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<ul><li>Some of these companies include Hippo Video founded by ex <keyword id="265415" type="General" weightage="20" keywordseo="zoho" source="Orion">Zoho</keyword> employees and Niki founded by former Innovaccer employees.</li><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> and <keyword id="2760306" type="General" weightage="20" keywordseo="chargebee" source="Orion">Chargebee</keyword> are also founded by former employees of Sridhar Vembu-led Zoho Corporation.</li><li><keyword id="4360787" type="General" weightage="20" keywordseo="indian-saas-companies" source="Orion">Indian SaaS companies</keyword> — both old and new — have created over 62,000 jobs in India in 2021 so far.</li></ul>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 &amp; 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. <div type="image" title="Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian Startup ecosystem" msid="88145268" hostid="261"></div> The report further suggests, “50% of founders, new companies, and resulting job opportunities are coming from emerging <keyword id="9700532" type="General" weightage="20" keywordseo="indian-saas" source="Orion">Indian SaaS</keyword> 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. <div type="image" title="Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian Startup ecosystem" msid="88145301" hostid="261"></div> 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 &amp; 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 <a href="https://www.businessinsider.in/tech/enterprise/news/amazon-twitter-hyundai-and-dominos-are-buying-indian-software-fuelling-a-75-billion-dream-chased-by-top-vcs-like-sequoia-and-tiger-global/articleshow/85646116.cms">total turnover of $75 billion by 2025</a>. The Bain &amp; 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 &amp; Company’s Global Vector Solution Group, said. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/indigo-stock-gains-as-a-plea-to-shut-down-spicejet-has-been-admitted/articleshow/88138734.cms" style="">Indigo stock gains as a plea to shut down SpiceJet has been admitted</a> <a href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms" style="">Zoho is selling its video calling app in as many ways as possible</a> <a href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms" style="">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

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

<ul><li>SpotDraft recently raised $1.5 million in a pre-series A from Binny Bansal’s 021 Capital, Freshworks CEO Girish Mathrubootham, among others. </li><li>The legal tech startup offers contract creation, management and analysis. </li><li>Indian unicorn entrepreneurs are turning into investors with a purpose – to help startups scale. </li></ul>A small Indian legal tech startup has been able to do what many early-stage entrepreneurs only dream of. SpotDraft has recently raised $1.5 million in a pre-series A round from Binny Bansal’s 021 Capital and several marquee investors like Girish Mathrubootham (Freshworks), Peeyush Ranjan (VP Engineering, Google Inc – former CTO Flipkart) and Indus Khaitan (Chief of Growth, Chargebee) among others. SpotDraft, which started off as an online platform to help people create contracts and automate their invoices, has evolved to offer contract creation, contract management and contract analysis. For example, it claims it helps businesses create a solid legally-binding contract, which they can negotiate and explore online. Its Machine Learning and Artificial Intelligence-enabled services allow them to share with entrepreneurs the good, bad and ugly aspects about the contract. It can quickly help identify compliant and non-compliant clauses of a contract. Shashank Bijapur, CEO and co-founder, SpotDraft spoke to Business Insider to spill the secrets on how they convinced the marquee investors to place their bets on a startup which is just about two years old. According to Bijapur, what worked for them was the value proposition of the business. “At a high level, the problem statement and solution were very clear. Legal as a problem is ripe for disruption making way for complete automation of legal processes that a business has to undergo,” he said. Legal paperwork is one of the many hurdles that businesses and entrepreneurs face, especially in a market like India where these tend to be time-consuming. Compliance is also increasingly becoming an important exercise, as regulations become more complex. It also helped that Bijapur, a Harvard law grad and Wall Street lawyer and his co-founder Madhav Bhagat, a Carnegie Mellon graduate and Google, New York employee, had their background to vouch for them as well. With the funds raised from this round, it is looking to focus on growth in terms of team, sales and development. In the near future, it plans to expand geographies to Europe, US and Middle East, while also looking to grow revenue 10X over the next 12-14 months. The investment is also the latest example of Indian unicorn founders turning into evangelists for startups in the country, through mentoring and investments. Many aren’t just looking at being moneybags but also contribute to the success of other startups. “As founders, the access to capital may not have been as difficult as finding the right people for your business – people who can take us from 0 to 1. The value that these investors brought on board is immense and even before we were given the term sheet, we were introduced to half a dozen clients,” said Bijapur. Currently, the startup has over a dozen multi-national corporations as well as 1,000 SMEs as customers. Among its customers include Wipro, Goodtimes and The Circle, according to the company’s web site. See Also: <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a> <a href="https://www.businessinsider.in/angel-tax-startup-definition-changed-exemption-up-to-25-crore/articleshow/68063050.cms">Indian government finally comes to a decision on Angel Tax, changes definition of startups</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a>

