<ul><li><keyword id="2463144" type="PERSON" weightage="20" keywordseo="BrowserStack">BrowserStack</keyword> has become the most valued VC-backed SaaS company to enter the Indian <keyword id="3009432" type="PERSON" weightage="20" keywordseo="unicorn-club">unicorn club</keyword>.</li><li>The company is valued at $4 billion, followed by Girish Mathrubootham-led Freshworks valued at $3.5 billion.</li><li>BrowserStack will be accelerating its acquisition plans in order to expand its global presence and product offerings.</li></ul>BrowserStack has become the most valued venture capital-backed software-as-a-service (SaaS) company in India. The Mumbai-based startup has raised $200 million (₹1,474 Cr) in a Series B round led by US-based investment firm BOND, at a valuation of $4 billion. Insight Partners and existing investor Accel also participated in the round. BrowserStack will be joining SaaS firms like Freshworks, Icertis, Druva, Postman, Zenoti and ChargeBee in the ‘unicorn club’. A unicorn is a privately valued company with a valuation of over $1 billion. BrowserStack is going to be a leader in terms of valuation, among the other SaaS unicorns in India. <img src="https://lh4.googleusercontent.com/79IgTgyzobExhPw3tbwgfSHdSn6vOS_iSyikI-bUfkbNt7Hd2XNrZ7A8XbBDzu3VqCO635QAmx4yrW6-jz7Uv4bB33ux_-XU3QpouJEC1o5mIMDwAG4x39tagtvzVd7lANuSGgOo" /> Notably, companies like Icertis, Zenoti, Postman and few others are registered in the United States, but are considered by many as Indian startups due to their Indian roots. Some of these companies also have the majority of their offices and workforce in India. Notably, Sridhar Vembu-led Zoho Corp is also one of the biggest SaaS companies in India and is estimated to be valued at over $1 billion, given it has over 45 million customers across the globe and has earned a profit of<a href="https://inc42.com/buzz/what-the-financials-zohos-profit-streak-continues-as-fy20-revenue-crosses-inr-4300-cr/"> ₹800 crore </a>in FY20. The valuation has, however, never been accorded to the company as it continues to be bootstrapped since its inception in 1996. According to a <a href="https://www.sify.com/finance/indian-saas-firms-may-clock-20bn-in-revenue-by-2022-report-news-news-umbpOObeijgje.html">report</a> by Bain &amp; Company, the Indian SaaS companies have the potential to capture a 7-9% share of the global SaaS market by 2022. Such an expansion would also aid Indian SaaS firms to reach a combined revenue of $18 billion to $20 billion in the same timeline. BrowserStack’s entry into the unicorn club further proves the interest of the investors in the Indian SaaS sector. Commenting on the same, BOND’s general partner, Jay Simons, said, "As software continues to rewire everything, the bar on speed and quality continues to rise, and testing software across the expanding number of browsers and devices is a huge and expensive challenge for development teams to manage on their own." Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack is a software testing platform used by developers to test their websites or mobile applications across browsers, operating systems and devices. The company claims to have over 50,000 customers and over four million developer signups. The company’s clientele also includes over half of Fortune 500 companies like Microsoft, Twitter, Barclays and Expedia, and claims to power over two million tests every day across 15 global data centres. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td colspan="4" style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#cfe2f3;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack's Raises $250 Mn To Date </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Series </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Funding </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Series A </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 Mn </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Accel </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018 </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Series B </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$200 Mn </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BOND, Insight Partners, Accel </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2021 </td></tr><tr><td colspan="4" style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">*Source: BrowserStack </td></tr><tr></tr></tbody></table> BrowserStack has raised about $250 million in funding till date, with $50 million coming in from Accel as a part of its <a href="https://www.browserstack.com/press/browserstack-announce-50-million-investment-accel">Series A</a> round raised in 2018. It plans to use the latest capital infusion to scale its global presence, expand product offering and also enable strategic acquisitions. Prior to this, the company <a href="https://www.browserstack.com/percy">acquired</a> San Francisco-based visual testing platform Percy in July last year. "We will continue to scale rapidly across functions to accelerate the rate at which we take new products to market. This funding will allow us to explore the different ways in which we can bring new products to market -- via acquisitions, via acqui-hires, or by investing more heavily in our product and engineering teams," Ritesh Arora, cofounder and chief executive of BrowserStack, said in statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/bigbasket-makes-more-revenue-than-32-year-old-spencers-retail/articleshow/83570315.cms">Did you know? BigBasket makes more revenue than 32-year old Spencer’s Retail</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/paytm-has-appointed-goldman-sachs-and-jp-morgan-as-the-bankers-for-its-upcoming-ipo/articleshow/83574242.cms">EXCLUSIVE: Paytm ropes in Goldman Sachs, JP Morgan as bankers for upcoming IPO ⁠— there may be more along the way</a>

