1. SHAPING INDIA’S
SAAS LANDSCAPE OVER
THE NEXT DECADE
July, 2021
SaaSBOOMi Annual 2021

2. 2
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3. And to 40+ Indian SaaS founders/ CEOs who
participated in the SaaSradar benchmarking
survey as part of this effort
SaaSBOOMi community
Girish
Mathrubootham
SaaSBOOMi Steering Committee
Acknowledgement Special thanks
3
Krish
Subramanian
Manav Garg
(Chair)
Mohit
Bhatnagar
Sangeeta
Gupta
Shekhar
Kirani
Knowledge Partner:
Supported by:
Charts.com

4. Key trends shaping the Indian SaaS landscape
Software (and specifically SaaS) is the most
attractive technology segment driving ~50% of
the value creation while comprising only 20% of
enterprise tech spending
7 SaaS domains could be
core drivers of a $500B market
opportunity (by 2025)
Indian SaaS ecosystem has the potential to
create $1 trillion in value and nearly half a
million jobs by 2030
Indian SaaS ecosystem is well positioned
in multiple areas e.g., Developer Tools &
Vertical specific software
Favorable environment for Indian SaaS
companies – digital go-to-market, ability to
cost effectively engage customers post-sale
and privileged domain expertise
Reinvent go-to-market for digital
(especially enterprise), and excel in
product (product management, design,
ops and engineering)
Historically, most Indian SaaS companies have
been systemically underinvesting in growth
compared to global and Indian leaders
Growth rate of Indian SaaS ecosystem could
double as they pivot to driving high growth over
medium/long term instead of focusing on
immediate profitability
Indian SaaS ecosystem could scale talent by 3-
6x, SaaS start-ups could grow by 10x and could
attract 3-4x of current funding levels
5 key imperatives for
Indian SaaS ecosystem
SOURCE: Gartner - Enterprise IT Spending by Vertical Industry Market Worldwide 2019, Capital IQ, Press Search, Expert interviews
1. Expert interviews
2. Gartner - Enterprise IT Spending by Vertical Industry Market Worldwide 2019 4
2
1
4
3
5

5. Software accounts for ~20% of total enterprise tech spend,
but drives ~50% of market cap creation across TMT
1
1. 1. Includes business applications, infrastructure and vertical specific software
2. 2. Includes BPO, External IT , Internal IT and cloud infrastructure services
3. 3. Includes fixed and mobile network services
4. 4. Includes Data center systems (network equipment, servers, storage, unified communications) and Devices (mobile devices, PCs, printers)
Source: Gartner - Enterprise IT Spending by Vertical Industry Market Worldwide 2019, Capital IQ, Press Search
Enterprise tech spend by segment (2020), % Market capitalization by segment (2020), %
14
14
52
20
7
5
41
47
Software1
Hardware4
IT Services2
Telecom Services3
5
Enterprise Tech Spend Market Capitalization

6. Recent disruptions have accelerated SaaS
adoption in seven key domains
Not exhaustive
1
Source: Press search, Pitchbook, IDC Worldwide Public Cloud Services Spending Guide - Forecast 2021
6
Modernization of business workflows Remote work enablement Developer tools/ analytics infrastructure
Digital supply chain Distributed talent management Digital commerce
Next-gen financial services

7. India has a flourishing SaaS landscape
Source: Nasscom 2020 India SaaS opportunity, SaaSBOOMi, Pitchbook, press search 7
2
Indian SaaS unicorns
~1,000
# SaaS companies
based in India
~$2.6 Bn
Combined revenue of
pure-play SaaS
companies in India
~10
# Indian SaaS
unicorns
30%+
Revenue growth rate
of Indian SaaS
industry over 2018-20
150+
# Indian SaaS
companies having
>$1M in ARR
~$4Bn
Total VC Investments in
Indian SaaS companies
in the last 5 years
~40k
# People employed
by Indian pure-play
SaaS companies
~60%
SaaS market opportunity
outside North America –
truly global industry
<20%
Market share of the leader
in any SaaS segment
globally – SaaS is not
winner take all market

