California-based SaaS company Freshworks is aiming for a valuation of $9B in its US initial public offering, from which it hopes to raise $800M. The company hopes to sell 28.5mn shares in the range of $28 to $32. If it’s able to sell at the top range, it will raise up to $925mn. The startup, which had filed paperwork for an IPO in late August, has applied to list its shares on NASDAQ under the name FRSH.
Raising $225mn in a funding round, Application Programming Interface platform Postman has become the most valued software-as-a-service (SaaS) startup in India at a $5.6 bn valuation. The firm overtook BrowserStack which was valued at $4 bn in June. Valued at $2bn a year ago, it raised $150mn from Insight Partners, among others. The Bengaluru-based company plans to use the fresh funds to expand its team.
Chiratae Ventures and consulting firm Zinnov, in a report, said that India’s SaaS market has the potential to reach revenue of $75bn by 2025. It can also create a market capitalization of over $1.3 tril and take over 19% of the global software market. The report suggests that even if the CAGR of 51% is maintained the revenues could reach $42 bn by 2025. The employment could grow to 260,000 by 2025. The industry is expected to cross the $1 tril mark by the end of the decade.
Microsoft said it is going to offer Windows OS as a cloud-based service to enable easy access to business apps that require the OS from a wider range of devices. The new service is planned to be launched on August 2 and will be called Windows 365. The new service is similar to virtual and remote desktops but without large IT department setups. Microsoft is hoping small businesses and schools can put this to use with a predictable monthly bill.
A report by SaaSBoomi says, the Indian SaaS market has the potential to reach $1.3 tril valuation and may employ 500,000 by 2030. The revenue growth by the end of the decade could be $50-$70bn. At present, there are 1,000 SaaS startups in India with 10 unicorns employing 40,000 people. Despite the pandemic, SaaS firms managed to raise $1.5 bn last year. Investment needs to grow by 3-4x, talent by 3-6 x while unicorns need to expand by 10x.
Infosys Finacle announces its digital banking software-as-a-service offering for urban cooperative banks in India. The platform has been adopted by Vidya Sahakari Bank, Urban Cooperative Bank, Bareilly, and Zoroastrian Cooperative Bank. The end-to-end digital banking solution suite includes Finacle Core Banking and complementary solutions from SIPL, with solutions like ATM switch, mobile banking, internet banking.
Web and mobile testing platform BrowserStack has raised $200mn at a valuation of $4bn. BrowserStack has now overtaken FreshWorks as the most valued SaaS company from India. It will also become the 7th unicorn SaaS firm in the country. Fresh funds will be used for cloud testing, increasing the product suite, and doubling the present team size of 800 in the next 18 months. It will also add more data centers to its network, which is at present 15.
DigiBoxx, a local public cloud storage service, has surpassed one million subscribers just six months after launching. Amitabh Kant, the CEO of NITI Aayog, has launched DigiBoxx in December last year. The cloud-based platform provides a SaaS offering for digital file storage, sharing, and data management. The company claimed that more than 16% of users are active on a daily basis. DigiBoxX offers monthly and yearly subscription plans starting at Rs 30.
Commvault’s has expanded its Metalic software as a SaaS portfolio combined with an Intelligent Data Services Platform. Commvault is introducing Metallic backup for all three Microsoft clouds -Dynamics 365, Office 365, and Azure. Metallic is being integrated with Commvault HyperScale X to offer what they call “Power of AND” to its customers. The new platform will have services like Data Management, protection, compliance, transformation, and Insights.