Transcription
A Look at the Technologies andEconomics Powering India’s Progress
State of the Markets: India2
Over the past decade, innovation and policy have converged to shape an increasinglyentrepreneurial and digitally-enabled India. The confluence of smartphone proliferation,affordable mobile data and the establishment of a widely-adopted digital paymentinfrastructure rapidly digitized small and mid-size businesses. The COVID-19 pandemiconly accelerated this trend.In May 2022, India marked its 100th unicorn with a sense of "we’ve arrived,” but this isjust the tip of the iceberg. India is a leader in global SaaS — with the likes of Freshworks,ChargeBee, Innovaccer, Uniphore, and Postman — and has a flourishing domestictechnology market: 83% of unicorns serve Indian businesses and consumers. Foreigndirect investment, boosted by reforms and production-linked incentives, reached 84 billion in fiscal year1 2022. In light of supply chain shocks, companies like Appleand Samsung are seeking to diversify their respective smartphone manufacturingby expanding their operations in India. Through production-linked incentives, the Indiangovernment has taken steps to bolster smartphone manufacturing and establish keyindustries such as semiconductors.India has not been immune to global macroeconomic events such as rising fuel pricesand supply chain congestion. Inflationary pressures prompted the Reserve Bank of India(RBI) to raise rates, as a result public and private markets pull back. For the remainderof 2022, we expect muted private investment, lower company valuations, slowerunicorn creation and delayed IPOs. We don’t expect 2022 to exceed last year’s record 36B of VC investment, but we feel confident Indian VC investment is on track tosurpass the years prior to 2021.Priya RajanManaging Director,Global GatewayNotes: 1) India's fiscal year is April 1 through March 31 the following year.Stateofof thethe Markets:Markets: IndiaState3
India’s Innovation EconomyStateofof thethe Markets:Markets: IndiaState4
Technology as a Percent of India’s GDP6India ranks fifth in the world for foreign direct investment(FDI) inflows. The computer software and hardwareindustries attract the most capital. For example, India isthe second-largest producer of smartphones in the worldbehind China. 5 It edged out Vietnam for this spot in 2018thanks to tariffs in China and government subsidies viaIndia’s production-linked incentive scheme. Apple, whichbegan smartphone manufacturing in India in 2017,announced the iPhone 13 would be produced exclusively inIndia from a Foxconn plant in Chennai. In 2020, Samsungannounced it would move its entire display production unitfrom China to India. Amazon is currently building a 2.8billion data center in Hyderabad set to launch in mid-2022,and Microsoft announced plans to build their own in Marchof this year. In January 2022, Google announced aninvestment of 1 billion in Indian telecom Bharti Airtel.EstimatePercent of population with smartphonesTech as Percentage of GDPEstimateCost of 1GB of data in INR8.3%7.7% 7.9% 7.8% 7.7% 8.0%8.1%8.6% 9.0%9.3% 9.7%UPI Transaction volume in billions2022 Rs 5.1T 4.7T 4.3T 3.9T 3.5T 3.2T 2.7T 2.8T 2.7T 2.7T15% 2.3T66%46%29% 2.1TIndia’s domestic smartphone market is the world’s secondlargest, worth 139 billion in 2021, and is expected to growwith a CAGR of 10.5% to reach 281 billion by 2028. 3Smartphone proliferation has gone hand-in-hand with theadoption of digital payment infrastructure, particularly theUnified Payment Interface (UPI) which launched in 2016. 4In the same year, 86% of banknotes were removed fromcirculation via demonetization. Adoption of UPI grewexponentially, with over 1 trillion worth of transactionsprocessed in the 2022 fiscal year, accounting for about60% of retail payments in India.GDP in USD9.5% 9.3% 2.TIndia currently ranks as the sixth-largest economy globally,growing 45% since 2014 with a CAGR 1 of 5.4%. Tacticalreforms, such as the Make in India initiative, haveincreased the ease of doing business in a country that hasfavorable talent demographics. Over half the population isunder 30, and in the 2019-2020 academic year, India had30.6 million undergraduates, 3.85M are studyingengineering and technology. 