8. Indian pure play SaaS
ecosystem could potentially
reach $50-70 bn in revenues
by 2030 …
Revenues of Indian Pure Play
SaaS companies, $Bn
… possibly creating $0.5-1.0
trillion in value and ~ half a
million jobs in the next
10 years
Indian Pure play SaaS industry
implied enterprise value, $Bn
2020 2025E 2030E 2020 2025E 2030E
1% 3-4% 4-6% ~40K ~150K ~500K
Jobs in India
50-70
15-21
~2.6
500-1,0502
220-4202
501
40-50%
CAGR
20-30%
CAGR
Global
market share
2
8
1. EV/Revenue Multiple of 20X (2020) – Basis Median of 55+ global SaaS companies in BVP Cloud index
2. EV/Revenue multiple of 15-20X for 2025 and 10-15X for 2030
Source: IDC Worldwide Public Cloud Services Spending Guide - Forecast 2021, SaaSBOOMi, BVP cloud index ,NASSCOM

9. The ecosystem can create an enabling environment
for Indian SaaS companies to consider raising the
number of $100M players by 10x
2020 2030E
>=5Bn
1Bn-5Bn
500Mn-1Bn
100-500Mn
50-100Mn
10-50Mn
<10Mn
4
4
1
-
-
80-100
30-35
12-14
~10
~2
~30
~1000
150-300
2500-30001
Source: Press Search, SaaSBOOMi, Nasscom, IDC Software vendor data, BVP index, Forbes 100 cloud list, Expert interviews
Revenues Distribution of Indian pure-play SaaS companies
1. Includes pre revenue SaaS companies
9
2
SaaS Unicorns
100+
SaaS companies
3,500+

10. Indian SaaS ecosystem is seeing reduced barriers in go-to-
market as selling motion shifts to digital and remote models
3
10
From (Traditional GTM) To (Digital-first GTM)
Account size
100% field
40% Inside
60% Hybrid1
70% Inside
30% Digital
30% Digital
50% Hybrid1
20% Field
50% Inside
10% Field
40% Digital
20% Inside
80% Digital
1. Combination of field, inside and digital
Source: Expert interviews
Large
Small
Medium

11. Indian SaaS ecosystem is well positioned to improve
penetration in Vertical specific Software and Developer
tools + System Infrastructure segment
Source: LinkedIn Sales Navigator ; Nasscom Talent Demand and Supply Report, 2018; IT Services players Annual Reports, Press search
3
Expected size by 2025:
$160Bn
Developer tools
& system infra
Expected size by 2025:
$130Bn
Vertical-specific
software
India’s right to win in this market
1. Number of registered IT Services companies; 2. As of 2020; 3. Considering Top 20 global IT services companies
Software developers –
world's largest pool with
~12% of total developers (1.5
times the size of US pool)
~3M
Number of IT
services companies1
~40K+
Developers using Agile
software development
30-40%
India's share of Global
IT Services workforce3
55-60%
Digitally skilled talent2
available to drive digital
transformations
~900K
BFSI’s share of Top 10
Indian ITSPs’ revenue
30-35%
11

12. Automotive &
Manufacturing
(19, 18%)
Public Sector,
education
(16, 18%)
Travel,
Hospitality &
leisure
(9, 17%)
BFSI
(35, 20%)
Healthcare and
Lifesciences
(9, 17%)
Retail
(12, 20%)
Oil & Gas,
Industrials
(1, 19%)
Hi Tech, SW
(9, 18%)
In addition, digital transformation is
accelerating SaaS adoption across industries
Source: Press search, Expert interviews, IDC Worldwide Public Cloud Services Spending Guide - Forecast 2021
Illustrative & Not Exhaustive
Regulatory and risk
management
Comprehensive Claims
management solution
Open Banking & 3P1 (Incl.
core banking
modernization)
Digital payments
architecture
enablement and
management
Cards Issuance,
renewals and
management
Digital lending and
credit risk solution
Next gen connected
cars solution
Workforce optimization
E2E Auto R&D product
planning, design and
acceleration
Digital demand and
supply planning solution
with dynamic pricing
Plant of the future
Next Gen Smart City
solution
Digital Citizen
engagement solution
Public healthcare
digitization solutions
Remote learning
optimization
E-learning platforms
Store of the Future
Customer loyalty &
Personalisation
Omni Channel customer
engagement
Logistics and last mile
distribution
E-commerce – step
change in adoption
Merchandising, pricing
and promotions
BI & analytics driven
business
Digital enabled sales
Self serve tools to
improve employee
experience
Leading edge
engineering productivity
tools
Digitized employee
engagement
Digital Quality
Management
360 degree patient
engagement and care
Remote health care
monitoring
Regulatory reporting
and compliance
Population health
management
Clinical trial
acceleration
Digital core booking
platform
Digital travel ops
management
OTT media platforms
Online food delivery
platforms
Customer loyalty &
relationship
management solution
Digital Production
optimization
Digital O&G field ops
incl. site selection, dev
twins, optimization
Digital demand and
supply planning solution
with dynamic pricing
Comprehensive O&G
remote asset
management
High performance
computing and telecom
in remote locations
Emerging opportunities
12
(Size $B 2025, %CAGR 2020-2025)
3

