INDIA SAAS STARTUPS
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.
Fintech sector will dominate future Unicorns at USD 58 billion: Hurun report
The total worth of India's future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. Fintech sector leads with the highest number of companies that can become Unicorns in future.
Early-stage VC Z21 Ventures planning $40 million second fund
Z21 Ventures, an early-stage investment firm focusing on the India-US corridor, has fully deployed its first $5-million fund and is gearing up to launch a $40 million second fund. The firm, founded in 2022 by Abhinav Shashank and Raj Shekhar Singh, targets enterprise software and hardware startups with investments ranging from $100,000 to $150,000, backed by a community of Indian-origin technology executives like Google, Amazon, and Meta.
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.
Bootstrapped SaaS startup Kissflow culls 11% workforce
Kissflow, a Chennai-based startup, announced the layoff of about 45 employees (11% of its workforce) across India, the US, and the UAE. The CEO, Suresh Sambandam, cited reasons such as procurement strategy shift and annual performance reviews. In 2022, the company had gifted BMWs to key staffers for employee appreciation.
Sanjay Nayar’s Sorin Investments raises Rs 1,350 crore
Early-stage venture firm Sorin Investments, founded by veteran dealmaker and former KKR India CEO Sanjay Nayar, made the final close of its maiden fund at Rs 1,350 crore, sources told ET. Through this fund, Sorin will back startups looking to raise Series A funding.
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Late-stage startup funding up 3x in April
Data from market intelligence platform Tracxn reveals a new trend in Indian startups. While overall funding for startups declined in the first three months of 2024, late-stage funding (for more established companies) saw a dramatic increase, more than tripling in April.
India Ahoy! India as a software IPO destination
While the likes of FirstCry and CureFit will continue to go public in India, it’s software firms with global customer bases that are now set to take centerstage.
Avinash Ramesh Godkhindi re-appointed as MD, CEO of Zaggle
Zaggle Prepaid Ocean Services, the parent company of fintech startup Zaggle, re-appoints Avinash Ramesh Godkhindi as MD and CEO. Godkhindi, with Zaggle since 2012, led Citibank's PremierMiles card launch in India. A University of Chicago Booth School of Business alumnus, he brings two decades of financial and fintech experience to Zaggle, founded by Raj P Narayanam in 2011. The company went public in 2023 with its IPO.
SoftBank back at deal counter with Icertis deal talks
Tech VC in funding talks with portfolio co Icertis, which is stitching up a $150m secondary round
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.
Logistics SaaS startup ClickPost raises $6 million in funding led by Inflexor, Athera VP
ClickPost secured $6 million funding led by Inflexor Ventures and Athera Venture Partners. The platform serves clients like Nykaa, Puma, Pepe Jeans, Acer, and Supertails. ClickPost tracks 1 million shipments daily.
AI SaaS cloud startup Neysa bags $20 million from Matrix, Nexus, others
Neysa, a Mumbai-based artificial intelligence (AI) cloud and platform-as-a-service startup, will utilise the fresh capital for expanding infrastructure required for strengthening its research and development team, and for sales and marketing.
SaaS startup SiftHub raises $5.5 million from Matrix, Blume, others
SiftHub, led by Manisha Raisinghani, raises $5.5M from investors like Matrix Partners India. The platform integrates with various workplace apps to enhance sales processes and has signed up 18 clients. SiftHub uses retrieval augmented generation (RAG) technology and fine-tuned large language models from Azure OpenAI Service.
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.
Sarvam AI to launch voice-to-voice endpoint tool in the next six to twelve months
Sarvam AI released its first open-source Hindi language model called OpenHathi-Hi-0.1 in December last year. The firm said the AI model is the first in a series of models which will “make contributions to the ecosystem with open models and datasets to encourage innovation in Indian language AI.”
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.
DaaS catches on as nations focus on digital public infra
A consortium of technologists has put forward a novel approach to accelerate the implementation of digital public goods (DPGs), particularly in nations with populations under one million. Their proposed solution leverages a Digital Public Infrastructure-as-a-Service model.
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.
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.
SaaS accelerator Upekkha announces first close of $40 million VC fund
The fund was created with a leading investment from WestBridge Capital, among other limited partners including Godard Abel, founder and CEO of G2, a business-to-business marketplace that ranks SaaS companies.
Revenue-based financier Velocity allocates $36 million for SaaS firms
The 2020-founded startup invests in ecommerce and direct-to-commerce (D2C) companies. It has made about 2,000 investments in the two segments, deploying a total of Rs 750 crore since inception.
SaaS startup Kapture raises $4 million funding from PE firm India Alternatives
The Bengaluru-based startup has been expanding on-ground operations in five countries: the US, the UAE, Indonesia, Saudi Arabia and India.
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