Welcome to the Third edition of the India SaaS Survey by DCS Advisory, India’s largest software investment banking advisory practice, in partnership with iSPIRT
The India SaaS Survey is all about getting the pulse of the burgeoning SaaS ecosystem in our country. A survey of this kind is indispensable in drawing an insightful analysis and in getting credible benchmarking data about how the industry is shaping out. Though nascent, the SaaS industry has a lot of potential. The data from the survey is useful not only to help entrepreneurs and investors but also showcases the prospect of the industry to technically sound aspirants looking to step into the industry.
India Technology Product M&A Industry Monitor - An iSPIRT & SignalHill reportProductNation/iSPIRT
India Technology Product M&A Industry Monitor - An iSPIRT & SignalHill report. Tech Product M&A in India is on the rise with both US & Asian strategics starting to dip their toes in the water. On account of the increasing pace of innovations and scale of the Indian Product Tech eco-system,
iSPIRT Product Industry Monitor(PIM) Feb 2014 - a first-of-its-kind report an...ProductNation/iSPIRT
India has the potential to build a USD 100 bn software product industry by 2025 with resolute and purposeful action by industry and government.
• Over 50% of software product companies are completely self-funded or ‘bootstrapped’.
• Lot of senior talent from MNCs is starting software product companies – close to 40% of founders come from an MNC.
• Indian software product startups are experiencing ‘talent starvation’ at the entry level.
• 78% of Indian software product startups defy the universal logic of having founders with diverse skills, and instead have homogenous founding partners.
• The three most common product sectors that companies work in are Enterprise, SaaS and Consumer.
India as a Product Nation - The Next Google can come from India Avinash Raghava
This presentation talks about the Important Characteristics of the Software Product Industry, Why India needs The Software Products Industry. Indian Software Product Industry touches 3m small enterprises today. It will touch 30m enterprises – small businesses, rural schools, primary healthcare centers, small farms, etc. - in 10 years
The India SaaS Survey is all about getting the pulse of the burgeoning SaaS ecosystem in our country. A survey of this kind is indispensable in drawing an insightful analysis and in getting credible benchmarking data about how the industry is shaping out. Though nascent, the SaaS industry has a lot of potential. The data from the survey is useful not only to help entrepreneurs and investors but also showcases the prospect of the industry to technically sound aspirants looking to step into the industry.
India Technology Product M&A Industry Monitor - An iSPIRT & SignalHill reportProductNation/iSPIRT
India Technology Product M&A Industry Monitor - An iSPIRT & SignalHill report. Tech Product M&A in India is on the rise with both US & Asian strategics starting to dip their toes in the water. On account of the increasing pace of innovations and scale of the Indian Product Tech eco-system,
iSPIRT Product Industry Monitor(PIM) Feb 2014 - a first-of-its-kind report an...ProductNation/iSPIRT
India has the potential to build a USD 100 bn software product industry by 2025 with resolute and purposeful action by industry and government.
• Over 50% of software product companies are completely self-funded or ‘bootstrapped’.
• Lot of senior talent from MNCs is starting software product companies – close to 40% of founders come from an MNC.
• Indian software product startups are experiencing ‘talent starvation’ at the entry level.
• 78% of Indian software product startups defy the universal logic of having founders with diverse skills, and instead have homogenous founding partners.
• The three most common product sectors that companies work in are Enterprise, SaaS and Consumer.
India as a Product Nation - The Next Google can come from India Avinash Raghava
This presentation talks about the Important Characteristics of the Software Product Industry, Why India needs The Software Products Industry. Indian Software Product Industry touches 3m small enterprises today. It will touch 30m enterprises – small businesses, rural schools, primary healthcare centers, small farms, etc. - in 10 years
StartupBridge India is an annual conference held in December at Stanford where top technology innovators from India and Silicon Valley build strategic partnerships to innovate for the world.
Malaysia’s Digital Performance Index: Faster Than Ever Accenture ASEAN
Accenture conducted an evaluation of top Malaysian public listed companies across nine industries, using a well-established tool called Accenture’s Digital Performance Index (DPI) that has already been deployed across 42 countries in the world
With the findings, Accenture has identified areas for urgent acceleration and outlined five key imperatives that will put the country on track to digital success. To realise its digital dreams, Malaysia must move quickly and decisively to accelerate both digital adoption and transformation.
We have spent the last three months speaking with over 40 leading Artificial Intelligence (AI) and Machine Learning (ML) companies in Europe and Israel to gain detailed insight and understanding of the development of the market and the future direction
We are pleased to share our work and findings with you and the broader community.
You can read our report ‘International AI and ML Landscape’ here.
India Technology Product M&A Industry Monitor Report - Presented by iSPIRT & ...ProductNation/iSPIRT
The iSPIRT M&A monitor shows that since 2010, there have been 159 M&A transactions involving Indian Technology Product companies, with a total estimated transaction value of $1.78B. Domestic transactions account for the lion share (70%) of the M&A activity by volume. However in value terms, the 48 inbound M&A transactions account for 63% of the estimated M&A transaction value, due to a higher average deal size ($23.3m versus $6.0m).
“In the Silicon Valley, technology M&A exits provide liquidity to all the stakeholders in the eco-system and help enable the next generation of tech startups. For the Indian product startup eco-system to flourish, it is critical to us to drive up the level of Technology Product M&A transactions”, said Sanat Rao, who leads iSPIRT’s M&A Connect Program, an initiative dedicated to facilitating and expediting the cross-border M&A process for Indian software product companies.
Ashok Srivastava at AI Frontiers : Using AI to Solve Complex Economic ProblemsAI Frontiers
Nearly half of all small businesses fail within their first 5 years. However, AI-driven solutions can help solve complex economic problems for consumers and small businesses like missed bill payments, insufficient capital, overinvestment in fixed assets, and more.
Ashok Srivastava discusses technology's role in solving economic problems and details how Intuit is using its unrivaled financial dataset to power prosperity around the world. Leveraging technology enablers like deep learning, natural language processing, and automated reasoning and combining with a delightful end-user experience and sophisticated UX, Intuit is using technology to help its users have more confidence in their financial management.
In this very brief time we have managed to become the voice of the India product software industry, connected with key members of the government, started building out a global M&A initiative, launched a Software Adoption Initiative and conducted series of round-tables that have been focussed on bringing key learning opportunities.
So far the activities of iSPIRT have been driven by it's Founder Circle with active volunteer support from several other people. Given our ambitous agenda for the year's ahead and with a view to include more Indian product software companies into the iSPIRT fold, we have decided to create a 50 strong "Product Circle" by invitation.
Executives seeking a digital business advantage should take a page from the playbook written by leaders across the Asia-Pacific region, according to finding from our primary research.
Data science ai_trends_india_2020_analytics_india_magazineSrishti Deoras
The year 2019 was great in terms of analytics adoption as the domestic analytics industry witnessed a significant growth this year. Here we bring top 10 data science and AI trends in India to watch out for in 2020
Riding the Storm Towards the Giant India SaaS OpportunitySaaSBOOMi
Riding the Storm – Towards the Giant India SaaS Opportunity” underlines the opportunity and whitespaces for the growing Indian SaaS industry. For the first time ever, key stakeholders in the Indian SaaS ecosystem have collaborated to create this research study. The report also highlights how India can become the global hub for SaaS and can tap the huge addressable opportunity by strengthening its ecosystem.
The 10 most promising it services companiesMerry D'souza
In the issue of “The 10 Most Promising IT Services Companies,” we have signified an innovative Information Technology, The journey of our magazine begins with Cover story Plaxonic Technologies, as a leading organization, strives for excellence, flexibility and tailor-made solutions towards their customers in the arena of IT & BPO industries.
From account opening to insurance underwriting to payments to peer-to-peer lending, FinTechs are innovating across areas and offering differentiated customer experience. India Fintech Ecosystem has been growing well over the last five years and many of these successful startups are now getting ready for international rollouts.
www.thedigitalfifth.com
Human Capital Management Software Market Overview - 2015Jeff Monk
Shea & Company's latest sector overview covers market trends, recent transactions, active consolidators and market maps of specific companies operating in the human capital management software space.
The SaaS market is moving rapidly, to the point that we're noticing a hard transition from the first wave of SaaS, which focused on function, infrastructure, etc, to the second wave of SaaS, which is squarely focused on the customer. In this opening presentation at Price Intelligently's SaaSFest 2016, Patrick Campbell walks through the data in the market that's showing we're in a world of transition where we'll need to heed data to properly evolve.
StartupBridge India is an annual conference held in December at Stanford where top technology innovators from India and Silicon Valley build strategic partnerships to innovate for the world.