2Smartphones, Data, and Payments10.8B18Rs2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023* 2024* 2025* 2026*201420152016Government launchesDigital ance Jio’s free internet1GB of data costspromotion causes mobileequivalent of nineinternet to take offUS centsForeign Direct Investment in India7 82B 74B 60B 61BNetherlands6% 84BOther28%FDI byCountryof Origin2021-22* 62B 56B 2019-20Infrastructure4%Trading7%Cayman Islands6%Mauritius15%Other39%FDI 0-21* 2021-22*Notes: 1) Compounded Annual Growth Rate (CAGR). 2) All-India Survey of Higher Education. 3) Research and Markets 4) Unified Payments Interface (UPI), interbank peer-to-peer and person-to-merchant transactions. 5) Ministry of Electronics and Information Technology. 6) Share of IT/business process managementsector in the GDP of India. GDP is as of the IMF’s latest release April 2022, years 2022 through 2026 are IMF’s estimates. 7) *2021-2022 numbers are preliminary.Sources: IMF, Invest India, Blume Ventures, Statista, NPCI, IVCA, DPIIT, Ministry of Commerce and Industry, and SVB Analysis.Computer Software and Hardware24%State of the Markets: India5
India Up and to the RightThe IT Services sector was in its infancy in the 1990s and the focuson talent, quality, customer value, entrepreneurship and newbusiness models has enabled it to be the mainstay of India’s techsector in over 3 decades. Over 90 percent of Fortune 500companies partner with the sector which has now transitioned tobecome a hub for digital transformation.Debjani Ghosh,President NASSCOMAccelyaSolutionsIPOIndia 1.0: IT Services - We serve. You make. You sell.While Covid in India was particularly harsh on people, the techIndia 2.0: India a development hub - We make. You sell. sector benefited immensely not just from accelerated adoption ofIndia 3.0: Made in India for the world - We make. We sell. digital channels. Everything being remote meant a more evenplaying field. This along with a more open market outside India,and increased availability of capital meant a set of companiesfrom India started expanding regionally and globally.Deep Nishar,GV Ravishankar,Managing Partner General CatalystManaging Director Sequoia IndiaRBI permitsconvertible notesfor investmentin startupsInfosys becomesthe first Indiancompany listedon NASDAQ.1999Microsoft,IBM, Intel,& Motorolabeginoperationsin IndiaGECIS hires6,000employeesto becomethe largestIT servicesproviderin IndiaAccentureFlipkartand Dellfounded inlaunch ce ofInnovationIncreasingGooglelaunches R&Dcenter in India2000IT-BPMsurpasses2 millionemployeesin India200921MSmartphonessold in India2011IndiaStack push begins.Aadhaar biometric IDsystem is launched. 1.21Bholders as of October dNetworkEstablished2014Make In 00,000 villagesZomato,Quikr, Ola,Paytm reachUnicornstatusLaunchof DigitalIndiaSwiggyreachesUnicornstatusThis is the decade the world will recognize India as aproduct nation. We have a rich legacy of engineering,but what will power the next generation of SaaScompanies is world-class product design that makesthe customer experience ridiculously easy forcompanies of all sizes.Girish Mathrubootham,Founder and CEO of miconductorconsortium)plans 3 billionFreshworksUSD cilitystatusIncentive Schemecommits 10billionReserve BankPaytmDelhivery IPOof India (RBI) USD to electronicsreachesandchipDragon status launches60 unicornsmanufacturersInnovationcreationHubSoftbank Visionbetween 2021Freshworksfund opensand 2022 YTD3becomes firstRelianceoffice in MumbaiRetail reaches Indian SaaS startupDragon status to list in USWalmartpurchases 77%RBI launchesstake in FlipkartStartup India SeedFund Scheme20212019202020182016Demonetization of 86% ofbank notes and Launch of UPItransaction platformThe Ministry of Micro, Smalland Medium Enterpriseslaunches ASPIRE Fund with 8.9 million USD to invest inentrepreneurship in rural IndiaBYJU’S reachesDragon status2015Early Years of Digital Transformation2020MobileSocial MediaRise of India SaaSNotes: 1) Unicorn is a private company valued over 1B. 2) Dragon is private company that raises 1B in a single round. 3) Unicorn count as of 06/02/2022.Source: YourStory, The Juggernaut, Inc42, Tracxn, SVB Analysis.State of the Markets: India6
Investments, Funds, and ExitsStateofof thethe Markets:Markets: IndiaState7