BrowserStack’s unicorn status further strengthens India’s SaaS club

<ul><li><keyword id="3457278" type="General" weightage="20" keywordseo="darwinbox" source="Orion">Darwinbox</keyword> made its entry into the unicorn club after raising $72 million in a round led by TCV.</li><li>The company builds cloud-based human resources softwares that are used by giants like Adani Walmart, Tata and others.</li><li>It has taken Darwinbox seven years to look towards the US whereas for most software companies, the US is their biggest market right from the beginning.</li></ul>India’s latest software-as-a-service (SaaS) unicorn DarwinBox has started to test the waters in the USA and expects to clock a revenue of $10 million from America in the next two years. A unicorn, in startup parlance, is a private firm valued at or more than $1 billion. The odd bit is that it has taken Darwinbox seven years to look towards the US whereas for most software companies, the US is their biggest market right from the beginning. Market leaders like Freshworks, BrowserStack, Postman, Zenoti and others — <a href="https://www.businessinsider.in/business/news/new-guidelines-on-recurring-payments-may-send-saas-companies-out-of-india-say-experts/amp_articleshow/86679020.cms">usually focus on the American market as it houses all their target customers</a>. The combined revenue of all SaaS companies in the US is<a href="https://www.globenewswire.com/news-release/2022/01/10/2363666/0/en/Software-as-a-Service-SaaS-Market-to-Hit-USD-716-52-Billion-by-2028-Increasing-Digitalization-to-Augment-Market-Growth-Fortune-Business-Insights.html#:~:text=In%20its%20report%20titled%20%E2%80%9CSoftware,primary%20components%20of%20cloud%20computing."> $57 billion</a> (2020). "It is a much larger market and much more competitive market, so we probably have to find our niche to enter the market with," Darwinbox’s Founder Rohit Chennamaneni told Business Insider. Ankur Bansal, co-founder of BlackSoil Capital, in<a href="https://www.businessinsider.in/business/news/new-guidelines-on-recurring-payments-may-send-saas-companies-out-of-india-say-experts/articleshow/86679020.cms"> a previous conversation with Business Insider</a>, had highlighted that SaaS business margins are really high and they are even higher from customers based out of the US or Europe. This, in turn, also increases their valuation in the eyes of the investors significantly. However, the HR solutions provider was able to resist the lure for seven years so far. "We want to be the number one player in Asia, this is more of a long-term horizon thing. But because we are already getting some traction there [USA] that is why we want to launch there," Chennamaneni added. So what changed now? Currently, 60% of its revenue comes from India, nearly 33% from Southeast Asia and nearly 7-8% from the Middle East. "We have always sold to Asian headquartered companies that have offices in the US. Now, as an opportunity we can go and sell to US-based companies, which have a strong Asia presence. It will just change the number of companies I call to sell to, as a product we are ready,” Chennamaneni said. Darwinbox — that builds cloud-based human resources softwares — believes that there are three aspects that may work in their favour. First, the <a href="https://www.businessinsider.in/business/startups/news/zoom-dropbox-backer-salesforce-ventures-makes-its-first-investment-in-india-in-hr-tech-startup-darwinbox-which-claims-to-have-grown-by-200-during-lockdown/articleshow/80341562.cms">investments they have raised </a>from US-based Salesforce, one of the most valuable brands in the world. Second, being featured on market research report ‘Gartner Magic Quadrant 2021’, which has increased the company’s inbound inquiries. Third, its existing clientele in Asia who already have offices in the US. The company has over 650 clients, namely Mcure, Adani Walmart, Tata, Paytm, BigBasket, Cred and others. Some of these also have offices in the US. What’s the action plan? The company has decided to spend the next two years building a strong foundation. It will start off with a short pilot programme in the world’s biggest SaaS market with five undisclosed companies and look to expand its offering to 30 players. DarwinBox is looking to hire two sales people, who will work with the company’s founder Chennamaneni directly, to get more understanding on the needs of the market and create a unique preposition for the customers. The company will be competing with SAP SuccessFactors, Workday Human Capital Management, Ceridian Dayforce, Workforce Now and others in the US market. Darwinbox hopes to lead Asian market Darwinbox has been following a different trajectory so far. The company started in India, expanded in India and then expanded in the Southeast Asian and Middle Eastern markets, before making any progress towards the United States. The company does agree that the American market has the potential to be its largest market and make a majority of its revenue, if approached correctly, Chennamaneni said. Darwinbox is looking to further scaling its product offerings to provide better employee experience. The company plans to make its conversational bot advances by enabling it to have more personal conversations. The existing chat bot "eases the life of the person, what we are focusing on is user experiences. How the person is feeling, how engaged the person is, etc.," Chennamaneni added. The company <a href="https://www.businessinsider.in/business/startups/news/saas-company-darwinbox-is-the-third-unicorn-of-2022/amp_articleshow/89107496.cms">raised $72 million</a> recently, at a unicorn valuation, to fund these ambitions. It has previously raised $15 million from Salesforce in January 2021. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/future-groups-kishore-biyani-mohandas-pai-and-68-others-invest-in-former-twitter-india-heads-latest-startup/articleshow/89403045.cms" data-type="tilCustomLink">Future Group’s Kishore Biyani, Mohandas Pai and 68 others invest in former Twitter India head’s latest startup</a> <a href="https://www.businessinsider.in/stock-market/news/macquarie-slashes-paytms-target-price-to-700-goldman-sachs-upgrades-it/articleshow/89401105.cms" data-type="tilCustomLink">Macquarie slashes Paytm’s target price to ₹700, Goldman Sachs upgrades it</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/tata-steels-stock-on-a-gaining-spree-led-by-doubling-profits-huge-debt-reduction-and-hopes-from-the-union-budget/articleshow/89398818.cms">Tata Steel is on a gaining spree. Thanks to doubling profits, huge debt reduction, and hopes from the union budget</a>

