Report · Long report

The Rise of SaaS in India 2023

Bessemer Venture Partners Free Intermediate India

Splits the ecosystem into India-first companies serving the domestic market and global-first companies exporting, which is exactly the choice this question is about. Gives you market sizes to argue with rather than opinions.

  • Indian SaaS is projected at 50 billion dollars ARR by 2030, with Indian companies contributing 20 to 25 billion of it.
  • Companies above 10 million dollars revenue went from about 30 six years earlier to over 85.
  • India now has 11 centaurs, private SaaS businesses past 100 million dollars ARR.
  • 2022 funding was about 6 billion dollars, 3.5x 2020 and 8x 2018, while public cloud multiples fell from about 25x NTM revenue to about 6x.
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The question it answers

  1. Should we sell to Indian SMBs, Indian enterprises, or skip India and go straight at US buyers?

Read with it

  1. Podcast · ~60 min GTM Blueprint for Emerging Markets, Sachin Bhatia Exotel, Founder's Deep Dive E23 Sachin Bhatia
  2. Zenoti and MindTickle founders on validating at home before expanding, and on finding a handful of customers willing to build... SeedToScale (Accel India) Article · ~12 min read Entering a New Market as a SaaS Business and Finding First Customers Ajay Sethi
  3. Concrete on the mechanics nobody outside India writes about: INR pricing, UPI AutoPay recurring success rates versus... productgrowth.in Article · ~12 min read SaaS Pricing in India: The Rupee vs Dollar Dilemma productgrowth.in
  4. Podcast · 80 min listen 7 Myths About Selling B2B SaaS In India ft Unicommerce Founder Kapil Makhija Siddhartha Ahluwalia with Kapil Makhija
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