Malaysia’s Digital Performance Index: Faster Than Ever Accenture ASEAN
Accenture conducted an evaluation of top Malaysian public listed companies across nine industries, using a well-established tool called Accenture’s Digital Performance Index (DPI) that has already been deployed across 42 countries in the world
With the findings, Accenture has identified areas for urgent acceleration and outlined five key imperatives that will put the country on track to digital success. To realise its digital dreams, Malaysia must move quickly and decisively to accelerate both digital adoption and transformation.
We have spent the last three months speaking with over 40 leading Artificial Intelligence (AI) and Machine Learning (ML) companies in Europe and Israel to gain detailed insight and understanding of the development of the market and the future direction
We are pleased to share our work and findings with you and the broader community.
You can read our report ‘International AI and ML Landscape’ here.
India Technology Product M&A Industry Monitor Report - Presented by iSPIRT & ...ProductNation/iSPIRT
The iSPIRT M&A monitor shows that since 2010, there have been 159 M&A transactions involving Indian Technology Product companies, with a total estimated transaction value of $1.78B. Domestic transactions account for the lion share (70%) of the M&A activity by volume. However in value terms, the 48 inbound M&A transactions account for 63% of the estimated M&A transaction value, due to a higher average deal size ($23.3m versus $6.0m).
“In the Silicon Valley, technology M&A exits provide liquidity to all the stakeholders in the eco-system and help enable the next generation of tech startups. For the Indian product startup eco-system to flourish, it is critical to us to drive up the level of Technology Product M&A transactions”, said Sanat Rao, who leads iSPIRT’s M&A Connect Program, an initiative dedicated to facilitating and expediting the cross-border M&A process for Indian software product companies.
Ashok Srivastava at AI Frontiers : Using AI to Solve Complex Economic ProblemsAI Frontiers
Nearly half of all small businesses fail within their first 5 years. However, AI-driven solutions can help solve complex economic problems for consumers and small businesses like missed bill payments, insufficient capital, overinvestment in fixed assets, and more.
Ashok Srivastava discusses technology's role in solving economic problems and details how Intuit is using its unrivaled financial dataset to power prosperity around the world. Leveraging technology enablers like deep learning, natural language processing, and automated reasoning and combining with a delightful end-user experience and sophisticated UX, Intuit is using technology to help its users have more confidence in their financial management.
In this very brief time we have managed to become the voice of the India product software industry, connected with key members of the government, started building out a global M&A initiative, launched a Software Adoption Initiative and conducted series of round-tables that have been focussed on bringing key learning opportunities.
So far the activities of iSPIRT have been driven by it's Founder Circle with active volunteer support from several other people. Given our ambitous agenda for the year's ahead and with a view to include more Indian product software companies into the iSPIRT fold, we have decided to create a 50 strong "Product Circle" by invitation.
Executives seeking a digital business advantage should take a page from the playbook written by leaders across the Asia-Pacific region, according to finding from our primary research.
Data science ai_trends_india_2020_analytics_india_magazineSrishti Deoras
The year 2019 was great in terms of analytics adoption as the domestic analytics industry witnessed a significant growth this year. Here we bring top 10 data science and AI trends in India to watch out for in 2020
Riding the Storm Towards the Giant India SaaS OpportunitySaaSBOOMi
Riding the Storm – Towards the Giant India SaaS Opportunity” underlines the opportunity and whitespaces for the growing Indian SaaS industry. For the first time ever, key stakeholders in the Indian SaaS ecosystem have collaborated to create this research study. The report also highlights how India can become the global hub for SaaS and can tap the huge addressable opportunity by strengthening its ecosystem.
The 10 most promising it services companiesMerry D'souza
In the issue of “The 10 Most Promising IT Services Companies,” we have signified an innovative Information Technology, The journey of our magazine begins with Cover story Plaxonic Technologies, as a leading organization, strives for excellence, flexibility and tailor-made solutions towards their customers in the arena of IT & BPO industries.
From account opening to insurance underwriting to payments to peer-to-peer lending, FinTechs are innovating across areas and offering differentiated customer experience. India Fintech Ecosystem has been growing well over the last five years and many of these successful startups are now getting ready for international rollouts.
www.thedigitalfifth.com
Human Capital Management Software Market Overview - 2015Jeff Monk
Shea & Company's latest sector overview covers market trends, recent transactions, active consolidators and market maps of specific companies operating in the human capital management software space.
The SaaS market is moving rapidly, to the point that we're noticing a hard transition from the first wave of SaaS, which focused on function, infrastructure, etc, to the second wave of SaaS, which is squarely focused on the customer. In this opening presentation at Price Intelligently's SaaSFest 2016, Patrick Campbell walks through the data in the market that's showing we're in a world of transition where we'll need to heed data to properly evolve.
The importance of what to measure, how to measure, and translating those results are critical to every agency’s bottom line. Within this special edition of The SoDA Report, marketing and business leaders discuss creative opportunities for business performance measurement. They grapple with topics such as transparency, budget tracking, promoting and maintaining healthy levels of team and client satisfaction, benchmarking data, and much more. Authors from Stink Studios, August, Viget and 10,000ft share real-life examples of challenges, modifications, successes and tools to continue the conversation of agency metrics that matter.
For the full Report library, visit www.sodareporton.com.
State of Customer Success in India (Aug 2018)Vipin Thomas
As Customer Success gains momentum in both tech and non-tech firms, this report compiles research on critical attributes of Customer Success in India. I believe this report will serve as a helpful resource for Customer Success professionals & Leadership in understanding:
- The Customer Success function, Maturity, Team Size, Compensation & Org structure
- Priorities, Challenges and Business Value
- Technology Stack for Enablement
- Key Performance Indicators (KPIs) to measure effectiveness
- The Future of Customer Success
Rapport sur le Sales Development (SDR/BDR) 2021Elric Legloire
Rapport écrit par The Bridge Group.
1. La structure des équipes
2. Ramp & Retention
3. Métriques et quota
4. Rémunération et technologie
5. Leadership
6. Notes sur le COVID-19
Citizens Bank presents its 2017 Small Business Pulse Report. The result of surveys with Small Business owners from around the country are presented from a National and a Regional perspective. Business owners are optimistic!
Small and mid-sized business owners, no matter where they live in the United States, are an elite group. The purpose of this analysis is to highlight the differences in the behaviors and attitudes of SMB owners that occur across the four Census regions. As this report details, some of these differences are quite pronounced, while others are more subtle and nuanced. Taken in total, the hope is to provide a fuller view of SMB owners across the country, and help to ensure that each region’s particular dialect of business is more fully understood.
Analytics India Annual Salary Study aims to understand a wide range of current and emerging compensation trends in Analytics & Data science organisations across India. The idea is to provide a reference point on key aspects around analytics salaries in India and potential future HR trends. It brings a cumulative picture of salary trends across company type, skills, analytics tools, cities, experience level, education level etc.
The study details about analytics professionals across company types such as captive centres, domestic firms, IT service providers, consulting firm and others, spread across various Indian cities.
Gender gap is another crucial area covered as a part of this year’s salary study. The pay scale of women analytics professionals seems to be at a lower end compared to male counterparts, and the study presents you with exact numbers.
It has been carried out by Analytics India Magazine in association with Great Learning. All salaries mentioned in the study are in Lakhs (L), per annum, in Indian rupees (wherever not mentioned).
The Deloitte M&A focus on: Analytics survey collected responses from 500 corporate leaders (director-level or above) at large U.S. companies about analytics. In this presentation, we’ve shared some of their high-level insights on everything from where analytics is being used in the deal making process to what types of data is being examined, and much more. http://bit.ly/1LHNKKd
A new survey conducted by The Economist Intelligence Unit for Bank of America Merrill Lynch finds that optimism abounds among Asia CFOs but financial concerns are becoming more pressing. More than three-quarters of Asia's finance chiefs (76%) expect revenues to grow this year, up from 72% in 2013. However, optimism on profits is tempered by intensifying margin pressures. The proportion of CFOs in Asia that expects profits to grow has fallen to 60% from last year's 65%. The report is now free for download at http://bit.ly/1hMIq7R
SaaS Pricing: Supercharge revenue with a value-based pricing strategy by Patr...Freshsales
"Supercharge revenue with a value-based pricing strategy" by Patrick Campbell (CEO, Price Intelligently).
What you'll learn:
- The core principles that power the best pricing pages
- A framework for continually optimizing your pricing
- Easy changes that can boost your revenue
- The most common pricing mistakes
PM WANI 3.0: Unleashing Business Innovation and Open Wireless Network Growth ...ProductNation/iSPIRT
PM-WANI has allowed sachetised access to WiFi connectivity. However, the true vision of WANI standard, where small business owners can participate as network service providers resulting in fast network growth, has not been realised. We propose the next version of the WANI standard where a more open ecosystem can be enabled to facilitate business interactions such as delegated payments and roaming, which in turn can catalyse increased user base, rapid network growth, and business innovations.