INTERVIEW: India’s latest software unicorn is wetting its feet in America after holding its horses for seven years

<ul><li><keyword id="55847" type="PERSON" weightage="20" keywordseo="postman" source="Orion">Postman</keyword> has overtaken BrowserStack in valuation with this round.</li><li>The company has now raised more than $430 million across four rounds, and was valued at $350 million in 2019.</li><li>Postman will use the funding to hire across multiple verticals like sales, marketing, product and engineering.</li></ul>San Francisco and Bengaluru-based software-as-a-service (<keyword id="6395918" type="General" weightage="20" keywordseo="SAAS" source="Orion">SaaS</keyword>) platform Postman has raised $225 million in a Series D round, at valuation at $5.6 billion. The round was led by existing investor <keyword id="7496169" type="General" weightage="20" keywordseo="insight-partners" source="Orion">Insight Partners</keyword>. New investors like Coatue, Battery Ventures, BOND, DoorDash product leader Gokul Rajaram and Freshworks founder Girish Mathrubootham also participated in the round, along with existing investors CRV and <keyword id="175881" type="COMPANY" weightage="20" keywordseo="Nexus-Venture-Partners" source="Orion">Nexus Venture Partners</keyword>. Founded in 2014 by Abhinav Asthana, Abhijit Kane, and Ankit Sobti, Postman helps developers and companies simplify their application programming interface (API) workflow. It also enables the companies to streamline collaboration and create API faster. The company has over 17 million developers and 500,000 organisations on its platform. Postman will now use this Series D funding to hire across multiple verticals like sales, marketing, product and engineering. The company will also invest in its community of developers across the globe, support students through innovative APIs and contribute towards open source projects. The company has now raised more than $430 million across four rounds. Postman had raised $150 million in 2020 at a valuation of $2 billion valuation in its Series C investment round led by Insight Partners. It was valued at $350 million in 2019. In June 2020, BrowserStack was positioned as the highest valued venture capital (VC) funded SaaS company in India. The company had raised $200 million in a Series B round led by US-based investment firm BOND, at a valuation of $4 billion. Postman has overtaken BrowserStack in valuation with this round. Other Indian highest valued <keyword id="3499933" type="PERSON" weightage="20" keywordseo="SaaS-startups" source="Orion">SaaS startups</keyword> are Zoho, Freshworks, Icertis, Druva, Postman, Zenoti and ChargeBee in the ‘unicorn club’. A unicorn is a privately valued company with a valuation of over $1 billion. Zoho is not venture capital-backed and its valuation is not publicly known. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS unicorns </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Postman </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshworks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Icertis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.8 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zenoti </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chargebee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MindTickle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highradius</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Druva </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>SEE ALSO <a href="https://www.businessinsider.in/retail/news/a-third-of-internet-users-would-be-actively-shopping-online-by-the-end-of-this-decade-offline-retail-to-take-a-back-seat/articleshow/85390712.cms">A third of internet users would be actively shopping online by the end of this decade, offline retail to take a back seat</a> <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a> <a href="https://www.businessinsider.in/business/auto/news/tamil-nadu-government-is-upset-about-losing-money-on-luxury-cars/articleshow/85322536.cms">Tamil Nadu government is upset about losing money on luxury cars</a>

