Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian startup ecosystem

• Some of these companies include Hippo Video founded by ex Zoho employees and Niki founded by former Innovaccer employees.
• Freshworks and Chargebee are also founded by former employees of Sridhar Vembu-led Zoho Corporation.
• Indian SaaS companies — both old and new — have created over 62,000 jobs in India in 2021 so far.

Over 500 former employees of India’s top fifteen software-as-service (SaaS) companies — like Zoho, Freshworks and others — have founded their own companies, a recent report by Bain & Company revealed.

The report noted that these 500 employees have created more than 5,000 employment opportunities. Some of these companies include Hippo Video, SurveySparrow, Facilio founded by ex Zoho employees, Slintel founded by former Eightfold employees and Niki founded by former Innovaccer employees.

Freshworks and Chargebee are also founded by former employees of Sridhar Vembu-led Zoho Corporation. Collectively, Zoho has contributed nearly 133 entrepreneurs to the Indian startup ecosystem.

The report further suggests, “50% of founders, new companies, and resulting job opportunities are coming from emerging Indian SaaS companies.”

The Indian SaaS report of 2021 further highlighted that the Indian SaaS companies — both old and new — have so far created over 62,000 jobs in India this year alone. These job opportunities are spread across professionals skilled in cloud, artificial intelligence and machine learning, product management and advanced analytics like data engineers, data scientists and more.

Indian SaaS companies are poised to reach $30 billion in revenue, capturing 8% to 9% share of the global SaaS market by 2025, the report by Bain & Company added. Meanwhile, a report by investment firm Chiratae Ventures and consulting firm Zinnov released in June noted that the Indian SaaS segment has the potential to clock a total turnover of $75 billion by 2025.

The Bain & Company report also noted that the investment in this space is expected to reach $4.5 billion in 2021.

“While the overall growth in funding has been driven by an increase in deal volume across stages, there has been notable growth in the volume of deals larger than $50 million, as investors give a clear vote of confidence in the potential of Indian SaaS companies to achieve substantial future growth,” Arpan Sheth, who is a partner and leader at Bain & Company’s Global Vector Solution Group, said.

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