Page 2 - Saas Industry

SaaS startup Plotline raises $2.6 mn in seed round from Elevation Capital

SaaS (software-as-a-service) startup Plotline has raised USD 2.6 million (Rs 20.9 crore) in a seed funding round from venture capital firm Elevation Capital. The company plans to use the capital to expand overseas. Based in San Francisco and Bengaluru, Plotline serves industry majors in the likes of Dream11, Khatabook, BharatPe, CoinDCX, Niyo, Step, and Kredivo. "Strategically deploying its USD 2.6 million seed round to bolster key functions across R&D (research and development), marketing, and sales, Plotline is now looking ahead to drive expansion in the US, the Middle East, Africa, and Asia-Pacific regions," the company said in a statement.

Freshworks founder Mathrubootham steps down as CEO, Woodside takes charge

Girish Mathrubootham becomes executive chairman of Nasdaq-listed SaaS firm to focus on 'long-term' vision

Trust Fintech sets IPO price band at Rs 95-101 per share; to open on Mar 26

Trust Fintech Ltd, a provider of SaaS product-focused fintech software solutions, on Wednesday fixed the price band at Rs 95-101 per share for its initial public offering. The Initial Public Offer (IPO) will open on March 26 and conclude on March 28. The anchor portion will be opened on Friday, the company said in a statement. The IPO is only a fresh issue of 62.82 lakh equity shares with a face value of Rs 10 each through the book-building route. The company's shares will be listed on NSE's small and medium enterprises platform Emerge, it said. At the upper end of the price band, the company intends to raise up to Rs 63.45 crore. Investors can bid for 1,200 equity shares as a minimum, and subsequently in multiples of 1,200 equity shares. The firm plans to utilise the proceeds from the public issue to establish a new development facility at Mihan SEZ in Nagpur to procure hardware and upgrade IT infrastructure; to enhance, maintain, and upgrade existing products. It will also use

IPO-bound Unicommerce expanding oversees ops by client acquisitions

IPO-bound SaaS platform Unicommerce is expanding its overseas operations by onboarding more clients, a top official said on Tuesday. Unicommerce is already serving 46 clients in Singapore, the Philippines, Indonesia, the UAE, and Saudi Arabia and is now expanding these operations by adding more clients. Some of its clients in these markets include the UAE-based fashion brand Redtag, the Philippines-based kids' wear brand Edamama and the UAE-based logistics player RSA Global. "After building a solid foundation in the country, international markets are a growth area for us now and we will now be expanding our operation in these overseas markets. "The domestic e-commerce market is ahead of most other markets in the region allowing us to offer future-ready solutions for our overseas clients," Kapil Makhija, managing director & chief executive told PTI Tuesday. Its domestic clientele includes Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, Boat, Portronics, Pharmeasy, GNC, .

Skye Air inks 7 contracts for medical supplies delivery using drone tech

Skye Air Mobility has bagged seven contracts from various institutions, including AIIMS Jodhpur and AIIMS Rajkot, whereby the company will deploy advanced drone technology for delivery of medical supplies. The contracts have been awarded by AIIMS Jodhpur (Rajasthan), AIIMS Rajkot (Gujarat), AIIMS Bhubaneswar (Odisha), AIIHPH Kolkata (West Bengal), CLTR Chengalpattu (Tamil Nadu), RLTRI Bankura (West Bengal) and RLTRI Aska (Odisha), the company said in a release. Skye Air is a SaaS-based autonomous logistics solution provider. In tandem with their drone technology, Skye Air will leverage its Unmanned Traffic Management (UTM) software system for the delivery of medical supplies. "This system facilitates seamless coordination with multiple Air Traffic Controls (ATCs) in both rural and urban settings, offering real-time tracking and ultra-fast communication," it added.

Startup funding in India fell 62% to six-year-low in 2023: PrivateCircle

The funding deal volume fell by a sharper 72% in 2023 to 1,444 deals as compared to 5,114 deals in 2022

Chennai stands as capital of SaaS in country: Palanivel Thiaga Rajan

Digital Connexion set up its new data centre in the city on Friday aimed at serving the critical infrastructure needs of enterprises and digital service companies. Tamil Nadu Minister of Information Technology and Digital Services Palanivel Thiaga Rajan formally inaugurated the centre along with Digital Connexion CEO CB Velayuthan at an event here. Digital Connexion is promoted by Reliance Industries Ltd, Brookfield and Digital Realty Company. The first phase of the Data Centre -- MAA10 -- located on a sprawling 10-acre campus in Ambattur would offer 20MW of IT load and features a modular infrastructure design enabling customers to scale their infrastructure in response to varied workload demands. "I am delighted to observe Chennai's rapid emergence as a highly sought-after hub for data centers within the Indian landscape. The convergence of entities such as Jio (Reliance Industries Ltd), Digital Realty, and Brookfield at this event is indeed a commendable collaboration," Rajan ...