The PM-WANI framework is revised periodically, taking into account the new developments, security updates, etc. Version 1.0 was released in 2020 and this was used for the pilot deployments. The updated 2.0 specification was released in 2021 and is the current version in use. You could read more about these versions here: https://github.com/iSPIRT/PM-WANI-App-Provider/wiki/PM-WANI-Specification-1.0-vs-2.0
This whitepaper defines iSPIRT’s vision for the PM-WANI Version 3.0 specification
WANI 3.0: Unleashing Business Innovation and Open Wireless Network Growth for...ProductNation/iSPIRT
PM-WANI has allowed sachetised access to WiFi connectivity. However, the true vision of WANI standard, where small business owners can participate as network service providers resulting in fast network growth, has not been realised. We propose the next version of the WANI standard where a more open ecosystem can be enabled to facilitate business interactions such as delegated payments and roaming, which in turn can catalyse increased user base, rapid network growth, and business innovations.
The PM-WANI framework is revised periodically, taking into account the new developments, security updates, etc. Version 1.0 was released in 2020 and this was used for the pilot deployments. The updated 2.0 specification was released in 2021 and is the current version in use. You could read more about these versions here: https://github.com/iSPIRT/PM-WANI-App-Provider/wiki/PM-WANI-Specification-1.0-vs-2.0
This whitepaper defines iSPIRT’s vision for the PM-WANI Version 3.0 specification
WANI 3.0: Unleashing Business Innovation and Open Wireless Network Growth for...ProductNation/iSPIRT
PM-WANI has allowed sachetised access to WiFi connectivity. However, the true vision of WANI standard, where small business owners can participate as network service providers resulting in fast network growth, has not been realised.
iSPIRT Foundation proposes the next version of the WANI standard where a more open ecosystem can be enabled to facilitate business interactions such as delegated payments and roaming, which in turn can catalyse increased user base, rapid network growth, and business innovations.
Civil aviation has, traditionally, been based on the notion of a pilot operating the aircraft from within the aircraft itself and more often than not with passengers on board. Rapid technological innovations have enabled pilotless aircraft which can be designed for specific applications that require precision or long duration which have been considered near impossible hitherto.
These aircraft also enable applications considered dull, dirty or dangerous, in other words, tasks that entail monotony or hazard for the pilot of a manned aircraft. Such pilotless aircraft make use of a ground-based or pre-programmed automatic controllers to manoeuvre the aircraft in flight and are generally termed as drones, although a better term is Unmanned Aerial Systems (UAS).
Traditionally, drones had been limited to military use due to high costs and technical sophistication. However, there is a far broader scope for UAS use, including, inter alia, commercial, scientific and security applications. These potential applications have driven innovations in UAS technology; especially in areas of control, navigation and energy storage; which have provided consumers with suitably small-sized cutting-edge products that are easy to operate and maintain at affordable prices. Today, due to economies of scale, consumers can purchase drones for less than a thousand rupees. Even sophisticated drones with advanced cameras and sensors are available for under fifty thousand rupees. Large aircraft manufacturers such as Boeing and Airbus, on the other hand, are investing billions of dollars in building pilotless aircraft that are regarded safe enough for passenger long-distance intercontinental trips.
The main goal of building a Concept of Operations for India on the way to a thriving drone ecosystem in India was to allow consistent policymaking that would guide technological standards in the near future. We intend to establish a discussion with stakeholders and continue to improve our vision by holding Open House Sessions.
Guiding Principles, Specs, Key Resources: https://sayandeep-ai.github.io/pushpaka/work-items/i01/
Entire Playlist of the Open House Recordings: https://youtube.com/playlist?list=PL9dBcOUIsjz8FNN_FesZiD2WlFAQW-I01
This is our response to the Draft Drone Rules 2021 published by the Ministry of Civil Aviation on 14 July 2021.
(Draft Drone Rules 2021: https://www.civilaviation.gov.in/sites/default/files/Draft_Drones_Rules_14_Jul_2021.pdf)
iSPIRT Balloon Volunteering Open House Session #4 - Opportunities in Technolo...ProductNation/iSPIRT
In this fourth Open House Session, we have Dr Pramod Varma, Chief Architect - Aadhaar & India Stack, giving you an insight into what it takes to volunteer in iSPIRT. He describes our design principles for building digital public infrastructure and gives you a peek into the thought process of an architect in iSPIRT. Finally, he breaks down how we are redefining the approach towards solving societal problems. We are playground builders. We orchestrate or create a playground so that market players can bring out an array of solutions.
iSPIRT is addressing solvability. We have a multi-decade horizon as a mission-oriented volunteer-based Think-and-Do-Tank.
As part of this session, we have our volunteers explaining the technical challenges you can embrace as new volunteers. The problems that we are tackling require a thought process that is new and innovative. We use cutting-edge technology.
In addition to the new technical volunteering opportunities outlined in this session, other policy-related and ecosystem-building volunteer options also exist. Apply now on https://volunteers.ispirt.in
Do visit: https://youtu.be/KZngoIy-hZ0 to watch the recording of the fourth open house session on Youtube.
The Global Leadership Seminar is back with its second seminar on "Full Spectrum Thinking" with noted futurist Bob Johansen of The Institute for the Future.
In this video, Bob explains how Full-Spectrum Thinking provides leaders with the ability to seek clarity across gradients of possibility—while resisting the temptations of certainty. For example, medical doctors used to label people as “autistic.” Now, they say people are on the spectrum of autism disorders.
Full-spectrum thinking offers an alternative to sloppy categorical thinking that is so common today. It unlocks clarity while challenging certainty.
Bob Johansen is a distinguished fellow with the Institute for the Future in Silicon Valley. For more than 30 years, Bob has helped organizations around the world prepare for and shape the future, including corporations such as Nestle and GlaxoSmithKline, as well as major universities and nonprofits. He holds a B.S. from the University of Illinois, which he attended on a basketball scholarship, and a PhD from Northwestern University—as well as a master’s degree that focused on world religions.
The seminar was moderated by Prof. Vasanthi Srinivasan of IIM Bangalore. Prof. Srinivasan is a Professor in the Organizational Behaviour and HRM at IIMB. Her work over the last decade in the field of leadership development has focussed on building future-ready competencies.
Charles Assissi, veteran journalist, and co-founder of Founding Fuel, also joined to share his perspectives on Full Spectrum Thinking.
Please note: The seminar was organized by iSPIRT Foundation in association with NSRCEL of IIM Bangalore. This seminar series aims to bring the best of management wisdom to Indian companies and startups.
Watch the entire recording of the session published on iSPIRT Foundation's official Youtube channel: https://www.youtube.com/watch?v=ydesUdu2CkA
For more information, please write to community@ispirt.in
We held a somewhat impromptu Open Session on Balloon Volunteering yesterday. Watch this to learn if iSPIRT volunteering is right for you. This session will cover some of the available volunteer opportunities and tell you how to engage with us.
In case you want to explore Balloon Volunteering with iSPIRT, do fill out the form here: bit.ly/iSPIRTForm
We are publishing a draft of the technical standards of the Personal Health Records (PHR) component of the National Health Stack (NHS)!
As a refresher, these standards govern the consented sharing of health information between Health Information Providers (HIPs) - like hospitals, pathology labs, and clinics - and Health Information Users (HIUs) like pharmacies, medical consultants, doctors, and so on. The user’s consent to share their health data is issued via a new entity called a Health Data Consent Manager (HDCM).
The problem today is that the electronic health records listed in one app or ecosystem are not easily portable to other systems. There is no common standard that can be used to discover, share, and authenticate data between different networks or ecosystems. This means that the electronic medical records generated by users end up being confined to many different isolated silos, which can result in frustrating and complex experiences for patients wishing to manage data lying across different providers.
With the PHR system, a user is able to generate a longitudinal view of their health data across providers. The interoperability and security of the PHR architecture allows users to securely discover, share, and manage their health data in a safe, convenient, and universally acceptable manner. For instance, a user could use a HDCM to discover their account at one hospital or diagnostic lab, and then select certain electronic reports to share with a doctor from another hospital or clinic. The flow of data would be safe, and the user would have granular control over who can access their data and for how long. Here is a small demo of the PHR system in action.
The standards in the draft released today offers a high-level description of the architecture and flows that make this possible.
India recently kicked off the Data Empowerment architecture, a framework for consented data sharing across the financial sector. This allows Nandini (Persona) to share data on her business’ regular invoices or GST payments seamlessly and securely.
Any bank or NBFC can now offer a regular stream of small-ticket working capital loans based on her demonstrated ability to repay. This is in sharp contrast to the status quo, where banks typically offer only larger loans backed by collateral. Using cash flows rather than collateral as the basis for credit is known as Flow-Based lending. Because producing collateral is a roadblock for the poorest Indians, Flow-Based lending may be their only opportunity to access the credit they sorely need for growth.
