Indian SaaS boom to continue as Indian startups are projected to raise $6.5 billion in 2022

• Indian SaaS companies are expected to raise a whopping $6.5 billion in 2022.
• Approximately 8-12 more SaaS companies are expected to turn unicorns this year.
• Such companies are expected to generate a revenue of $100 billion in the next four years.

There is no denying that the Indian software-as-a-service (SaaS) industry has seen the best-recorded growth in the last two years, with the entry of companies like PostMan, MindTickle, Browserstack and many others into the unicorn club. Not only that but Girish Mathrubootham-led Freshworks also made a stellar debut on Nasdaq last year.

The same boom is expected to continue this year as well.

Indian SaaS companies are expected to raise a whopping $6.5 billion in 2022, a recent report by investment firm Chiratae Ventures and management consultancy firm Zinnov has revealed. This represents a 55% increase from the $4.2 billion that such companies raised in the previous year.

The report, titled ‘India SaaS: Punching through the global pecking order’, also mentioned that 1,150 Indian SaaS companies generated a revenue of $8 billion in 2021. The report also emphasized that Indian SaaS companies are poised to pocket $100 billion in revenue by 2026.

“Post surpassing UK this year in the number of SaaS unicorns, India is all set to leapfrog China and become the second-largest SaaS nation by 2026,” the report noted. A unicorn, in startup parlance, is a company valued at over a billion dollars.

India is currently home to 17 SaaS unicorns. About 15, or 90%, of which have achieved unicorn status in the last four years.

Year	Total SaaS Unicorns	Names
Before 2012	2	InMobi, Zoho (Boot Strapped)
2018	1	Freshworks
2019	2	Icertis, Druva
2020	3	Highradius, Postman, Zenoti
2021	5	Innovaccer, Gupshup, chargebee, MindTickle, Browserstack
2022 till March 2022	4	Amagi, Uniphore, Hasura, Darwinbox

Source: India SaaS: Punching through the global pecking order

Approximately 8-12 more SaaS companies are expected to turn unicorns this year, the report added. This list may include companies like Carestack, CleverTap, Deskera, FarEye, Fourkites, Hevo, Kissflow, Loginext, Moengage, Pixis, Shiprocket, Whatfix and Yellow.ai.

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