In tier-2 regions higher internet and smartphonepenetration is sparking an explosion of talent andinnovation. Emerging sectors, such as gaming, NFTsand the creator economy, are opening up newavenues for wealth creation.JaipurThe Indus ValleyVani Kola, Founder and Managing Director ofKalaari Capital“Indus Valley” was coined by Blume Ventures as a monikerfor the Indian Startup ecosystem. It spans from tier-1 cities— major metros designated by population: Bengaluru,1Chennai, Delhi-NCR,2 Hyderabad, Kolkata, Mumbai,Ahmedabad, and Pune — to rural hubs. Much like the riseof emerging hubs in the US (Atlanta, Austin, Miami), tier-2cities like Jaipur, Kochi, and Indore are gaining a reputationfor their startup scenes. Lower cost of living, access totalent, and a reduction in the digital infrastructure gap havelaid the foundations for startups based in tier-2 cities tothrive. Local incubators such as TiE-Rajasthan, The KeralaStartup Mission, and Indore Smart Seed act as catalystsproviding programming, space, and support.Startup India, a flagship initiative of the Governmentof India launched in 2016, recognizes over 70,000active startups. The venture-backed technology segmentof this population makes up approximately 10%.Entrepreneurship is a national priority, which bolsteredIndia’s emergence as one of the largest global innovationecosystems. The Indian Institute of Technology (IIT)dominates the innovation ecosystem with 23 campuses.IIT is known for having in-house accelerators and a robustfunding network, including IvyCap Ventures (anchored bythe IIT Alumni Trust) and the nonprofit IIT Accelerators,which provide funding specifically for IIT students andalumni. Of India’s 100 unicorns, 73 were founded by IITalum. The Indian Institute of Management (IIM), is a topbusiness school, which has expanded to 20 campuses.The Birla Institute of Technology and Science, Pilani (BITSPilani) was founded in close partnership with MIT and hassince expanded to four campuses. The Indian Institute ofScience Bengaluru was the top-ranked university in thenation in 2021. CISCO, Google, Meta, and Microsoft allhave dedicated India accelerators and innovation labs. ForY Combinator, a prominent US-based incubator, Indiancompanies represented the largest portion of non-USbased companies in their last several cohorts. The startupecosystem spans the entire subcontinent, builds newmarkets, and unlocks innovation and talent.BengaluruDelhi NCR27%Delhi 2%Kolkata1%AhmedabadKolkataBengaluruMumbai39%Delhi NCRIndore30%MumbaiPune6%Chennai5%Rest of %Delhi NCRMumbaiRest of IndiaHyderabadKochi25%14%8%VC-Backed Tech Startups7%KeySaaSOtherEcommerceWeb 3MarketplacesFintechDeFiEdtechClimate Tech28%25%12%7%7%7%6%4%4%IIT CampusIndian Institute of Science Bengaluru10Notes: 1) Bangalore was renamed Bengaluru in 2014. 2) NCR stands for National Capital Region and includes cities Delhi, Faridabad, Ghaziabad,Gurugram, and Noida. 3) Location of HQ offices of private VC-backed technology companies founded since 2015. 4) Company formation by year forfunded companies.Source Pitchbook, Tracxn, SVB Analysis.1005001,0002,000BITS CampusState of the Markets: India8
Notable Recent FundsIndia Focused VC and PE Growth Funds2Total Fund Size USDFund Count76In 2022, there was a large increase in India focusedfunds raised. International firms often invested inIndian companies out of global, Asia, or nongeographic specific funds. Now we are seeing firmsbuilding out specialized teams — often on the ground— to invest across the Indian innovation landscape.Silicon Valley VC funds have a long track record ofinvesting in India. Notable US investors have longrecognized the opportunity India presents, with manymaintaining a presence in the country for over adecade. Lightspeed India Partners has been activesince 2004. Sequoia India, the most prolific investor,established its India presence in 2006 with theacquisition of Westbridge Capital Partners. In June2022 Sequoia India closed 2B in funds to invest inIndian companies across stages. Accel formed itsAccel India Venture Fund in 2008 by acquiringBengaluru-based Erasmic Ventures. Bessemer beganinvesting in 2006 and raised its first India-specific fundin 2021. Softbank, the largest foreign investor in India,deployed approximately 14 billion over the pastdecade in