Just think, you are using an application through the internet without installing software. SaaS made it possible. Many companies worldwide are providing that type of service. India occupies a significant role in that sector. According to a NASSCOM report, India is one of the fastest-growing SaaS markets globally. This article will discuss the most Innovative SaaS startups in India.
Before starting, we need to know what a SaaS company does. SaaS stands for Software as a Service. A SaaS company is a company hosting an application and making it available to customers over the internet.
Why is India the best for SaaS Startups?
In the last two decades, we saw a massive transformation in the technology industry. Software as a service (SaaS) contributes a significant role. Particularly in India, that industry is proliferating. Why is it booming? The abundance of workers and lower cost is the main reason behind this. On the other hand, location and culture are also the main reasons.
Top 10 Innovative SaaS-Based Companies in India:
Zoho
Zoho is one of the top SaaS startups in India located in Chennai, Tamil Nadu (headquarters), and founded on 17 March 1996 by Sridhar Vembu and Tony Thomas. They provide an online office suite and online business management tools. Its operating income was 1,918 crore (250 USD) in 2021. Their total assets in 2019 were 570.7 million US dollars. They have 50 million users across more than 180 countries, and more than twelve thousand employees are working in Zoho.
Keka
Keka is one of the best SaaS companies in India, founded in 2015 by Vijay Yalamanchili. Keka is HR and payroll management software designed for modern organizations. They provide excellent services like applicant tracking, time tracking, leave and attendance management, etc. After establishing itself, it’s becoming one of the fastest-growing companies in India. It already has some renowned clients like Vedanta, Dream11, UpGrad, and OnePlus.
Agile CRM
Agile CRM is a SaaS based company in India, founded in 2013 by Manohar Chapalamadugu. This company specializes in small to medium-sized business (SMB) sales and marketing solutions. This company intends to provide a single platform for automated marketing, sales, and other services. It is an excellent SaaS startup in India because of its good services.
Freshworks
Freshworks is another one of the top SaaS startups in India, founded by Girish Mathrubootham and Shan Krishnasam in 2010. It specializes in providing SaaS customer engagement solutions to businesses of all sizes. Freshworks’ products include Freshchat, Freshservice, Freshsales, Freshdesk, etc. Over 150 companies are using that SaaS-based product to run their businesses.
Playtonia
Playtonia is a kind of music played on a piano. Abhijit Pattanaik founded the Playtonia esports platform in 2016, where online gamers can communicate with each other and develop communities. In addition, the cloud computing company organizes and promotes a variety of esports tournaments and events. Currently, they are working on incubation cells, gaming certifications, and a range of gaming cafés, among other things.
HighRadius
HighRadius is a SaaS based company in India founded by Sashi Narahari in 2006, a fintech company using artificial intelligence to help its clients automate their account receivables and payment processes to manage their cash flows more efficiently. At the initial stage, HighRadius started with only 20 clients, but now they offer its services to more than 350 clients around the globe. HighRadius succeeded in raising its first investment in 2017 and has already raised $125 million from Citi Ventures, Susquehanna Growth Equity, and ICONIQ Capital.
CloudCherry
CloudCherry is an innovative SaaS startup in India located in Bangalore (headquarters), founded in 2013. Vinod Muthukrishnan is the co-founder and CEO of CloudCherry. It is a cloud-based CRM (customer relationship management) company helping its clients track and enhance customer engagement. It has many products, but Questionnaire Builder, CX Library, and CEM Open API Explorer are the top-selling products. Approximately 250 employees are working here. It has reached around 14+ countries.
BYJU’S
BYJU’S is another best SaaS companies in India founded by Byju Raveendran and Divya Gokulnath in 2011. It is an Indian multinational educational technology company headquartered in Bangalore. BYJU’S is an education tutoring app running on a freemium model, with free access to content limited for 15 days after registration. It is valued at US$22 billion and has over 115 million registered students.
Whatfix
Another SaaS-based company in India, Whatfix, founded by Khadim Bhatti and Vara Kumar in 2013, helps companies accelerate user adoption of their software applications by easing the process of onboarding, training, and support through its personalized and interactive step by in-app step guides. It is one of the best SaaS companies in India, expanding its operations globally very fast. Whatfix is generating most of its revenues from overseas. More than 630 companies around the world are using Whatfix.
IBSFintech
IBSFintech is a SaaS-based company offering niche financial software and products designed to manage treasury, forex, and finances for corporations. It helps big and small organizations leverage innovative financial solutions and effectively handle finances. Treasury, Trade finance is the top-selling product of IBSFintech. It was founded in 2007, and Chandra Mohan Grover is the CEO of IBSFintech. The headquarters is located in Asia-Pacific (APAC).
Conclusion
When people worldwide come to choose SaaS companies, they choose Indian SaaS companies. Because they know India is the best for SaaS companies. Several SaaS companies in India have been doing an excellent job, but it’s impossible to discuss all of them. So we tried to discuss some of India’s most famous and renowned SaaS companies. After observing the demand for SaaS, we can safely say India is going to be the hub for SaaS companies.