In July 2018, NITI Aayog published a Strategy and Approach document on the National Health Stack. The document underscored the need for Universal Health Coverage (UHC) and laid down the technology framework for implementing the Ayushman Bharat programme which is meant to provide UHC to the bottom 500 million of the country. While the Health Stack provides a technological backbone for delivering affordable healthcare to all Indians, we, at iSPIRT, believe that it has the potential to go beyond that and to completely transform the healthcare ecosystem in the country. We are indeed headed for a health leapfrog in India! Over the last few months, we have worked extensively to understand the current challenges in the industry as well as the role and design of individual components of the Health Stack. In this post, we elaborate on the leapfrog that will be enabled by blending this technology with care delivery.
White paper on the analysis of High share premium amongst Startups in IndiaProductNation/iSPIRT
High share premium is not the basis of a high valuation but the outcome of valid business decisions. This new whitepaper by iSPIRT highlights how share premia is a consequence of valid business decisions, why 56(2)(viib) is only for unaccounted funds and measures to prevent valid companies from being aggrieved by it
[Angel Tax] White Paper On Section 56 (2)(viib) And Section 68ProductNation/iSPIRT
Angel Tax (Section 56(2)(viib)) has become a cause celebre in Indian startup circles due to its broad-reaching ramifications on all startups raising capital. This paper traces the origin of this section, it's analysis, impact, how it adversely affects startups. Special mention is also made of the seldom covered Section 68 and it's used in conjunction with Section 56(2)(viib). The paper also proposes recommendations to ensure that genuine companies are not aggrieved by this while the original intent of the section is preserved.
New digital lending architecture: As Indian consumers and business go from being data poor to data rich in next 3 years, a new lending architecture which is digital, based on data footprints and using algorithms can scale up rapidly to provide credit for the underserved. This includes P2P lending. The Electronic Consent layer of the India Stack will leverage this data tsunami.
iSPIRT's Response on Digital Information Security in Healthcare Act (DISHA)ProductNation/iSPIRT
We believe that India is at a unique tipping point where only a fraction of its users have gone online, and a majority are yet to do so. Therefore, it is critical that we build the right set of protections and empowerments for these users as they enter the digital world.
It is equally important not to limit our thinking to simply “protection” of data. We must also question how we can “empower” individuals, who will be data rich before they are economically rich, with better access to their own healthcare data such that they can become more engaged participants and managers of their health care.
We welcome the proposed DISHA Act that seeks to Protect and Empower Individuals in regards to their electronic health data - we have provided our feedback on the DISHA Act and have also proposed technological approaches in this response
iSPIRT’s Response- White Paper on Data Protection Framework for IndiaProductNation/iSPIRT
It is widely known that the amount of data generated daily worldwide is rising at an incredibly exponential rate. Yet, what remains shrouded is how this data, particularly those data types concerning or generated by us, as individuals, are being used and stored by both the public and private sector. As we move into a data-driven world, it is crucial that the laws developed around Data center on the premise of both empowering and protecting the individual. In fact, the main purpose of the 4th layer of India Stack, the “consent layer”, is just this: to provide for a set of tools and utilities, as part of the Data Empowerment and Protection Architecture (DEPA), that empower citizens to assert control over their data.
The Justice Srikrishna led committee of experts has released a White Paper articulating their provisional thoughts on the Data Protection Framework, and are seeking public comments on the subject. iSPIRT has submitted a formal response to the White Paper. You can also read the blog post lays out our current views regarding Data Protection here: http://pn.ispirt.in/india-in-a-digital-world/
Platforms help create more open platforms. Indian entrepreneurs will address the scale and diversity of India by building smart solutions on top of these DIGITAL PLATFORMS!
The volunteer model that underpins iSPIRT has been around since 2009. Every three years we write about our volunteer model so that others can learn from it and build their own volunteer networks
Check out the webinar slides to learn more about how XfilesPro transforms Salesforce document management by leveraging its world-class applications. For more details, please connect with sales@xfilespro.com
If you want to watch the on-demand webinar, please click here: https://www.xfilespro.com/webinars/salesforce-document-management-2-0-smarter-faster-better/
Designing for Privacy in Amazon Web ServicesKrzysztofKkol1
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India SaaS Survey Results 2017 in partnership with DCS Advisory
1. jointly by DCS Advisory – iSPIRT
India SaaS Survey Results 2017
2. 2
Foreword
Welcome to the Third edition of the India SaaS Survey by DCS Advisory, India’s largest software
investment banking advisory practice, together with our partners iSPIRT, the Indian Software Product
Industry Round Table.
In-line with our goal of constantly improving the quality of our survey we have added two new
sections this year, one covering Inside Sales and the other looking at Product Market Fit. Our
interactions with SaaS founders and various other stakeholders in the ecosystem clearly identified
these topics as the most valuable for the founders of our young ecosystem. We have also added new
analyses to previous sections which we hope will further enrich the survey.
This year, we have received responses from 59 respondents with an aggregate ARR of ~$175Mn,
including some of the most prominent SaaS companies operating in India. We sincerely thank all
participants for their time and effort in completing this survey and look forward to ever increasing
participation every edition going forward.
As before, we remain committed to refreshing the survey results on an annual basis. As the India SaaS
ecosystem continues to grow, we fully expect to increase overall survey participation, as well as the
insights and benchmarking data provided. If you have any suggestions to improve the survey or
questions that you would like to see covered, please do write to us at indiasaassurvey@dcsadvisory.in
Who Is Our Typical
Respondent?
$0.5-$1Mn ARR
<=5 Yrs Old
SME Focused
$1-$5Mn Funding
Note: Results are based on data collected in the months of November 2017, December 2017 and January 2018
3. 3
Key Takeaways of India SaaS Survey 2017 (1/2)
1
Our typical (median) respondent this year is at $0.75M in ARR, likely to be Bangalore or Chennai headquartered (58%) and was
founded in 2014 or later
2
Whereas last year we noted a ‘paucity of machine focused SaaS’, this year infrastructure SaaS made it into the top 3 amongst
horizontal focus areas (and took in >50% of horizontal funding)
3
Overall our respondents grew faster than last year and continue to be bullish on the future, looking towards North America for
growth
4
Inside sales is now the most popular sales channel in our ecosystem but, based on our data, does not yet conclusively outperform
the more established FoS channel. In the years to come, particularly for startups selling overseas, we expect this to change
5
~50% of our respondents that focus on Inside sales boast a conversion rate of 10-25%. We look forward to tracking this metric in
future editions of this survey
4. 4
Key Takeaways of India SaaS Survey 2017 (2/2)
6
92% of our respondents believe they have achieved product market fit, further indicating that it takes a period of 12-24 months with
about 3 product releases to get there
9
Over a third of our sample has never raised external capital. Those that have, have raised $1-5Mn (median) at 7.5-10.0x of ARR
(median)
8
Our typical respondent reported ~10% annual churn (which may be under reported). We believe the customer lifetime is likely
somewhere in between at 5-6 years
7
Across the board our respondents typically earn gross margins in the range of 60-70%, with R&D being the largest expense post
gross margins
6. 6
Key Takeaways From Respondent Set Section
1
2
While we see SaaS across the country, Bangalore & Chennai are clearly hotspots
The median ARR of this year’s sample is unchanged over the previous year’s sample at $0.75Mn.
More likely than not, this is the result of a younger sample this year vs. last year
7. 7
Where Are Survey Participants Headquartered?
Together, Bangalore & Chennai accounted for 58% of our sample with Bangalore hosting the maximum number of
$1Mn+ ARR respondents
* The Indian HQ of foreign headquartered firms has been considered
Headquarters Distribution India Headquarters Distribution*
1
39%
19%
15%
13%
7%
7%
29%
19%
12%
12%
12%
7%
3%
3%3%
Bangalore
USA
Mumbai/Pune
NCR
Chennai
Hyderabad
Singapore
Rest of India
Rest Of the World
36% of Chennai-based
respondents are
actually headquartered
overseas
12 Bangalore-based
respondents boast ARR
>$1Mn, more than for
any other city
8. 8
What Is The Distribution Of ARR Across Our Sample? 1
1ARR reported by respondents during the months of November 2017, December 2017 and January 2018
2The middle value of the median ARR range has been taken
3Median Revenue for FY16 per “KeyBanc Capital Markets 2017 Private SaaS Company Survey Results”. This was previously the Pacific Crest Survey
11
2
5
7
3
1
3
7
3
3
3
6
4 1
0
5
10
15
20
<=0.25 0.25-0.5 0.5-1 1-2.5 2.5-5 5-10 >10
Vertical Focused Horizontal Focused
Distribution Of ARR1
ARR Range ($Mn)
NoOfRespondents
Median
Our young sample (65% of respondents are <=5 years old) has a median ARR of $0.75Mn2 compared to $8Mn3
reported in similar surveys of the US ecosystem
While our median
ARR was static YoY,
the US median
grew from $5Mn to
$8Mn. Part of this
is almost certainly
due to the younger
sample in our
2017 survey
28 ‘scaled’
respondent
s w/ ARR
>= $1Mn
10. 10
Key Takeaways From Business Focus Section
1
2
3
Our sample is 54% Vertically focused vs. 46% Horizontally focused and 2/3rd SME focused vs.
