A Wetland for SaaS in India
India recently celebrated its 100th unicorn when neobanking fintech portal, Open, raised fresh capital to push its value to over a billion dollars. Remember, just five years ago. India had only 14 unicorns. It’s pretty clear that the country now has a better setting for startups to thrive. In fact, the major wedge of the 100 belongs to Bangalore and
Mumbai. Understandably, most of them belong to the digital ecosystem.
The Indian software-as-a-service(SaaS)industry has made the most of this favorable ecosystem. India is currently home to 17 SaaS unicorns, with the entry of companies like PostMan, MindTickle, Browserstack, and many others.In fact Indian SaaS companies in particular, are making a global impact. It is reported that the SaaS revenue is growing 20 percent every year globally and is expected to reach $300 billion by 2024.
So, what works so well for companies in the industry? It is a common trait that most successful SaaS companies bank on a mature land-and-expand sales strategy. It implies that you should have a genuine strategy to grow your customers’ value and increase revenue through existing customers as a SaaS provider. Yes, it’s the genuine approach we are talking about, offering a suite of products to upsell or striving to draw more usage and thus pricing your product on usage. The organizations that can drive and increase revenues from their existing customers and products (rather than only by acquiring new customers) can thrive and unlock scale seamlessly. Products like Zoom, Slack, and Figma are great examples of success with product-led growth strategies.