Why India’s Unicorn founders backed this barely two-year-old legal tech startup

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Insight PartnersByron Lichtenstein, principal at Insight Partners</div></div></div><ul class="summary-list"><li>Byron Lichtenstein is a principal at Insight Partners, which invests in growth-stage software companies.</li><li>"Where a lot of the innovation is occurring is this convergence between software and payments," he told Business Insider.</li><li>It's not just about moving money from point A to point B, Lichtenstein said. There is opportunity in the analytics and data found in and around payments.</li><li>"In terms of monetization, I think that people will continue to put more analytics and rules around the way that people actually spend their dollars," Lichtenstein said.</li><li>We spoke to investors at <a href="https://www.businessinsider.com/andreessen-horowitz-anish-acharya-innovations-payments-and-lending-2019-11">Andreessen Horowitz,</a> <a href="https://www.businessinsider.com/bain-capital-ventures-matt-harris-explains-payments-need-to-do-more-2019-11">Bain Capital Ventures</a>, <a href="https://www.businessinsider.com/citi-ventures-vc-capital-innovation-payments-where-to-monetize-next-2019-11">Citi Ventures,</a> and <a href="https://www.businessinsider.com/insight-partners-byron-lichtenstein-on-the-value-of-pairing-payments-with-software-and-vice-versa-2019-11">Insight Partners</a> about where they see the next innovations and opportunities in payments tech. </li><li><a href="https://www.businessinsider.com/vcs-innovations-trends-payments-andreessen-bain-citi-insight-2019-11">Click here to see what other VCs are looking out for in the payments space.</a></li></ul>Byron Lichtenstein is a principal at Insight Partners, and sees most opportunity in the convergence between software and payments. Insight Partners focuses mainly on growth-stage software companies across verticals from education to social media to fintech, and it has invested in German neobank <a href="https://www.businessinsider.com/n26-german-digital-bank-backed-by-peter-thiel-us-launch-2019-7">N26</a>, business expense management startup <a href="https://www.businessinsider.com/divvy-series-c-funding-2019-5">Divvy</a>, and payment fraud monitoring startup <a href="https://markets.businessinsider.com/news/stocks/sift-introduces-fraud-aftershock-index-finds-fraud-is-type-and-industry-agnostic-1028619870">Sift</a>.Here are the ways he sees payments and software coming together to find value in a changing industry.<h2>Opportunities in using data </h2>"Historically, we've always been software investors," Lichtenstein told Business Insider."What's changed over the past two years that we found really interesting is that dumb payments don't really -obviously, they exist -but they're not really a thing anymore," Lichtenstein said."Where a lot of the innovation is occurring is this convergence between software and payments," said Lichtenstein. He's focused on both on software companies enabling payments, and payments companies layering in software.It's not just about moving money from point A to point B, Lichtenstein said. There is opportunity in the using the data found in and around payments."When I think about payments, it's putting a dollar amount on interactions," said Lichtenstein. "By following that payments flow, you can understand how people are interacting, how their workflow should go, and where they're spending their time and dollars.""I think people historically were always focused on the consumer aspect. In the business aspect, there are a lot of dollars flowing," said Lichtenstein. "Actually enabling companies to understand how they're spending that money will be big."One of Insight's investments, <a href="https://www.businessinsider.com/divvy-series-c-funding-2019-5">Divvy</a>, offers an expense management software to businesses for free. Instead of charging for its software, Divvy takes a slice of interchange fees on transactions from Divvy's corporate card, issued by Mastercard.Divvy offers customers real-time insights into spending using transaction data, and also provides bill paying services."They actually layered in the expense management software on top. So that's what got us really excited," said Lichtenstein.<h2>How payments will be monetized </h2>"It does cost a little bit to move money. Obviously all of our companies are still having to pay Visa and Mastercard. Those businesses are doing well," Lichtenstein said.Incumbent payments giants like Visa and Mastercard charge fees to use their processing rails. Interchange fees, for example, are charged to merchants when customers pay using a credit card.Fintech has put some pressure on the industry to reduce fees, but interchange fees remain a key part of the payments ecosystem. Retail giant<a href="https://www.businessinsider.com/kroger-bans-visa-credit-cards-2019-3"> Kroger banned Visa cards in 134 of its Smith's grocery stores</a> due to "excessive" interchange fees in May (<a href="https://www.businessinsider.com/kroger-reverses-visa-credit-card-ban-2019-10">though the ban was reversed in October</a>.)To be sure, Lichtenstein sees opportunities outside of charging fees."In terms of monetization, I think that people will continue to put more analytics and rules around the way that people actually spend their dollars," Lichtenstein said.<a href="https://markets.businessinsider.com/news/stocks/chargebee-expands-its-revops-platform-with-new-capabilities-and-enhancements-for-b2b-saas-workflows-1028607486">Chargebee</a>, one of Insight's investments, is a billing platform for subscription-based businesses. The startup offers not only subscription management and billing services, it also provides reporting and analytics to help its customers scale.Fraud monitoring is another area in which Lichtenstein is seeing growth. One of Insight's investments, <a href="https://markets.businessinsider.com/news/stocks/sift-introduces-fraud-aftershock-index-finds-fraud-is-type-and-industry-agnostic-1028619870">Sift</a>, uses machine learning to provide data-driven fraud prevention software, which enables companies to accept more payments as they scale. Sift's customers include Twitter and Airbnb, companies that don't have their own payments infrastructure.Payments companies like <a href="https://www.businessinsider.com/stripe-capital-small-business-loans-2019-9">Stripe</a> and <a href="https://www.businessinsider.com/square-capital-expanding-into-flexible-loan-products-2016-3">Square</a> also offer fraud monitoring on their platforms. Sift gives businesses the ability to run their own transaction fraud process, instead of relying on that provided by payments platforms.Wells Fargo <a href="https://www.businessinsider.com/wells-fargo-execs-talk-plaid-and-blockchain-2019-9">has inked an agreement with Plaid</a> that is similar to the one<a href="https://www.businessinsider.com/jpmorgan-announces-partnership-with-plaid-2018-10"> JPMorgan signed last year</a>, which signals the big banks acknowledging consumer demand for new fintechs. Plaid's API software allows companies to connect to their customers' bank accounts, and Plaid has a wide range of fintech clients including personal finance, lending, brokerage, and P2P payments apps. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/singles-day-alibaba-25-billion-largest-shopping-holiday-2018-11">How Alibaba turned a fake holiday into a $25 billion shopping extravaganza that's bigger than Black Friday and Cyber Monday combined</a></h3> <div> </div> </div>