1/3rd Enterprise focused
Infrastructure’ is now a top 3 category for Horizontal SaaS whereas in prior editions of this survey
we commented on the paucity deep-tech SaaS startups
North America remains the geography of choice and, unsurprisingly, relocating overseas
correlates positively with generating revenue from overseas
11. 11
10 10
4
3
2
3
0
5
10
15
Retail/CPG TMT Education Travel/
Hospitality
BFSI Other
What Are The Most Popular Verticals & Horizontals? 2
1 Venture Intelligence
NoOfRespondents
Top Verticals (32 Respondents)
‘Infrastructure’ is now a top 3 category for Horizontal SaaS whereas in prior editions of this survey we
commented on the paucity deep-tech SaaS startups
8
5
4 4
6
0
5
10
CRM & Mktg
Automation
HR Infrastructure Productivity/
Collaboration
Other
Top Horizontal (27 Respondents)
Infra SaaS
absorbed 56% of
Horizontal SaaS
funding in 2017
12. 12
Which Geography Contributes The Maximum Revenue? 2
Respondents with ARR <$1Mn Respondents with ARR =>$1Mn
50%
32%
14%
4%
North America
India
Rest of Asia
Europe
Regardless of ARR, >90% of our sample sees maximum revenue contribution from North America & India.
With scale however, overseas business start becoming more critical
52%
48%
13. 13
Do Headquarters Affect Where Maximum Revenue Is Derived From? 2
While it may seem obvious, yes, HQ seems to make a difference: overseas headquartered firms derive nearly 90% of
their revenue from outside India
0%
20%
40%
60%
80%
100%
India HQ HQ Outside India
Maximum Revenue Generated From India
Maximum Revenue Generated Overseas
Revenue vs. Headquarters
No. of Respondents: 44 15
%OfRespondents
Given this result, its
no wonder that VCs
routinely push their
portfolio companies
to relocate to the US
or Singapore,
depending on
whether they are
looking West or East
for growth
14. 14
Customer Focus, SMEs vs. Enterprises 2
Split Based on ARR Split based on Age
Younger (<=5 years old) and less-scaled (ARR <$1Mn) respondents in our sample tend to be more SME focused
1Subset of 58 respondents.
0%
20%
40%
60%
80%
100%
ARR < $1Mn ARR > =$1Mn
Enterprise Focused
SME Focused
0%
20%
40%
60%
80%
100%
<=5 Years Old >5 Years Old
No. of Respondents: 31 28 38 21
Anecdotal evidence
confirms this trend.
Perhaps Indian
SMEs are starting to
pay for software?
16. 16
Key Takeaways From Growth Rates Section
1
2
3
Our sample appears bullish, projecting median growth rates of 100-200% over the coming year
Consistent with last year’s survey, respondents continue to look overseas for growth, particularly
towards North America. With that said, respondents that focused primarily on India outgrew their
westward looking peers, likely because they started from a smaller base
2-4 years appears to be the benchmark to reach an ARR of $1Mn. Unsurprisingly, effective Sales
& Marketing is the toughest challenge on the road to a million
17. 17
ARR < $1Mn ARR >= $1Mn
Present Growth Rate Projected Growth Rate
How Fast Is Our Sample Growing Its ARR? 3
Overall, our sample is bullish, projecting median growth rates of 100-200% over the coming year. In comparison, last
year’s sample projected growth in the 50-100% bucket
Current & Projected ARR Growth Rates
MedianARRGrowthRate
Current ARR
<10%
10-25%
25%-50%
50%-100%
100%-200%
200%-300%
No. of Respondents: 31 28
1. KeyBanc Capital Markets 2017 Private SaaS Company Survey
In comparison to
last year, each bar
has moved one
notch higher
US1 SaaS grew
ARR at 47% YoY,
but off a much
larger base
18. 18
Where Do Respondents See Maximum Growth Potential? 3
1Subset set of 31 respondents
2Subset of 28 respondents
Geography With Maximum Growth Potential (<$1MnARR)1
Geography With Maximum Growth Potential (>$1MnARR)2
Results indicate that respondents see maximum growth potential in North America irrespective of their size
61%
29%
3%
7%
North America
India
Rest of Asia
Europe
Middle East and Africa
53%
14%
25%
4%
7%
19. 19
Distribution Of Respondents Growth Rate By Horizontal vs. Vertical Focus 3
1Subset of 54 respondents excluding the ones where the respondents have a product which is less than 1 yr old
2
1
3
5
6 6
3
2
9
5 5
1
0
5
10
<10% 10-25% 25-50% 50-100% 100-200% 200-300% >300%
Horizontal Focused
Vertical Focused
NoOfRespondents
ARR Growth Rate
ARR Growth, Horizontal vs. Vertical1
Horizontal Median
Vertical Median
This year horizontal SaaS players reported faster growth than their vertically focused peers; in comparison, there was
no difference in last year’s survey
While drawing from
vastly different data sets,
we cross checked and
noticed that global SaaS
comparables show
similar trends
20. 20
Distribution Of Respondents Growth Rate By Geographic Focus 3
1Subset of 53 respondents
Don’t rule out India just yet! Despite North America’s status as the go to geography for growth, India-focused
respondents reported higher growth in this year’s survey (likely because they started from a smaller base)
Median ARR Growth By Geography1
0
1
2
3
4
5
6
India North America Rest of Asia
MedianYoYARRGrowthRate
Geography Presently Generating Maximum Revenue
<10%
10-25%
25%-50%
50%-100%
100%-200%
200%-300%
100-200%
50-100%
100%
No of Respondents: 21 428
21. 21
The Journey To $1Mn ARR 3
Of the 28 respondents that are at or ahead of the $1Mn ARR mark, 25 respondents (~89%) got there in under 4 years
Time Taken To Reach $1Mn ARR1
2
13
10
3
31
0
5
10
15
20
25
30
35
<1 year 1-2 years 2-4 years > 4 years Not yet reached
NoOfRespondents
No Of Years Taken
Median range for time taken
1Subset of 28 respondents
Median age of the
respondents who still
haven’t achieved $1Mn
ARR is about 2 years
22. 22
What Are The Problems Faced In Reaching $1Mn ARR? 3
Our sample clearly highlights Sales and Marketing as the greatest challenge on the road to $1Mn of ARR
Main Problems Faced In Reaching $1Mn ARR1
13
7
4
6
0
5
10
15
Sales and Distribution PMF Pricing Other
NoOfRespondents
Problem Area
1Subset of 28 respondents
2Product Market Fit
2
What’s hard about sales?
