It is compulsory to have an advanced technology platform to provide the best facilities to the clients/customers. To automate the existing startups’ operations in a competitive business environment, SaaS startups play a key role. They help in developing the digital infrastructure of new/existing firms.
Here is the list of top Indian SaaS startups that are providing extraordinary hassle-free software solutions to existing/new firms:
Postman
Postman has dethroned BrowserStack to become India’s most valuable Software As A Service(SaaS) startup. The software firm raised $225 million in a recent Series D round led by existing investor Insight Partners. New investors like Coatue, Battery Ventures, BOND, DoorDash product leader Gokul Rajaram and Freshworks founder Girish Mathrubootham also participated in the round, along with existing investors CRV and Nexus Venture Partners.
Overall, Postman has raised $430 million in four financing events to reach a valuation of $5.6 billion.
San Francisco and Bengaluru-based software-as-a-service (SaaS) company Postman was founded in 2014 by Abhinav Asthana, Abhijit Kane, and Ankit Sobti. It helps developers and companies simplify their application programming interface (API) workflow. Currently, it has over 17 million developers and 500,000 organizations on its platform. It got Unicorn status in 2020.
BrowserStack
In 2021, BrowserStack raised $200 million in a new funding round to became the fifteenth Indian unicorn of 2021. Its valuation skyrocketed to $4 billion after the Series B financing round.
After Chargebee, BrowserStack is the second Indian unicorn from the SaaS category in 2021. Chargebee joined the unicorn club in April 2021.
BrowserStack had a valuation of approximately $600 million in 2018. Its valuation surged by 8x in the last three years.
Freshworks
FreshWorks is known for its extraordinary customer relationship management(CRM) solution to its customers. The Chennai-based startup has reached a whopping valuation of $3.5 billion. It got the unicorn status in 2018. SalesForce is the main competitor of FreshWorks.
During FY2020, Freshworks recorded $300 million in annual recurring revenue. With a $3.5 billion market cap, it is planning to start the Initial Public Offerings(IPO) very soon.
Zenoti
Zeboti got the unicorn status in 2020 when it reached a valuation of over $1 billion. As per industry reports, it is valued at around $1.5 billion in 2021. The startup offers SaaS to its clients for managing their Salon & Spa. Zenoti has its base in Hyderabad.
ChargeBee
Software startup ChargeBee was the first SaaS firm that got unicorn status in 2021. It has a valuation of $1.4 billion after fundraising $125 million for Tiger Global, Sapphire, and Insight Ventures in a Series G funding round. Chargebee provides billing, subscription, revenue, and Compliance related solutions to its clients.
Founded in 2011, Chargebee’s valuation recorded 3x growth in the latest funding event compared to its valuation in 2020 after closing the series F funding round. Chargebee has raised a total of $230 million in all the funding rounds including the current one.
Innovaccer
The healthcare-based SaaS startup helps its clients in Data Analytics related to different diseases and illness patterns of the patients. With over $1.3 billion valuations, it has established itself as one of the pioneers in the healthcare ecosystem. It got unicorn status in the year 2021. It raised a total funding of $225 million till now.
Other than Tiger Global, investors like B Capital Group, Steadview Capital, and M12 (Microsoft’s venture fund) helped the firm reach a $1.3 billion valuation. San Francisco-based Innovaccer is a Big Data-oriented healthcare platform.
Mindtickle
Mindtickle, a sales growth startup, became the 20th unicorn of 2021 when it raised $100 million led by Softbank Vision Fund 2. Mindtickle has its headquarters in Pune and San Francisco.
Existing investors including Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures also actively participated in the current funding event. Founded in 2011, Mindtickle has also revealed that it has raised $281 million in different funding rounds to date.
HighRadius(at a valuation of $3.1 billion), Icertis(at a valuation of $2.8 billion), and Druva(at a valuation of $2 billion) are the other SaaS-based Indian unicorns that are providing software-based solutions to their clients.