An Insight Partners principal says the era of 'dumb payments' is over, and sees opportunities in using machine-learning to combat fraud

In case you’re a sole person working on a new venture, you must have been fed with bits of wisdom that <a href="http://www.businessinsider.com/why-you-need-a-cofounder-2010-1">one needs co-founder(s</a>) to succeed. Even people who say <a href="http://www.businessinsider.com/you-dont-need-a-cofounder-anymore-2010-4">you don’t</a> need one end up implying ‘you shouldn’t be single forever’. It’s almost as much pressure as your pesky aunt’s ‘beta, shaadi ka kya socha’ (Son, what about your marriage?) 
 
It’s true that co-founders can be of great help. They help in peer reviews, offers shoulders to cry on and are great friends for life. In a world where it’s getting increasingly frustrating to get the ideal startup co-founder, it has become more important to make it easier for people with great ideas to find people with great skill-sets to help build on ideas together. 
 
Enter <a href="http://www.businessinsider.in/searchresult.cms?query=co-founder+dating&amp;sortorder=effectivedate">co-founder dating</a> sites. These guys would help you with your first hire – a co-founder. In case you have a great idea, but lack the technical skills to turn your dream into reality, getting the right co-founder to develop your idea would help. 
 
There are several platforms emerging, claiming to get you to meet your potential co-founder. Just google the term, you’ll land up with sites like <a href="http://founderdating.com/" target="_blank">FounderDating</a>, <a href="http://startupweekend.org/" target="_blank">Startup Weekend</a>, <a href="http://collabfinder.com/" target="_blank">CollabFinder</a> and <a href="https://www.cofounderslab.com/" target="_blank">CoFoundersLab</a> where you can chance upon your business soul-mate. 
 
<a href="https://www.quora.com/profile/Tom-Leung" target="_blank">Tom Leung</a>, Co-founder and CEO of Poachable says it works. “I met my co-founder at Founder Dating in March, we started working together full-time in May, shipped our MVP in June, and recently launched our Beta in November while raising some angel money,” he says in a <a href="https://www.quora.com/Does-co-founder-dating-work">Quora post</a>. 
 
Most people join these places with a very specific requirement. That’s why, unlike romantic dating, it’s hard to find an exact match. If you’re not looking into the ‘hot sectors’ like social and communications, it’s going to take a while. However, if you’re going in with an open mind, you're literally giving yourself the freedom to sample the entire buffet. 
 
Ultimately, these platforms increase your chances of getting a co-founder. This gets you a seat at the table to execute. If you’re not based out of the startup hubs of the world like Bay Area, Beijing or Bangalore, your timing to jump into a startup may not sync with anyone in your personal network. That's where <a href="http://www.businessinsider.in/searchresult.cms?query=co-founder+dating&amp;sortorder=effectivedate">co-founder dating</a> and others like it come in. 
 
Krish Subramanian, Cofounder, Chargebee Subscription Billing says, “If you are someone with work experience, you may be lucky to meet someone passionate about starting up in your workplace. Most people don't get lucky that easily. You need to put yourself in situation where you get lucky and this is where it helps to meet lots of folks.” 
 
Honestly, these platforms will show you the door. You have to walk through it yourself. What these sites do is expose you to a network of people who were interested in starting businesses, or had already started businesses and were looking for founder-level partners. Now it’s up to you to maximize that opportunity. 
 
BI Tip: Join these sites while you’re still working. Just like serious dating, this may not be your pie! 
 
<a href="http://www.kore1.com/wp-content/uploads/2015/10/Hiring-for-the-Evolving-IT-Role.png">Image Source</a>

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

Kritti Bhalla

Why India’s Unicorn founders backed this barely two-year-old legal tech startup

Sanchita Dash

An Insight Partners principal says the era of 'dumb payments' is over, and sees opportunities in using machine-learning to combat fraud

Shannen Balogh

Looking for a co-founder? Try Co-founder Dating

Saikat Pyne

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