1. Building repeatable sales processes
2. Educating customers
3. Enterprise sales
4. Sales cycles are too long
5. Limited ability to reach out
6. Scaling inside sales teams
7. Selling mission critical systems remotely
8. Sales teams don’t understand the product
9. Recruiting US-based FoS sales people
24. 24
Key Takeaways From Sales And Delivery Section
1
2
3
While Inside Sales is the most popular sales channel overall, Feet on Street remains an important
channel for our scaled up respondents
The costs of hosting as a percentage of the sales has steadily dropped over the past three years
reaching 5-7.5% of the sales this year even as the preference for 3rd party hosting has grown
Inside Sales models, despite their popularity, are still in the process of being perfected in our
ecosystem
25. 25
What Is The Primary Sales Channel? 4
Primary Sales Channel <$1Mn ARR Primary Sales Channel >=$1Mn ARR
Overall, for 25/59 respondents, Inside Sales is the Primary Sales Channel; At >=$1Mn in
ARR, however, the FoS channel remains relevant
36%
36%
10%
7%
11%
Inside Sales
Field Sales/Feet On Street
Channel Partners
Internet Sales (Online Self-
Service)
No Primary Channel
49%
16%
32%
3%
26. 26
How Do Metrics Vary With The Primary Sales Channel? 4
Our sample shows that ‘high touch’ sales channels, such as FoS or Channel Partners, correlate with
larger contracts sizes and with lower rates of churn
ACV By Primary Sales Channel2
Channel
Partners
FoS Inside Sales Internet Sales
1. ACV – Annual Contract Value 3. Subset of 50 respondents
2. Subset of 55 respondents
<1
1-5
5-15
15-25
25-50
50-100
100-250
>250
No. of Respondents: 3 25 1215
ACV(in$’000)
Channel
Partners
FoS Inside Sales Internet Sales
<5%
5-10%
10-15%
15-20%
20-25%
>25%
AverageAnnualCustomerChurn
3 24 1013
Customer Churn By Primary Sales Channel3
Sales Channel Sales Channel
27. 27
Channel
Partners
Field
Sales/FOS
Inside Sales Internet Sales
(Online Self-
Service)
Enterprise
Focused
SME Focused Multi-year Annual Monthly
How Do Sales Cycles Vary Across Our Sample? 4
Our sample shows a median sales cycle of 1-3 months; Unsurprisingly, direct sales efforts with shorter contract
durations targeting SMEs close more quickly
Variances In Median Sales Cycle Length
Sales Channel
<1 Month
3-6 Months
MedianSalesCycleLength
1-3 Months
No. of Respondents:
3 15 25 12
Target Customer
21 38 2910 14
Contract Length
28. 28
How Do S&M Spends Vary Across Our Sample? 4
Vertically and enterprise focused respondents have lower median S&M spends than horizontal and SME focused
respondents, respectively
Median S&M Spend By Customer Focus
Horizontal Focused Vertical Focused
<5
5-10
10-15
15-20
20-25
15-20%
15%
MedianS&MSpend(%ofSales)
Median
Median S&M Spend By Customer Type
Enterprise Focused SME/SMB Focused
<5
5-10
10-15
15-20
20-25
MedianS&MSpend(%ofSales)
10-15%
15-20%
Median
29. 29
0
1
2
3
4
5
6
<5% 5-10% 10-15% 15-20% 20-25% >25%
How Does ARR Growth Change With S&M Spend? 4
ARR growth shows mild positive correlation with increasing S&M spends likely pointing to the myriad other factors
that influence growth rates
Median Growth Rate By S&M Spend
<10
10-25
25-50
50-100
100-200
200-300
Median S&M Spend (% of Sales)
YoYARRGrowth
No. of Respondents: 4 13 11 116 9
1KeyBanc Capital Markets 2017 Private SaaS Company Survey Results”
Separately, we noticed
no correlation between
scale (ARR) and the
percentage of ARR
spent on sales &
marketing
Median sales
commissions are
10-20% of the
ARR for the
primary sales
channel
30. 30
What Is The Primary Sales Model Across Respondents? 4
Try and Buy and Enterprise Sales dominate our ecosystem
1Subset of 58 respondents
50%
38%
10%
2%
Try and buy (subscription with
free trial)
Enterprise sales (potentially
with a pilot)
Freemium (Limited features
with add on premium features)
Revenue share/ Outcome
based
Which Is The Most Prevalent Primary Sales Model?1
The choice of sales model
does not show any
correlation with ARR or
ARR growth
31. 31
How Do The Respondents Host Their SaaS Service? 4
Hosting Preference
Third party hosting has grown from 68% in 2015 to 83% in 2016 to 93% in 2017 whereas the cost to host has fallen
from 10% in 2015 to 7.5% in 2016 to 5%-7.5% in 2017
64%
29%
7%
AWS
Other Cloud
Providers
Self Managed
Hosting Costs
Hosting Costs As A Percentage Of Sales
16
9 10
8
5
3
8
0
5
10
15
20
<=2.5% 2.5-5% 5-7.5% 7.5-10% 10-12.5% 12.5-15% >15%
Median Range
NoOfRespondents
32. 32
Comparing FoS to Inside Sales 4
From our survey, FoS appears to have a slight edge over Inside Sales, likely reflecting the maturity of
the FoS channel in India and sample bias
Feet On Street vs Inside Sales Analysis
No. of Respondents:
40
35
40
40
40
38
37
30
28
40
Surprising! – this is
likely due to the
scarcity of an
experienced inside
sales executive vs. a
FoS executive
This year, we
missed survey
fills from SaaS
leaders (Zoho,
Freshworks, etc.)
that have
perfected Inside
Sales
Median Feet On Street Inside-Sales
ARR 2.5Mn-$5Mn $0.5Mn-$1Mn
YoY ARR Growth Rate 100% 50-100%
ARR/FTE 18.8K 19.6K
S&M As % Of Sales 15-20% 15-20%
ACV $15-25k $5-15K
CAC $250-500 $500-1K
Annual Customer Churn 5-10% 10-15%
Revenue Retention 110% 110-120%
LTV/CAC 4-5x >5
Capital/ARR 4.0x 4.0x
34. 34
Key Takeaways From Inside Sales Drill-down Section
1
2
Typical conversion rates for Inside Sales efforts are 10-25% with ~60% of the ‘battle’ focused on
making first contact and delivering an impactful sales pitch
The typical Inside Sales executive has a 1-2 year tenure, 2-4 years of work experience and earns a
20-40% bonus for meeting his/ her targets
35. 35
The Inside Sales Process – Conversion Rates & Effort 5
Typical conversion rates for Inside Sales efforts are 10-25% with ~60% of the ‘battle’ focused on making first contact
and delivering an impactful sales pitch
Conversion Rates1
% Of Customers Signed On Completely By Inside Sales Team Effort
1Subset of 21 respondents-Considering Enterprise focused respondents irrespective of their primary sales channel
6
2
11
0
5
10
15
<5 5-10 10-25
Median Range
NoOfRespondents
This was the
maximum
reported
level of
conversion
Most Time Consuming Aspect Of Sales
32%
28%
24%
8%
8% First Contact
Sales Pitch
Decision Maker
Negotiation
Close
36. 36
2
10
9
2
0
5
10
15
< 1 1-2 2-4 >5
What Does The Typical Inside Sales Executive Look Like? 5
The typical Inside Sales executive has a 1-2 year tenure, 2-4 years of work experience and earns a 20-40% bonus for
meeting his/ her targets
Average Tenure Of Inside Sales Executive1
1Subset of 23 respondents-Considering respondents with inside sales as their primary sales channel2Subset of 25 respondents
NoOfRespondents
Average Tenure Of The Inside Sales Executive (in yrs)
Median Range
Average
experience of an
Inside sales
executive is
about 2-4 years2
5
13
6
0
5
10
15
<20 20-40 40-60
Average % Of Variable Pay For On-Target Earnings
NoOfRespondents
% Of Variable Pay In The Executives On-Target-Earnings
Median Range
38. 38
Key Takeaways From Product Market Fit Section
1
2
3
Respondents reported that it takes a period of 12-24 months with about 3 product releases to
achieve product market fit
92% of the respondent set believes that they have achieved product market fit, despite only 47%
of our sample having crossed the $1Mn ARR mark
Customer feedback is valued as the most important metric to measure product market fit
39. 39
Have The Respondents Achieved Product Market Fit? 6
An overwhelming 92% of the respondents believe that they have achieved product market fit taking 12-24 months to
get there
1Respondents were posed the question – “Do you think you have achieved product market fit?”
Distribution Of Respondents Achieving Product Market Fit1
92%
8%
Achieved Product Market Fit
Have Not Achieved Product
Market Fit
Just 47% of the
respondents have an
ARR >$1Mn but
more than 90%
believe that they
have achieved PMF
Respondents have
also indicated that
they take a median
range of 12-24
months to achieve
product market fit
40. 40
What Are The Metrics Used By Respondents To Determine Product Market Fit 6
Our sample listens to its customer base and keeps an eye on sales conversion metrics in order to determine whether or
not they have achieved PMF
Respondent Count Of Metrics Used To Achieve Product Market Fit1
49
38
31
20
16 14 13 10
0
5
10
15
20
25
30
35
40
45
50
55
Customer
feedback
Sales
conversion
Churn LTV/CAC Length of
sales cycle
Customer
surveys
Web
analytics
CAC
NoOfRespondents
Metrics
1Respondents were asked – ‘What are the metrics commonly used by you to determine/measure product market fit?’. Respondents were given the option to give multiple responses
41. 41
How Many Major Product Releases Occur Before Achieving Product Market Fit? 6
Results indicate that it takes a median of 3 major product releases before a SaaS company achieves product market fit
No Of Major Product Releases Pre-Product Market Fit1
1 3
16
18
5 4 3 1 2 1
0
5
10
15
20
0 1 2 3 4 5 6 7 10 20
NoOfRespondents
No Of Major Product Releases
Median
1Subset of 54 respondents; Respondents were posed the question – ‘How many major versions of product releases did you need from MVP to achieving product market fit?’
