Page 2 - Saas

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

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

Keytrade Bank selects Infosys Finacle suite for core banking transformation

The bank will subscribe to the Infosys Finacle suite in a software-as-a-service (SaaS) mode on the Microsoft Azure public cloud

SaaS platform Zendesk lays off 8% of workforce due to macroeconomic issues

Each impacted employee will be eligible for three months of base salary/on-target earnings plus one week for each full year of service, job search resources, a prorated portion of annual bonus

'The Great Indian SaaS Story' to explore adoption of SaaS in India's BFSI sector

By Saumya Mishra

Apax Funds to buy stake in travel tech firm IBS Software from Blackstone

To acquire Blackstone's minority stake in the software-as-a-service solutions provider

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

SaaS firm Freshworks says exposure to Silicon Valley Bank minimal

Chennai-based company says 'vast majority' of its finances not held at failed US lender

IBS Software acquires Accenture Freight & Logistics team for unknown sum

Deal will boost IBS leadership as a tech provider to airfreight industry, is a strategic step towards helping establish the acquirer as an end-to-end player in global freight supply chain

Zoho Corp eyes $1 billion revenue from ManageEngine in next 2-3 years

The Company, which is India's first bootstrapped unicorn, says it will continue hiring in FY24

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

SaaS company Icertis lays off employees despite raising impressive funds

As last reported, Icertis had more than 2,400 employees globally

Start-up funding dips 33% YoY in CY22, early-stage funding grows: PwC India

The SaaS segment witnessed a 20 per cent increase in funding during CY22 compared to CY21 and accounted for nearly 25 per cent of all funding activity this year

SaaS start-up SirionLabs closes series D funding round at $110 mn

Company says it will use the capital to expand its position in contract lifecycle management business

Jungle Ventures-backed BetterPlace raises $40 mn in series C funding

The firm is a SaaS platform for frontline workforce management, with a user base of 1,100 large enterprises

SaaS major Freshworks lays off 90 employees globally; 60 in India

The company's founder chief executive, Girish Mathrubootham too termed it as a structural change, rather than a company-wide layoff

Saas-based accounting platform Zoho Books has eyes on world markets

Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa

Disruptive tech is fueling investment and innovation in Indian HR Tech

As the pandemic pushed organizations to work remotely, the HR Tech space saw an influx of investments

SaaS firm Prismforce raises $13.6 mn in funding for business expansion

The Mumbai-based company enables IT companies to build supply chains, deliver projects