These businesses mainly cater to clients ranging from small and medium businesses (SMBs) to mid-market customers to large enterprises. In India, historically, the enterprise tech category has seen less interest from VC funds compared to the consumer tech category. However, we are witnessing a significant change of the scene since 2018. The enterprise tech category has garnered growing attention from VCs, particularly between 2018 and 2021, with a sizeable spurt in unicorns such as Zoho, Freshworks, Icertis, HighRadius, ChargeBee, Moglix, etc. The emergence of SaaS unicorns from just 1 in 2018 to 13 in 2021 is further proof of this.
And deservedly so, given that India's B2B tech companies are offering globally competitive, cutting-edge products made in India, for India and the world. The belief that Indian founders could not build product companies is clearly a thing of the past, as proven by the likes of Postman and Hasura. In fact, India's SaaS pioneers are well on their way to driving the next wave of enterprise tech innovation. A recent report by Bain Capital on the rapidly maturing Indian SaaS market said that investments in the Indian B2B SaaS space shot up 170% from 2020 to $4.5B in 2021.
Further, Indian B2B techs are demonstrating revenue maturity. Indian SaaS companies are generating value in line with global SaaS peers, with a comparable ARR to funding ratio.
The average seed deal value has also grown by 85% in just the last two years with India's share in the global SaaS market projected to grow to 8-9% by 2025. These numbers are testament to the fact that the enterprise tech ecosystem is showing great depth, rife with increasingly mature companies having demonstrable scale, a rich talent pool, and the advantage of experienced founders with rich global product experience and diverse models, thus invoking rising interest across both early and late-stage investors.
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