43. 43
Key Takeaways From Profitability Section
3
2
The median CAC recovery period reported by our sample is 3-6 months (down from 6-12 last
year), with 90% of our sample recovering their CAC in under 12 months
R&D still remains the top driver of cost for majority of the respondents, unlike in the US where
Sales & Marketing is the top cost driver
1 Across the board our respondents typically earn gross margins in the range of 60-70%
44. 44
How Profitable Are The Survey Respondents? (At GM level) 7
Our respondents reported a median gross margin profile of 60-70% regardless of customers they focus on or the type
of product they have developed
Gross Margin
14
5 6
9
16
5 4
0
20
<40% 40%-50% 50%-60% 60%-70% 70%-80% 80%-90% >90%
NoOfRespondents
Gross Margin Range
Median Range
Median gross
margin for firms in
the USA ecosystem
(ARR> $5Mn) is
~70%1
1Per “KeyBanc Capital Markets 2017 Private SaaS Company Survey Results”. This was previously the Pacific Crest Survey
No variance in
reported gross
margins by
horizontal vs.
vertical or by SME
vs. enterprise
45. 45
What Is The Revenue/FTE Across The Respondents? 7
While respondents are able to drive up efficiencies as they scale, different from last year, respondents in
the $5-10Mn ARR range appear less efficient than their $2.5-5Mn ARR peers
Median ARR/FTE By ARR1
ARR/FTEin$(000)
24.0
37.5
59.0
110.0
70.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
$0.25-0.5 Mn $0.5-1 Mn $1-2.5 Mn $2.5-5 Mn $5-10 Mn
ARR Range
No. of Respondents: 5 8 10 9 5
1Subset of 37 respondents; ARR/FTE is calculated by taking the middle value of the ARR range and dividing that by the employee strength of the respondents
This year’s survey
missed responses
from some scaled
SaaS players which
likely contributed to
this finding
46. 46
What Is The Typical CAC1 That The Respondents Incur? 7
Our $1Mn+ ARR respondents reported higher CAC than their smaller peers (the same as last year), reinforcing the
point that CAC does not necessarily fall as you scale
1Customer Acquisition Cost
2Subset of 30 respondents
3Subset of 25 respondents
CAC (<$1Mn2 ARR) CAC (>$1Mn3 ARR)
10
6
3
5
2 2 1 10
2
4
6
8
10
NoOfRespondents
3 4 4 4
6
4
0
2
4
6
8
10
NoOfRespondents
Median
Median
CACCAC
47. 47
In How Many Months Do The Respondents Typically Recover CAC? (>$1Mn ARR) 7
More than 90% of the respondents recover their CAC is less than a year, up from 2/3rds last year
CAC Payback Period1
11%
50%
21%
7%
11%
<3 Months
3-6 Months
6-12 Months
12-18 Months
Don't Track
1Subset of 28 respondents
Median Range
No variance by
horizontal or
vertical focus
48. 48
What Is The Top Driver Of Cost? 7
In-line with results from previous surveys R&D is the top driver of costs (accounting for 20-25% of
revenues) for majority of the respondents, regardless of ARR
Top Driver Of Cost – Distribution By Respondents
44%
24%
10%
7%
5%
10%
R&D/Product Development
Sales & Marketing
Hosting
Product Support Cost
General & Admin
Other
In the US
ecosystem, the
top driver of cost
is Sales &
Marketing
Cost drivers
did not vary
with ARR
Respondents spend a
median of 20-25% of
their sales on R&D
regardless of their scale
or customer focus
49. 49
In How Many Years Do Respondents Expect To Break Even At EBITDA Level? 7
Over 60% of our respondents, that have not already broken even, expect to hit EBITDA breakeven within
the next two years
Time To Break Even At EBITDA level1
25%
36%
9%
3%
27%
<1 year
1-2 years
2-4 years
>4 years
Already broken
even
Median Range
1Subset of 43 respondents
Based on our
experiences in the
market, this seems
optimistic if applied
to the broader SaaS
ecosystem
50. 50
How Many Respondents Have Already Broken Even At An EBITDA level (By ARR)? 7
A healthy share of respondents (close to 27% of the set) this year have broken even at an EBITDA level
Share Of Participants Who Have Broken Even1
0%
20%
40%
60%
80%
100%
<=$0.25 Mn $0.25-0.5 Mn $0.5-1 Mn $1-2.5 Mn $2.5-5 Mn $5-10 Mn >$10 Mn
Already Breakeven Not Broken Even Yet
No. of Respondents: 18 5 8 10 9 5 4
52. 52
Key Takeaways From Other Metrics
1
2
3
Our typical respondent reported ~10% annual churn (which may be under reported). We believe
the customer lifetime is likely somewhere in between at 5-6 years
There has been a steady decline in the number of respondents leveraging user-based pricing over
the past three years
Reported median LTV to CAC for respondents with an ARR >$1Mn increased to 5+ from a range
of 4-5 last year
53. 53
What Is The Customer Lifetime Of The Respondents? 8
The median reported range of 24 months may understate actual customer lifetime as it may have been interpreted as
the number of months the customers may have been engaged with the respondent
Customer Lifetime In Months
1
2
1 1 1 1 1
3
2
4
1 1
4
1
12
2
7
14
0
2
4
6
8
10
12
14
16
1 2 4 5 6 7 8 9 10 12 15 16 18 20 24 30 36 >36
Median Range
NoOfRespondents
Customer Lifetime In Months
54. 54
What Is The Customer Churn1 Of The Respondents ? 8
The median annual customer churn of our sample is ~10%, implying at 10 year lifetime; this seems overstated – We
believe the customer lifetime likely lies somewhere in between at 5-6 years
Spread Of Customer Churn By Respondents
14
13
7
6 6
8
0
2
4
6
8
10
12
14
16
<5% 5-10% 10-15% 15-20% 20-25% >25%
Median Range
Average Annual Customer Churn
NoOfRespondents
Respondents
focused on
SME/SMBs have a
higher churn than
Enterprise focused
players at 15% vs.
5-10%,
respectively
1Churn = # of Customers that dropped by year end/ # Customers at the start of the year
2Per “KeyBanc Capital Markets 2017 Private SaaS Company Survey Results”. This was previously the Pacific Crest Survey
55. 55
What Is The Revenue Retention Rate1 Of The Respondents? 8
Of respondents that this metric – just 64% of the total respondents – >60% reported 100%+ revenue retention
Revenue Retention2
1Revenue Retention Rate is defined as the revenues produced from customers acquired in period 1 divided into the revenues produced by the same customers in the next period expressed as a
percentage
2Subset of 38 respondents tracking revenue retention
0 1 2 3 4 5 6 7 8
<80%
80-90%
90-100%
100-110%
110-120%
120-130%
130-140%
140-150%
>150%
RevenueRetentionRate
100%+NetRetentionNetChurn
(Upsellsgreater
thanchurn)
(Churngreater
thanupsells)
No Of Respondents
Median Range
Only 64% of
respondents
tracked this
metric
Enterprise focused
respondents scored 1
notch better than SME
focused ones
56. 56
What Are The Respondents’ Typical Contract Lengths? 8
In line with last years results, annual contracts dominate our sample
Typical Contract Length Of Respondents
24%
5%
49%
17%
5%
Monthly
Half yearly
Yearly
Multi-year
contracts
Perpetual
License
>90% of the
respondents in the
USA ecosystem sign
contracts with
periods of >= 1 year1
vs. 72% in India
1Per “KeyBanc Capital Markets 2017 Private SaaS Company Survey Results”. This was previously the Pacific Crest Survey
38% of enterprise-
focused respondents
sign multi-year
contracts vs. just 8%
of SMEs focused ones
57. 57
Which Kind Of Pricing Metrics Do The Respondents Use? 8
68% of our respondents leverage usage- or user-based pricing vs. 65% reported in equivalent surveys of US-based
SaaS companies1
Distribution Of Pricing Metrics Used
34%
34%
12%
8%
5%
5%
2%
Based on usage
Number of users or employees
Number of transactions
No of instances
Database size
Fixed
Other
User-based pricing
continues to decline
YoY from 53% in 2015
to 45% in 2016 to 34%
in 2017
1Per “KeyBanc Capital Markets 2017 Private SaaS Company Survey Results”. This was previously the Pacific Crest Survey
58. 58
What Is The LTV/CAC Of The Respondents? (>$1Mn ARR) 8
For respondents at $1Mn+ ARR, the median reported LTV/CAC was >5. Note however that only 71% of $1Mn+ ARR
respondents tracked/ reported this metric
LTV/CAC Distribution1
1
2
1
2
14
0
2
4
6
8
10
12
14
16
2-2.5 2.5-3 3-4 4-5 >5
NoOfRespondents
Median Range
LTV/CAC
1Respondent set of 20 out of 28 respondents with ARR >$1Mn
60. 60
Key Takeaways From Funding Section
1
2
3
Over a third of our sample has never raised external capital. Those that have, have raised $1-5Mn
(median) at 7.5-10.0x of ARR (median)
In-line with last year, bootstrapped businesses in our sample are larger in terms of ARR but
reported slower growth than their seed funded peers
On average, our sample has raised ~$4 to generate ~$1 of ARR
61. 61
How Much Funding Have Respondents Raised? 9
The median funding raised by respondents remains unchanged from last year at $1Mn-5Mn