Postman is now the highest valued VC funded-SaaS startup in India, after a $225 million fundraise

<ul><li><keyword id="2933867" type="General" weightage="20" keywordseo="leadsquared" source="Orion">LeadSquared</keyword> has raised $153 million from WestBridge Capital in a Series C round.</li><li>It is the sixth Indian unicorn this year and sixteenth startup to do so overall.</li><li>The company now plans to expand to the Middle East, Africa and Europe.</li></ul>Bengaluru-based sales automation startup LeadSquared is the latest software-as-a-service (SaaS) company to enter the unicorn club. The company raised $153 million from WestBridge Capital in a Series C round. A unicorn, in startup parlance, is a company valued at over a billion dollars. “With this financing, we will double down on growth investments in India and North America, start building in APAC [Asia-Pacific] and EMEA [Europe, the Middle East and Africa], add new offerings to our product portfolio, and fund acquisitions. To support our growth, we plan to double our headcount in the next 18 months,” Nilesh Patel, CEO and Founder of LeadSquared, said. LeadSquared is the sixth Indian startup to enter this elite club this year and the sixteenth startup to do so overall. The list also includes MuSigma, Druva, Icertis, Postman, Zenoti and now publicly-listed company Freshworks. Sridhar Vembu-led Zoho Corp is not a part of India’s unicorn list as the company is still bootstrapped and has not disclosed its valuation publicly. Zoho is one of the oldest SaaS companies in India and is estimated to have a higher valuation than $1 billion. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unicorn List Entry Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mu Sigma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2013 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion+ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshworks* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion* </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Druva </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Icertis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.8 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Postman </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zenoti </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Innovaccer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ChargeBee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MindTickle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fractal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DarwinBox </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uniphore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hasura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amagi Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LeadSquared </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr></tbody></table>*Freshworks is a publicly listed entity Source: Venture Intelligence LeadSquared is a sales automation platform, which helps more than 2000 organization globally to drive sales efficiency. The company — founded by Nilesh Patel, Prashant Singh, and Sudhakar Gorti in 2011 — claims to have clients from different industries like edtech, financial services, healthcare, marketplaces and more. A quick survey of its website reveals that Amity University, NIIT, Byju’s, Unacademy, Clear, Aditya Birla Capital and Angel Broking are its clients. The company has raised $188 million to date, with $32 million raised in 2020 and $3 million in 2019. Sumir Chadha, co-founder and Managing Director at WestBridge Capital said, "LeadSquared has shown a remarkable ability to scale and grow efficiently. Its core SaaS metrics are unique and best-in-class in the industry. Its focus on building an easy-to-use platform that transforms sales processes through automation delivering unparalleled efficiency has significant potential for growth in the global market.” SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/enterprise/news/indias-tech-talent-pool-is-from-vizag-indore-and-warangal-thats-where-infosys-tcs-and-others-are-heading/articleshow/92351346.cms">India’s tech talent pool is from Vizag, Indore and Warangal — that’s where Infosys, TCS and others are heading</a> <a href="https://www.businessinsider.in/stock-market/news/ril-vedanta-tata-steel-yes-bank-among-stocks-to-watch-out-for-on-june-21/slidelist/92349563.cms" data-type="tilCustomLink">RIL, Vedanta, Tata Steel, Yes Bank among stocks to watch out for on June 21</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-2t-smartphone-india-pricing-and-launch-date-leaked/articleshow/92352401.cms">OnePlus Nord 2T India pricing and launch date leaked – here’s everything you need to know</a>

