What exactly is a SaaS Company?

A SaaS (Software as a Service) company provides cloud-based software applications to users over the internet. Unlike traditional software that requires installation on individual computers or servers, SaaS applications are accessed online. 

This model allows users to subscribe to the software on a recurring basis, such as monthly or annually, rather than purchasing it outright. One of the key benefits of SaaS is that it allows organizations to get up and run quickly with a minimal upfront cost compared to traditional software installation.

Zoho

Zoho Corporation, established in 1996, has carved its niche as a comprehensive suite of software solutions aimed at enhancing business operations. The company offers over 55 products across various domains, including Zoho CRM, Zoho Books, Zoho Projects, etc. 

Sridhar Vembu, alongside his brother, founded Zoho in a quest to deliver superior software solutions. Originating from a modest upbringing in Tamil Nadu, India, Vembu’s educational journey led him from IIT Madras to a Ph.D. in the United States, before returning to India and establishing what would become Zoho Corporation​. 

Zoho’s impact is global, with a presence in 150+ countries, over 100 million users, and 55+ products as of January 2024. Zoho is also committed to sustainability, noted by the company’s initiative of installing a 5 MW solar energy farm in India. 

Zoho’s founder, Sridhar Vembu, has been recognized for his entrepreneurial spirit with a Padma Shri award in 2021​. The company has also shown interest in fostering innovation through investments in startups across various sectors, such as GenRobotic and Ultraviolette Automotive.

Khatabook

Founded in December 2018 by Ravish Naresh, Dhanesh Kumar, Jaideep Poonia, and Ashish Sonone, Khatabook digitizes the traditional bookkeeping practices prevalent among Indian MSMEs. 

Khatabook has emerged as a transformative platform for India’s micro, small, and medium enterprises (MSMEs) by offering a suite of digital solutions. At its core, Khatabook provides a digital ledger app, which is complemented by MyStore for creating digital shopfronts, and Pagarkhata for managing staff and salaries. 

This Bengaluru-based company provides tools in over 13 local languages to cater to a wide audience across India. With over 10 million monthly active MSME users, Khatabook has one of the largest networks in the country. They have attracted significant investment, raising a total of $187 million across various funding rounds. Some notable investors include cricket icon Mahendra Singh Dhoni, Y Combinator, Tencent Holdings, and GGV Capita.

Pine Labs

Pine Labs was founded in 1998 in Noida, Uttar Pradesh, by Rajul Garg and Tarun Upaday. Pine Labs is a major fintech player, offering mobile devices that facilitate merchants in accepting credit and debit card payments. 

Pine Labs began its journey focusing on retail point-of-sale (POS) solutions, helping merchants streamline operations and enhance customer service. Over the years, it has significantly diversified its offerings to include cloud-based POS systems, payment gateways, buy now, pay later (BNPL) options, and working capital financing. The company has been at the forefront of contactless payments, QR code-based payments, and NFC technology. 

Pine Labs’ Plutus Smart POS is a notable product that combines traditional card-based payments with newer forms like wallets, QR codes, and UPI, making it a versatile solution. Additionally, Pine Labs’ foray into the Buy Now Pay Later (BNPL) space has been timely, tapping into the growing consumer demand for flexible payment options.

The company raised over $423 million across several funding rounds. Esteemed investors such as Sequoia Capital India, Actis Capital, Altimeter Capital, and Mastercard have backed Pine Labs. Notably, in July 2021, Pine Labs secured $325 million at a valuation of $3.5 billion from Fidelity and Blackrock, among other investors. 

Dukaan

Dukaan provides a no-code platform that enables small merchants to set up their online stores in a matter of minutes, democratizing e-commerce for small and medium businesses across India. The platform offers a range of features, including digital cataloging, inventory and sales management, marketing tools, and online payment gateways. They have facilitated over 1.5 million transactions and a new store is created every two minutes​. 

Founded by Suumit Shah and Subhash Choudhary, Dukaan was born when they realized the difficulties small merchants faced in managing orders and maintaining an online presence.  In a short span, Dukaan has dramatically impacted the e-commerce space, with over 3.5 million sellers using its platform and processing millions of orders. Dukaan’s innovative solution has attracted significant funding, raising $11 million in a pre-Series A round led by 640 Oxford Ventures. 

The round also saw participation from notable investors like Lightspeed Venture Partners, Matrix Partners India, and several high-profile executives including Oyo’s Ritesh Agarwal and Carl Pei, the co-founder and CEO of Nothing.

Facilio

Facilio is a pioneering startup in the field of building or property operations software, leveraging the Internet of Things (IoT) and Machine Learning (ML). They revolutionize how buildings are managed and operated.  With its innovative platform, Facilio empowers real estate owners and operators to efficiently manage their buildings by aggregating data, optimizing performance, and controlling operations from a centralized location.

Facilio was founded by Prabhu Ramachandran (CEO), Rajavel Subramanian (Chief Product Officer), Yogendra Babu (Chief Technology Officer), and Krishnamoorthi (Head of Customer Success) in 2017. This technology helps companies to reduce overall operating expenses and the lifecycle costs of assets. This approach has enabled Facilio to future-proof over 25,000 buildings worldwide through partnerships with more than 50 global partners.

Facilio has raised a total of $42.9 million over three funding rounds. The latest, a Series B round, brought in $35 million on February 22, 2022. This round was led by Dragoneer Investment Group, with participation from Brookfield Growth and existing investors Accel India and Tiger Global Management.