ChrysCapital buys stake in ProHance for first investment in Indian SaaS

ProHance says ChrysCapital's 75% stake will help it in expanding in Philippines, Australia, South America

Healthtech SaaS start-up Doceree raises $35 mn in series B funding

Following its entry into the US, India, and European markets, Doceree has also expanded its reach to Africa, Southeast Asia, and the Gulf Cooperation Council countries

The rising tide of SaaS adoption in India

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Softbank-backed Unicommerce records 50% growth in revenue in FY23

Softbank-backed Saas platform Unicommerce has registered a 50 per cent growth in revenue driven by onboarding of new clients and international expansion, a senior company official said. Unicommerce CEO Kapil Makhija told PTI that the company has achieved an annual run rate of processing over 600 million transactions amounting to over USD 7 billion in annual gross merchandise value. He said that the company's growth has been consistent over the past three years and expects it to remain aligned to the expansion of the e-commerce industry in India. "Unicommerce's platform has demonstrated remarkable performance with around 50 per cent revenue growth in the financial year 2023. The number of enterprise clients has grown significantly, with a 45 per cent increase in FY'23 and a 68 per cent growth in FY'22," Makhija said. In its RoC (Registrar of Companies) filing for FY'22, the company reported a 47.5 per cent increase in operating revenue to Rs 59 crore in FY 22. Its profit after tax

Indian startup funding in H1CY23 drops 36% to lowest in 4 yrs: PwC

Dip comes despite significant untapped capital reserves held by venture capitalists; fintech, SaaS ad D2C remain most funded sectors

Inkle launches new platform for cross-border payments for startups

Customers will be charged a fixed markup of up to 0.50% on the mid-market forex rate on their transactions

Open challenge to OpenAI, Google: Zoho working to build its own AI model

Zoho's announcement to develop its own LLMs comes after OpenAI founder and CEO Sam Altman said that it would be "hopeless" for an Indian startup with $10 million in funding to build foundational LLM

Saas platform OTPless hires BharatPe's Anubhav Mathur, other key executives

OTPless, the startup founded by Bhavik Koladiya announced the appointment of key executives

Small towns turn big for SaaS sector amid headwinds in global market

Headwinds in the global market are encouraging both major players and newer entrants to set up distributed workforce models outside of the major cities

We need to create opportunities in rural areas: Zoho CEO Sridhar Vembu

With his move from Bay Area to a faraway farm, Vembu is living his 'locally rooted, globally connected' philosophy, writes Shine Jacob

Downturn still nascent, it is time for caution, not expansion: Zoho founder

In an exclusive interaction with Business Standard, Sridhar Vembu say the trend of large-scale layoffs in Silicon Valley has now hit Indian shores

'Complete fiction': Zoho CEO Vembu denies wife's allegations in magazine

Article in Forbes magazine says he wife and their special needs son in the US

Indian SaaS companies to reach $35 bn by 2027: Bain & Company report

Indian Software-as-a-Service companies are expected to grow in the range of 20-25 per cent per annum to USD 35 billion in annual recurring revenue by 2027, consultancy firm Bain & Company said in a report on Tuesday. According to the "India SaaS Report 2022 - Remaining steady through turbulence" of Bain & Company, the Indian Software-as-a-Service (Saas) companies will account for eight per cent global market share in the segment. "Indian Software as a Service companies are poised to command 8 per cent of the global SaaS market, generating USD 35 billion in annual recurring revenue (ARR) by 2027), growing at 2025 per cent per annum," the report said. Indian SaaS companies' future trajectory remains promising as their total annual recurring revenue of USD 12-13 billion in 2022 is up four times over the past five years, it added. Of the 1,600 Indian SaaS companies that have now been funded over the past five years, around 14 of them exceed USD 100 million in ARR, according to the