LeadSquared is the sixth Indian SaaS unicorn of 2022

<ul><li>This is SoftBank’s second bet in <keyword id="2000014" type="PERSON" weightage="20" keywordseo="MindTickle" source="Orion">MindTickle</keyword>, which helps enterprises improve their sales.</li><li>MindTickle will use this funding to expand its presence, acquire companies and hire aggressively.</li><li>The company has over 200 clients across the globe, including Dabur, Johnson &amp; Johnson, Wipro</li></ul>MindTickle, a startup that helps small and large enterprises improve their sales, is the latest entrant to India's <keyword id="3009432" type="PERSON" weightage="20" keywordseo="unicorn-club" source="Orion">unicorn club</keyword>. The decade old startup on Thursday, August 8, announced a $100 million Series E funding round led by existing investor SoftBank, at a valuation of $1.2 billion. Existing investors Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures also participated in the Series E round. This makes MindTickle the third Indian software-as-a-service (SaaS) startup to become a unicorn in 2021, after Chargebee and BrowserStack. Overall, there are over nine venture capital (VC) funded SaaS unicorns in India. A unicorn is a privately valued company with a valuation of over $1 billion. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS unicorns </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshworks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Icertis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.8 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Postman </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Zenoti </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chargebee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MindTickle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highradius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Druva </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> MindTickle wants to gain greater momentum in international markets MindTickle was founded by Krishna Depura, Mohit Garg, Deepak Diwakar and Nishant Mungali in 2011. It helps companies build sales capabilities. It also offers solutions for onboarding, micro-learning and skills development. MindTickle plans to use this funding to expand its presence in multiple verticals as well as markets like Europe and Asia. A part of the funding would also be used to acquire more companies and expand their technology stack, MindTickle’s chief executive officer (CEO) and cofounder Depura told Business Insider. “So a reasonable chunk of [the] money will go into global expansions, getting into more territories and geographies. The second amount [sic] will go into R&amp;D [research and development], which we’ll use to develop our stack. I think $100 million is a lot of money and it’s not like we’ll deploy the money in the next six months or one year. But it’ll give us sufficient power to plan for the next three-four years to set up our base and continue to think over the horizon,” Depura added. He also highlighted that the company has a good presence in India at the moment, especially in the automotive and pharmaceutical sectors. MindTickle will also use a part of the funding to go aggressive on hiring across geographies and functions. It has already hired over 100 employees in 2021 and has openings for 115 positions. The company has a workforce of 500 employees. MindTickle’s current clientele has already set its global presence This is SoftBank’s second investment in the Pune and San Francisco-based startup. The Japanese conglomerate had previously led MindTickle’s $100 million round raised in November 2020. Existing investors Norwest Venture Partners, Accel Partners, Canaan, NEA, NewView Capital, and Qualcomm Ventures had also participated in the round. The SaaS startup has raised over $281 million to date. Its clientele includes 200 enterprise companies like Johnson &amp; Johnson, Splunk, Wipro, Ola, Cloudera, Dabur and United Colors of Benetton. Its customer base includes a few dozen Fortune 500 and Forbes Global 2000 companies, which is an annual ranking of the top corporations worldwide measured by revenue. MindTickle claims to have presence in over 115 countries as its clientele has subsidiaries across the world. “We continue to be impressed by Mindtickle’s performance in creating and becoming a category leader in the sales readiness space. The product has become an essential part of any sales organisation and we are excited to support the company in its growth,” Munish Varma, managing partner with SoftBank Investment Advisers, said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ipo-bound-ixigo-acquires-bus-ticketing-platform-abhibus-to-strengthen-its-footprint/articleshow/85062903.cms" data-type="tilCustomLink">IPO-bound ixigo acquires bus ticketing platform AbhiBus to strengthen its footprint</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">Flipkart and Tiger Global have a billion dollar notice to respond to in the next 90 days</a> <a href="https://www.businessinsider.in/business/startups/news/whitehat-jrs-ceo-karan-bajaj-quits-exactly-a-year-after-byjus-acquisition/articleshow/85029450.cms">WhiteHat Jr’s CEO Karan Bajaj quits exactly a year after Byju’s acquired the company</a>

