INDIA SAAS INDUSTRY
Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback
Goldman Sachs targets $35-50 million in MoEngage via secondary transaction. MoEngage, valued at $700 million in 2022 led by Goldman and B Capital, has clients including Flipkart. IFC invested in Innovaccer; Whatfix by Warburg Pincus; Icertis, SoftBank. Atlan received funds from GIC, Meritech. Noteworthy: Eight Roads Ventures, SaaS valuation multiples, Bessemer Venture Partners.
All that SaaS; AI woes
Happy Friday! Goldman Sachs is likely to increase its stake in SaaS startup MoEngage. This and more in today’s ETtech Morning Dispatch.
Air India selects IBS Software's iCargo platform to support expansion of its cargo operations
Air India and IBS Software revolutionize air cargo operations, setting new industry standards and propelling growth with cutting-edge technology.
SaaS startup Rocketlane raises $24 million in funding
B2B SaaS startup Rocketlane has raised $24 million in funding led by 8VC, Matrix Partners India and Nexus Venture Partners. The company will use the funds to launch new products, innovate its customer portal, and accelerate its AI plans, it said in a statement. Rocketlane has so far raised $45 million in funding.
Aiming to cross milestone of Rs 1000 crore revenue by FY-27: Rohan Verma, MapmyIndia
There is lot of growth opportunities ahead for MapmyIndia if you look at the areas that we play in, which is maps, IoT and drones. And, it is essentially what we are trying to do every year or every few years is unlock more adjustable markets for ourselves.
Why AI's future is Indian: SenseAI survey shows how India is at a turning point
One of the key revelations is that SaaS has emerged as the dominant business model among the startups in a survey, indicating a growing preference for cloud-based AI solutions.
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ETtech Q&A | Public markets have reset, private tech valuations still lagging behind: Rubrik founders
The US software company said it has 900 employees in Bangalore, India, developing products for the globe from here. Rubrik has hired engineers, product managers, and UX designers in India along with setting up a significant chunk of its customer service team out of India.
Epicor webinar: Industry experts traverse Cloud ERP tailored for the automotive sector
Vishal Raj Saini, Country Head of Epicor Software India and Indian Subcontinent, discussed 'Implementing Cloud ERP' with industry experts at a panel by The Economic Times and Epicor.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 39%
While it is always better to focus on what is happening to the individual stocks, there times it becomes “a must” before taking any decision. The reason, there is a possibility of greater divergence in how the broader market indices like Nifty and Sensex move and how the individual stocks and sector perform. A week before the election results, the way the market is panning out, it is clear that the street is working with the base case scenario of policy continuity. So, next we might see some sectors and stocks doing extremely well, while others may continue to be laggards. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame.
Betting on disruptors in India’s BFSI sector: Insights from Beams Fintech Fund, Sagar Agarvwal
The Fintech and Financial Services sector has grown exponentially in the last few years, and yet much more is to be achieved. In India, the sector contributes nearly one-third of the GDP and $1.3 trn in market cap. Additionally, disruptive products by fintech companies, aided by innovation-friendly policies have made India one of the fastest-growing financial services market in the world. As a result, there are ample opportunities for investments in this space.
India is one of the key markets for business growth in industrial space: Siemens executive
Siemens Digital Industries Software is a part of German conglomerate Siemens and is headquartered in Plano, Texas. The company focuses on product lifecycle management (PLM) software and works with industries like aerospace and defense, pharmaceuticals, and automotives. Its products include Teamcentre (a PLM software and collaboration tool), design software NX and low code platform Mendix.
Data collaboration software firm Atlan raises $105 million; valuation nearly doubles to $750 million
Funding led by Singapore's GIC and US-based Meritech Capital values startup at $750 million, up from $450 million in March 2022 when it last raised funds
Innovaccer’s new funding round; ONDC’s logistics push
Happy Thursday! SaaS startup Innovaccer is in discussions to raise funding at a flat valuation of $3 billion. This and more in today’s ETtech Morning Dispatch.
SaaS will turn into software and services in GenAI: Upekkha-WestBridge report
Upekkha-WestBridge predicts an IT services-like offering merged with SaaS.
Exclusive: Malabar eyes Sugar stake; India’s deep tech policy coming soon
India-focused Malabar Investments is in talks to pick a Rs 80-100 crore stake in Sugar Cosmetics via a secondary deal. This and more in today's ETtech Morning Dispatch.
SaaS fintech startup Perfios secures $80 million from TVG, attains unicorn valuation
Warburg Pincus-backed Perfios is considering an initial public offering (IPO) that could raise about $500 million in India at a potential valuation of $2 billion. It is also chalking out plans to enter the US and European markets in 2024.
Indian SaaS products to corner 8% global market share by 2028: report
According to a latest report from advisory firm 1Lattice and venture investor Sorin Investments, the Indian SaaS market is also expected to touch $37 billion in market size by 2028, from $12 billion presently.
SaaS startup partners Boston Dynamics to deploy dog robot at construction sites
Zepth is in talks with investors to raise its first funding round in order to expand in the Americas, as well as deeper in India and the Middle East. The company's project manager app has over 40,000 downloads in India and is used by over 500 projects and 8,000 daily users.
SaaS startup Attentive raises $7 million led by Vertex Ventures
The funds will be used to advance its product development, and boost its sales, marketing and customer success initiatives. The aim is to focus on its recently launched products, Accelerate and Beam AI. Accelerate is a business management software specialised for outdoor services and Beam AI is an extension of the company's AI-powered sales automation platform for the construction industry.
SaaS startup AiDash raises $50 million led by Lightrock
AiDash said it will use the newly raised funds to nearly double its team strength to over 600 members, expand internationally and establish its headquarters in Europe.
Revenue-linked financiers bet big on SaaS companies
Over the past month, revenue-based financiers such as GetVantage and Velocity have set aside a dedicated corpus of Rs 250 crore and Rs 300 crore, respectively, to meet the growing demand for this kind of debt financing in the software-as-a-service (SaaS) industry.
Promoter tag for Prosus in Swiggy IPO; SaaS play for revenue-linked financiers
Swiggy's largest investor Prosus is likely to be tagged a promoter in the company as plans for trimming stake ahead of an IPO haven’t materialised. Details of this and more in today's ETtech Morning Dispatch.
Local SaaS firms under the thumb to retool for artificial intelligence
At least half a dozen investors ET spoke to said it will be crucial for early-stage software companies to showcase how they are leveraging AI in their products to attract new investments in 2024.
Chennai stands prominently as the capital of SaaS in the country: TN minister
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.
The next phase of growth and innovation for India’s SaaS sector
Against the backdrop of post-COVID dynamics, the Indian SaaS sector is positioned as a key player in driving digital transformation, with a multitude of factors shaping its future.
ETSA 2023 | Indian SaaS companies can tap domestic public markets too: Nexus’s Jishnu Bhattacharjee
Winner of the Midas Touch category at the Economic Times Startup Awards 2023, Bhattacharjee who has been one of the foremost names backing the domestic cross-border SaaS industry, and was picked by the ETSA jury for his early bet on Indian cross-border enterprises and spotting the opportunity ahead of others.
SaaS firm Zoho crosses 10 crore users globally
Zoho said it has witnessed a three-year Compound Annual Growth Rate (CAGR) of 65% in the upmarket segment in India.
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