Funds Raised To Date
22
10
13
7
5 2
0
5
10
15
20
25
Bootstrapped <$1Mn $1Mn-5Mn $5Mn-10Mn $10Mn-20Mn >$20Mn
NoOfRespondents
Funding Raised
Median Range
We noted no differences
in funds raised if we
split the sample by
vertical vs. horizontal
focus
62. 62
At What Revenue Multiple Have Respondents Raised Their Most Recent Round? 9
Our typical funded respondent has raised money at 7.5-10x of ARR
Revenue Multiple For The Latest Funding Round1
5 5 5
6
3
4
0
1
2
3
4
5
6
7
<5x 5x-7.5x 7.5x-10x 10x-12.5x 12.5x-15x >20x
NoOfRespondents
Revenue Multiple Of Latest Funding Round
Median Range
1Subset of 28 respondents
60% drop in the
respondents with a
revenue multiple >20x
versus last year
63. 63
Are The Revenue Multiples Being Driven By The Customer Focus Of Respondents? 9
Based on our sample, investors seem to give a higher median revenue multiple to horizontally focused SaaS, a finding
contrary to global norms
Median Revenue Multiple By Customer Focus1
1Subset of 39 respondents
2Source: CapitalIQ as of Jan’18
0
1
2
3
4
5
6
Horizontal Focused Vertical Focused
RevenueMultiple
This data is contrary to
data verified from ~84
vertical and horizontal
focused trading SaaS
companies2 for the past 3
years where Vertical
focused companies have
been found to be valued
higher
<5x
5x-7.5x
7.5x-10x
10x-12.5x
12.5x-15x
>15x
64. 64
Bootstrapped Vs Seed Funded 9
In-line with last year, bootstrapped businesses in our sample are larger in terms of ARR but reported slower growth
than their seed funded peers
1Subset of 59 respondents
2Subset of 54 respondents
Median ARR vs Funding1
Median YoY ARR Growth vs Funding2
0
1
2
3
4
5
6
7
Bootstrapped Seed Funded
ARR
<$0.25Mn
$0.25Mn-0.5Mn
$0.5Mn-1.0Mn
$1.0Mn-2.5Mn
$2.5Mn-5.0Mn
$5.0Mn-10.0Mn
>$10.0Mn
No. of Respondents: 22 10
0
1
2
3
4
5
6
7
Bootstrapped Seed Funded
<10%
10-25%
25-50%
50-100%
100-200%
200-300%
>300%
20 9
65. 65
4.0x
4.7x
4.0x
1.7x
3.0x
1.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
<=$0.25 Mn $0.25 Mn -$0.5
Mn
$0.5 Mn -$1.0
Mn
$1.0 Mn -$2.5
Mn
$2.5 Mn -$5.0
Mn
$5.0 Mn -$10.0
Mn
What Is The Capital Efficiency Of The Respondent Set? 9
Our sample generates ~$1 of ARR for every $4 of capital raised
Funding Required Per $ of ARR1
2Subset of 34 respondents
No. of Respondents: 8 4 3 7 8 3
ARR Range
MedianFundingPer$OfARR
Capital efficiency has
been calculated by
dividing the middle
value of the funding
range for a particular
company by the median
ARR value of that
particular company
69. 69
Premier Advisory Boutique to Growth Companies 11
Strictly Private & Confidential * Includes deals transacted by DCS Advisory, DC Advisory, Daiwa Capital Markets, Daiwa Securities Group, Danske Bank Corporate Finance and Montalban. Source: Mergermarket, internal records
As part of Daiwa’s global platform, we have over 900 professionals in 37 offices worldwide, providing clients with extensive coverage and access to parties
throughout the Americas, Europe and Asia
▪ Trusted strategic advisor to growth companies
▪ Dedicated teams with deep domain expertise
▪ Day-to-day hands-on senior leadership
▪ Deep, broad relationship network with corporate decision makers and private equity investors
180+
Deals closed
in 2017*
37
Offices
Worldwide
48%
Cross-border
transactions
500+
Investment
professionals
DCS Advisory Offices
DCS Advisory India Offices
DC Advisory, Daiwa Securities Group
Companies and Alliance Partners
70. 70
Advisor to Growth Companies and Their Financial Sponsors
Strictly Private & Confidential
11
Bulge Bracket Pedigree
Tenacious Commitment
Access to Key Decision-Makers
Direct, Candid Advice
Long-Term Perspective
Execution Excellence
Senior-Level Attention
Deep Sector Knowledge
Trusted Advisor
“They take an old-school type of consultative approach to
truly doing what’s best for the client, which is refreshing. I
always find them thoughtful and willing to offer a balanced
perspective.”
Brooke Coburn | Managing Director
The Carlyle Group
“The DCS Advisory team were great partners in our capital
raise, orchestrating a competitive process which helped
guide us to the right partner for our business. They
provided excellent support and counsel throughout the
process and had the right relationships with private equity
to execute a successful outcome for our Company.”
Tyler Moeller | CEO
Broadway Technology
“With the help of DCS Advisory team, we were able to
achieve an outcome that exceeded our expectations and
put CloudCheckr on a path to continued success. The team
truly understood our business and the cloud management
and security markets, executed a robust and thorough
process, and provided value along the way.”
Aaron Newman | CEO and Co-Founder
CloudCheckr
We add the greatest value by creating deep relationships, developing a thorough
knowledge of our clients and their industry
We have a longstanding
relationship with the
DCS Advisory team. After
having worked with them
on our Series B capital
raise, we knew that they
were the right partner to
guide us through a
successful M&A outcome
for all stakeholders. They
exceeded our
expectations with their
professionalism,
patience, and
perseverance throughout
the process.
VIVEK SUBRAMANYAM
CEO, FINTELLIX
“
”
71. 71
Leadership In Enterprise Software Transactions Globally
DCS Advisory
has deep
experience and
a rich history of
working with
enterprise
software / SaaS
companies
11
FEB 2017
HAS BEEN ACQUIRED BY
HAS BEEN ACQURED BY
MARCH 2017
HAS RAISED $50 MILLION SERIES
A FROM
MARCH 2017
HAS BEEN ACQUIRED BYHAS BEEN ACQUIRED BY
MAY 2017
HAS BEEN ACQUIRED BY HAS ACQUIRED
MAY 2017
HAS BEEN ACQUIRED BY
OCTOBER 2017
HAS RECEIVED EQUITY
INVESTMENT FROM
APRIL 2017 FEB 2017
HAS BEEN ACQUIRED BY
APRIL 2017
HAS RECEIVED EQUITY
INVESTMENT FROM
73. Public Tech Platforms APIs
India Stack, Impact of inflection points on
Government/PSUs/Private Sector across
verticals
Playbook Market
Catalyst
Policy
Technology
Stack
Enhanced Market Access
Buy products vs unique solutions and
services - B2C or B2B, Local or Global
Events/Matchmaking/Deals
Product Business Skill Building
Services vs Product mindset
Lifecycle of entrepreneurship
Learn from peers/don’t reinvent
Simplified Regulations
Fund of Funds, Stay-in-India Checklist, List in India, Open
APIs, Grand Challenges, Buying products not Projects,
No Software Patents, Financial Inclusion, Healthcare
Inclusion, Regulatory sandbox, Digital goods tax
definition, Net Neutrality Policy, Open Source Policy,
Privacy law, Civil society watchdogs.
What we do... 12
74. iSPIRT Brings Intensity to Building The Technology Ecosystem
30 yr Architects
10 yr Planners
5 yr Doers
• Think Tanks
• Universities
• Research Labs
• VCs
• Policy Makers
• Missionary entrepreneurs
• Bootstrapped entrepreneurs
• Mercenary entrepreneurs
Public goods
• Market maker
• Ecosystem builder
• Mindset shaper
iSPIRT:
iSPIRT Brings Intensity to Building The Technology Ecosystem 12
75. 75
Disclaimer & Contacts
Strictly Private & Confidential
This preliminary document has been prepared by DCS Advisory India for discussion purposes only. The information and opinions contained in this document are derived from public and private
sources which we believe to be reliable and accurate but which, without further investigation cannot be warranted as to their accuracy, completeness or correctness. This information is supplied on
the condition that DCS Advisory India and any partner, employee or affiliate of DCS Advisory India is not liable for any error or inaccuracy contained herein, whether negligently caused or otherwise,
or for loss or damage suffered by any person due to such error, omission or inaccuracy as a result of such a supply. DCS Advisory India and its affiliates are also not liable for any loss or damage
howsoever caused by relying on the information provided in this document. In particular any numbers, initial valuations and schedules contained in this document are preliminary and are for
discussion purposes only and do not constitute an opinion. The credentials mentioned herein include those transactions concluded by senior employees prior to joining DCS Advisory India or by
affiliates of DCS Advisory LLC, DC Advisory, Daiwa Securities and affiliates and predecessor firms that have since merged with any of these earlier mentioned affiliates.
Klaas Oskam
Managing Director
Email: koskam@signalhill.in
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