MindTickle is the third SaaS firm from India to enter the unicorn club in 2021

<ul><li><keyword id="9700532" type="UNKNOWN" weightage="20" keywordseo="indian-saas">Indian SaaS</keyword> segment employs a workforce of over 50,000.</li><li>Indian <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> industry has the potential to clock revenue of $75 billion by 2025.</li><li>The SaaS sector, globally, has the potential to surpass IT industry’s valuation this decade.</li></ul>The Indian software-as-a-service (SaaS) segment could employ over 260,000 people in the next four years (by 2025), representing a five fold increase from the current employee base of 50,000. This hiring spree would mostly be accelerated by the segment’s fast-paced growth and the influx of global funding. Indian SaaS segment has the potential to clock a total turnover of $75 billion in the next four years and capture a fifth (19%) of the global demand for <keyword id="6361043" type="UNKNOWN" weightage="20" keywordseo="software">software</keyword> products, as per a report by investment firm Chiratae Ventures and consulting firm Zinnov. <img src="https://lh6.googleusercontent.com/M6yThe92-LB-0rRodKh9JzELJNfDz-ERnfWScLwSLadHd-ma2nmxxGjUDGO4pUrQMkGsi3dGvmuow4upMoMIduuIj78s2jPkGAU_Z7NYSfWpjX0KcfM-CeEZsN29kWkG4A8Uhgtp" /> The Indian SaaS segment is poised to create a market capitalisation of more than $1.3 trillion by 2025. This is the best-case scenario for India’s fast-growing SaaS industry. Even if the industry continues to grow at the current compound annual growth rate (CAGR) of 51% in the next five years, the country’s SaaS revenue could grow as much as $42 billion by 2025. This is about an eight fold increase from the current $5.3 billion in revenue cumulatively. “It’s no secret that the future of business and scale is SaaS driven, more so in the post-pandemic landscape. What’s interesting however is how quickly Indian companies have set a global benchmark for the industry. The exponential growth unlocked in the last 5 years is a testament to how capital efficient the Indian SaaS industry is,” Venkatesh Peddi, executive director and head of SaaS investments at Chiratae Ventures, said. SaaS is a software distribution model in which software is licensed to users on a subscription basis and is centrally hosted. This is also known as “on-demand software”. There are over 1,000 players in the Indian SaaS segment, which has received $6 billion in investment in the last decade (2010-2020) as per the report. A few key players in the Indian SaaS segment are Zoho Corp, Freshworks, Browserstack, Postman, Zenoti, Chargebee, HighRadius, Icertis and Druva. The report also adds that sales management platform MindTickle, conversation automation platform uniphore and workforce management software FarEye may be entering the unicorn club soon. Globally, the SaaS segment has the potential to take over the information technology (IT) industry in terms of valuation this decade. The report notes that the SaaS segment will cross $1.8 trillion valuation by 2030, compared to the $1.6 trillion valuation of IT services. <img src="https://lh3.googleusercontent.com/NEd60XDsjtFFiqUTi-nT1To0BcZNcg21IdjWMSaMzRPVfdY0iOEH6rna7RMad8DPKwczw18KaWGC0dmMpem3pFlW2AiMpJHjZr8z3CeJZby-ZILe-mIdrZESSOeOh4TLUbum0XtH" /> “IT Services has been foundational to Indian progress and rising footprint in the global market. We are seeing this sector in SaaS, which is growing and providing India the spotlight that Indians deserve in the global market. So this is the second industry, after IT service, which is really powering through. 2025-2030 will be the year when Indian SaaS would become mightier in terms of market value,” Praveen Bhadada, managing partner at Zinnov, told Business Insider. The revenue per employee for IT services companies in 2020 was around $47,000. Meanwhile, the revenue per employee for SaaS firms grew 30% to $100,000 last year. Notably, Indian SaaS sector earns 70% of their revenue from global markets, and it is bound to grow further to 85% by 2025. 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India’s SaaS sector to hire more than 260,000 people by 2025

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