SaaS founders are grabbing talent amid tech layoffs
SaaS) startups that continue to attract investors despite a funding winter are ramping up hiring in a job market flooded with resumes amid layoffs by bigger tech players. Founders of enterprise software and SaaS startups that ET spoke with confirmed active hiring as access to talent across functions of engineering, product, sales and marketing of technology products has increased significantly in recent months.
Hevo Data, a Peak XV Partners-backed data management SaaS startup, was finding it hard to even interview candidates just 6-9 months ago as they demanded to know possible offer and associated pay scales even before being interviewed, said Manish Jethani, cofounder and CEO of Hevo Data. “But now, candidates are not seeing whether you are a unicorn or if you have a fancy office,” he said.
“They come and ask about the people they are going to work with (and) how they are going to operate in their role.” Enterprise software founders attributed this change in attitude to mass layoffs by many late- and growth-stage startups as well as legacy technology companies.Also read | Bessemer says India SaaS is on track to touch $50 billion by 2030 At the same time, several enterprise SaaS companies are hiring talent as they prepare for market expansion and product development. The industry has the advantage of being the largest chunk of upstarts in attracting venture capital funding.
In the second quarter of 2023 ended June, the enterprise software category managed to pull in 62 funding rounds, exceeding other categories such as edtech, mobility, and ecommerce, as per Tracxn data. In the previous quarter ended March, the sector was second, with 73 funding deals, to B2B ecommerce that had 88 deals.
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