTUPS
Venture dollars are flowing in
the India SaaS ecosystem
0.75
1.43
1.72
4.81
127
236
300
513
0
100
200
300
400
500
600
0
1
2
3
4
5
2018 2019 2020 2021
IN THE YEAR
~3X
Source: Tracxn, Venture
Intelligence, Pitchbook, BVP
analysis
Total Funding in
USD Billion
Ad

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The Rise of SaaS in India

  • 1. Rise of India SaaS Mohammad Ibrahim Faruqi Anant Vidur Puri Partner
  • 2. 2 / Confidential and Not for Distribution What is India SaaS and why should we care about it?
  • 3. Indian founders, targeting global customers from day 1; team split globally with majority in India Indian founders, start selling in India, expand to SEA/MENA; opportunistic global expansion What is India SaaS? CUSTOMERS TEAM EXAMPLES India-first Global-first
  • 4. India’s SaaS market has reached an inflection point Source: Venture Intelligence, BVP analysis 1 2 2 5 10 25 0 10 20 30 40 50 2016 2017 2018 2019 2020 2025F 2030F 50 By 2030, India SaaS market size is forecasted to hit $50B in ARR INDIA SAAS MARKET SIZE ARR, $B
  • 5. Hello India Unicorns! Unicorn year 2022 1 6 1. Year to date of 2022 #New unicorns 2018 2 2019 2 2020 5 2021 6
  • 6. TOTAL INVESTMENT IN INDIAN SAAS STARTUPS Venture dollars are flowing in the India SaaS ecosystem 0.75 1.43 1.72 4.81 127 236 300 513 0 100 200 300 400 500 600 0 1 2 3 4 5 2018 2019 2020 2021 IN THE YEAR ~3X Source: Tracxn, Venture Intelligence, Pitchbook, BVP analysis Total Funding in USD Billion
  • 7. NO. OF COMPANIES AT DIFFERENT REVENUE RANGES India SaaS companies becoming mature and getting to scale >$100M ~2 ~9 $50-100M 1-2 ~12 $20-50M 2-4 ~20 $10-20M 8-10 ~30 $5-10M 15+ 50+ $1-5M 15+ 100+ 2015 2021 Source: Tracxn, Venture Intelligence, Pitchbook, BVP analysis
  • 8. 8 / Confidential and Not for Distribution NASDAQ (NSE/BSE) Domestic Indian Exchange IPOs India SaaS companies are going public and gaining the attention of global tech leaders M&A Source: Tracxn, Venture Intelligence, Pitchbook, BVP analysis
  • 10. ~44 unicorns were minted last year alone 1.7x unicorns minted fortnightly 267% increase in unicorns last year alone 103 unicorns now exist
  • 11. Being a unicorn in India is overhyped 8 9 12 44 14 2018 2019 2020 2021 Q2 2022 +267% increase Source: Venture Intellligence ~44 unicorns were minted last year alone 267% increase in unicorns last year alone 103 unicorns now exist 1.7x unicorns minted fortnightly
  • 13. A rare breed $100M ARR with ARR defined as annual recurring or subscription revenue Introducing the Centaur We estimate that while ~441 new ‘unicorns’ were minted last year, ~8 private cloud companies have the Centaur status, including: 1. Total unicorns in India
  • 14. Unicorns require magical thinking. Centaurs do not. ~8 Private Centaurs in India ~11x more rare than unicorns Centaurs by the numbers Centaurs are an elite subset of the growing unicorn herd. At $100M ARR, these businesses have product market-fit, scalable GTM, and a growing customer base.
  • 15. 15 / Confidential and Not for Distribution Why are India SaaS business winning locally and globally?
  • 16. A culture of efficiency Smaller early financing rounds which last longer for better cash conversion ABILITY TO PIVOT, EXPERIMENT AND AFFORD LONGER TIME TO GET TO PMF BOOTSTRAPPING IS A REAL OPTION GO TO MARKET WITH A NEAR FINAL VERSION OF THE PRODUCT INSTEAD OF AN MVP Source: BVP desk research
  • 17. Personalized sales, support, and customer success to drive NRR expansion Multi-product strategy SUITE BASED EXPANSION FOR SMB SOFTWARE LIFECYCLE EXPANSION FOR VERTICAL SOFTWARE ADJACENCY EXPANSION FOR HORIZONTAL SOFTWARE
  • 18. 35% 55% 165% 125% 85% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% Global SaaS (Cloud Index) Global SaaS India SaaS India SaaS India SaaS MEDIAN EFFICIENCY SCORE Faster payback cycles and ability to get to $100M+ARR with <$100M equity capital Efficient growth across stages Data (N = 30) for Indian companies growing >70% yoy. Source: BVP research ~10-30M ARR ~10 M ARR ~25 M ARR 50-100M ARR (BVP Portfolio)
  • 19. Our framework for evaluating opportunities – India SaaS Potential TAM <$1B $1-5B $5B+ Growth (YoY) <100% 100-150% >150% Net dollar retention 90-120% 120-140% >140% Efficiency <100% 100-150% >150% Gross margin 50-65% 65-80% >80% CAC payback >24 months 12-24 months <12 months GOOD BETTER BEST Note: Almost no company will fall in all green in our experience. OTHER FACTORS - Technology leadership - GTM maturity - Global expansion - Category competition - Management team
  • 20. 20 / Confidential and Not for Distribution Efficient growth across stages Faster payback cycles and ability to get to $100M+ARR with <<$100M equity capital 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% Global SaaS (Cloud Index) Global SaaS ~10-30M ARR (BVP Portfolio) India SaaS (~10M ARR) India SaaS (~25M ARR) India SaaS (50-100M ARR) Median efficiency score Data (N = 30) for Indian companies growing >70% yoy. Source: BVP research 2022 India SaaS Predictions 1. Rise of global category creators and leaders 2. Fintech for all—enabling manufacturers and democratizing distribution 3. Emergence of e-commerce enablers 4. Productization of B2B services as tools and SaaS enabled marketplaces 5. Digitization of healthcare for the masses PREDICTIONS
  • 21. Rise of global category creators and leaders SMB HORIZONTAL VERTICAL DEVELOPER TOOLS/DATA INFRASTRUCTURE PREDICTION 1
  • 22. Fintech for all ENABLING MANUFACTURERS DEMOCRATIZING DISTRIBUTION PREDICTION 2
  • 23. Enabling e-commerce PAYMENTS MARKETING AND SUPPORT STOREFRONT PREDICTION 3 LOGISTICS
  • 24. PREDICTION 4 Productizing services SAAS ENABLED MARKETPLACES TOOLS
  • 25. PREDICTION 5 Digitization of healthcare NETWORKS DATA PLATFORMS
  • 26. The BVP India SaaS Team Write to us: IndiaSaaS@bvp.com Alex Ferrara Partner Ethan Kurzweil Partner Mohammad Ibrahim Faruqi Investor Investor Moksha Operating Advisor Raj Sabhlok Hansae Catlett Vice President Anant Vidur Puri Partner Investor Anurag Begwani Partner Byron Deeter Michael Droesch Partner Partner Vishal Gupta Brian Feinstein Partner Caty Rea Investor Sakib Dadi Vice President Aditya Nidmarti Investor