Bessemer says India SaaS is on track to touch $50 billion by 2030
Bessemer Venture Partners (BVP) on Monday projected that the Indian SaaS industry is expected to reach $50 billion by 2030, and Indian SaaS companies and unicorns to generate revenues of $20-$25 billion by 2030. In 2022, the market was at $13 billion, as per the report. A significant chunk of the companies that will contribute to the $50 billion annual recurring revenue (ARR) tally will be ones who would not have exhausted any more than $100 million of equitybased capital by 2030, BVP partner Anant Vidur Puri told ET.
The Bengaluru-based firm said that Indian SaaS companies have a unique efficiency advantage that will allow them to benefit in the current macroeconomic climate. Additionally, a rich pool of artificial intelligence and software talent in India has positioned SaaS companies for strong growth, it added. While there were no new unicorns –a privately held startup with a value of over $1 billion – in 2023, BVP reported addition of three new centaurs – private SaaS businesses crossing a $100 million ARR mark – in 2022.
The three were Chargebee, Gupshup and Postman. “Three centaurs on a base of eight is actually almost a 37% increase in centaur creation. The ecosystem is growing really strongly, you've got more companies selling more software, generating more revenue.
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