According to a new estimate released on Tuesday, the Indian software-as-a-service (SaaS) market is expected to exceed USD 100 billion in revenue by 2026, surpassing China as the world's second largest SaaS nation. Freshworks and other early SaaS startups are fetching unicorn values and successfully listing on public markets. According to the Chiratae-Zinnov research, the industry aims to attract a substantial private capital infusion of close to $6.5 billion in the coming year alone, a 55 percent increase over last year's $4.2 billion. Profitability has become a realistic milestone for SaaS startups as the sector evolves, and they have cracked the corporate dilemma with over 40% revenue contribution.
"With over 35 SaaS firms in our portfolio, India is a worldwide SaaS leader, and Chiratae Ventures has been privileged to be at the centre of this booming momentum," stated Sudhir Sethi, Founder and Chairman of Chiratae Ventures.
According to the survey, the next wave of digital talent will come from tier 2 and 3 cities, with a pool of three million digitally skilled workers ready to help SaaS companies expand up in the coming years.
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