Indian software-as-a-service (SaaS) startups have raised $4.5 billion from investors in 2021, three times more than the previous year. The Indian startup market saw 6 SaaS unicorns valued at over $1 billion or more. This was worth more than the last two years combined, which indicates an enhanced momentum in the sector as they approach global markets.

Most SaaS companies have risen from traditional areas like customer relationship management (CRM) and sales activation, but now there are companies in every specialised software. Large SaaS contracts have also happened at aggressive costs at 30-40 times revenue or even more. Companies want to raise rounds based on distant-future predictions and get a mad deal-making scene.

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In the past two years, startups have been building software for domestic markets, Indian customers and businesses where most companies earn their benefits. Firms like Classplus, Khatabook and Darwinbox are making software to digitise industries such as education, bookkeeping and human resources. The companies are generally focused on larger markets like the US, where the software will be adopted more quickly. It is more challenging to convince Indian enterprises or small and medium businesses to adopt the software.