13. 13
• Prioritize growth,
long term market
leadership and
securing future free
cash flows over
near term
profitability
• Invest at level of
global peers in go-
to-market and
product
Accelerate
shift to growth
mindset
• Maximize Net
Retention (customer
health & success,
advanced analytics)
• Productivity
excellence in sales &
marketing with digital
emphasis
• Innovate on growth
models (product-led
growth, consumption
model)
Invest in
world-class
revenue engine
• Create Product
Management excellence
to ensure high product-
market fit
• Build strong foundation
in product design,
product engineering &
product operations
• Boost developer velocity
by unpacking software
engineering black-box
Build industry
leading product
capabilities
• Focus on Next Market
Identification (Micro-
domains, User
Personas)
• Make business
building a core muscle
(GTM, org & talent in
addition to product)
• Scale rapidly (20% of
ARR from new
business in 18 months)
Continually build &
rapidly scale new
businesses
• Industry associations,
government, investors
and corporates could
help significantly
• Scale talent by 3-6x,
SaaS start-ups could
grow by 10x and could
attract 3-4x of
current funding levels
Concerted
support from the
ecosystem
A B C D E
4
Key implications for the Indian SaaS ecosystem

14. Source: Expert interviews
5
14
Ÿ Promote ease of doing business by offering
support to companies to be based in India and
ease the regulatory environment for
investments & exits
Ÿ Support skilling initiatives by providing access
to educational infrastructure (e.g., university
partnerships for specialized degrees)
Ÿ Boost domestic demand by increasing govt.
procurement and incentives for MSMEs
Government
Ÿ Partner with start-ups to share domain
expertise, and consider corporate venture
investing
Ÿ Co-develop products with SaaS startups
and fuel innovation
Ÿ Cloud Hyperscalers & IT Service Providers
could consider SaaS enablement programs
Corporates
Ÿ Drive large-scale skilling programs,
certifications and degrees for key SaaS roles
(especially product engineer, product
manager, product designer, product ops)
Ÿ Support new SaaS startups with Playbooks
for growth in SaaS, Bootcamps, SaaS
business operations 101 etc.
Ÿ Convene global leaders and Indian
ecosystem to drive long term growth
Industry associations
Ÿ Drive awareness about potential in SaaS in
experienced talent pools, and provide access
to global network, mentorship
Ÿ Increase outlay for seed/early-stage
companies
Ÿ Spur grass roots entrepreneurship (e.g.,
incubation programs; entrepreneurship cells)
Investors
Success will require concerted support across the ecosystem

15. Key trends shaping the Indian SaaS landscape
Software (and specifically SaaS) is the most
attractive technology segment driving ~50% of
the value creation while comprising only 20% of
enterprise spending
7 SaaS domains could be
core drivers of a $500B market
opportunity (by 2025)
Indian SaaS ecosystem has the potential to
create $1 trillion in value and nearly half a
million jobs by 2030
Indian SaaS ecosystem is well positioned
in multiple areas e.g., Developer Tools &
Vertical specific software
Favorable environment for Indian SaaS
companies – digital go-to-market, ability to
cost effectively engage customers post-sale
and privileged domain expertise
Reinvent go-to-market for digital
(especially enterprise), and excel in
product (product management, design,
ops and engineering)
Historically, most Indian SaaS companies have
been systemically underinvesting in growth
compared to global and Indian leaders
Growth rate of Indian SaaS ecosystem could
double as they pivot to driving high growth over
medium/long term instead of focusing on
immediate profitability
Indian SaaS ecosystem could scale talent by 3-
6x, SaaS start-ups could grow by 10x and could
attract 3-4x of current funding levels
5 key imperatives for
Indian SaaS ecosystem
SOURCE: Gartner - Enterprise IT Spending by Vertical Industry Market Worldwide 2019, Capital IQ, Press Search, Expert interviews
1. Expert interviews
2. Gartner - Enterprise IT Spending by Vertical Industry Market Worldwide 2019 15
2
1
4
3
5

16. Thank you
16