India. General Catalyst has picked up thepace; in 2022 they began building a dedicated teamfor India investments. In October 2021, a16z madeits first investment in India, with suggestions of moreIndia activity to come. Consistent with the US, top PEgrowth investors are investing in crossover VC dealsin India. General Atlantic, Insight Partners, and TigerGlobal made a combined 198 investments in Indiain 2021. Tiger Global was the most active investorby value in 2021, deploying 2.3 billion across62 deals. However, due to recent declines in publicmarkets, crossover investors are reevaluating theirprivate market strategy, for instance Tiger is investingin more early-stage deals.3521262619Nexus VenturePartners IVElevationCapital VIIIBlume VenturesFund IV202220222021 450M 670M 200MAccelIndia VISequoia CapitalIndia VIIGrowth FundLightspeedIndiaPartners III282011 0.6B 2.8B 1.6B 3.1B 2.9B 3.3B 1.5B 4.2B 202020 550M 825M 270M1. Fund name 2. Vintage 3. Fund Size 4. Office PresenceProlific Investors In India2India Focused FundsSize of Funds USD914985Year of FirstIndia Fund 1.6B 0.3B19991997 0.9B2007 1.7B20067644 1.1B2015 7.6B 2.2B 2.2B2007200120083 1.0B2006 0.4B2011HQ CountryNotes: 1) A crore is a unit of value equal to ten million rupees or 100 lakhs. 2) Fund count is based on publicly reported funds, closed,raising and announced. Fund size is based on a blend of closed size and target size depending on data availability. YTD as of 06/02/2022.Source: Preqin, SVB Analysis.State of the Markets: India9
Top Recipients of Global VC Investment2Total VC Investment in India1VC Investment USD2021 VC Investment USDDeal Count 341BReforms, such as the 2013 Companies Act, have increasedtransparency and accountability, fortifying investorconfidence. In May 2022 (five years after the US withdrewfrom the Trans-Pacific Partnership 4) the US launched theIndo-Pacific Economic Framework (IPEF), a trade agreementwith India, Southeast Asian nations, Australia, New Zealand,Japan, and South Korea. The digital economy and climateinitiatives are core components. The MENA region is anincreased source of LPs and direct investment, such asthe Investment Authorities of Abu Dhabi, Kuwait, andQatar. In February 2022, the UAE and India signed theComprehensive Economic Partnership Agreement (CEPA)aimed at boosting non-oil trade (technology being a keypillar) from 60B per year to 100B in five years.1,958Growth in VC InvestmentH1 vs H2 20211,2081,2251,3901,457870 115B 89B 58B 12B 36B 39B 11B 4B 19B 12B 9B 17B 19B 36B 14B201720182019202020212022 YTD20172021Median Tech VC Deal Size and Post-Valuation by Country/Stage2Angel & SeedMedian Post ValuationVC investors perceive India as an alternative to China.Over the past 16 months, China enacted sweeping techregulations, caught headlines for shutting down EdTechcompanies, levied fines on large tech companies afterantitrust probes, and proposed sweeping data privacyregulations. Against the backdrop of continued COVID-19lockdowns, VC investment in China grew 7% between thefirst and second halves of 2021 – a significant slowdowncompared to growth of 110% between the first and secondhalves of 2020. Meanwhile, VC investment in India increased160% between the first and second halves of 2021.2,128160%7%Median Deal SizeIndia captured 36 billion in global venture capital in 2021.Valuations are modest compared to the US, however leadingIndian SaaS companies have valuations and revenues in-linewith their US counterparts. 3 Modest valuations provideopportunities for foreign investors in addition to the strongdomestic investor community. Praxis’ ‘India InvestmentsPulse 2020’ states more than 50 international investorsmade their first VC or PE investment in India in 2020.EstimateEstimate 31B2017 VC Investment USDEarly-StageLate-Stage 500M 400M 300M 200M 100M 0M 25M 20M 15M 10M 5M 0M2017202120172021201720212017Notes: 1) Pitchbook data as of 06/02/2022 all industries 2) Pitchbook, data as of 06/02/2022, Information Technology. YTD as of 06/02/2022 3) US comparablesSVB’s State of SaaS, India comparables Shaping India's SaaS Landscape 4) The Trans Pacific Partnership was a trade agreement between Australia, Brunei,Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States signed in 2016 but the US withdrew in 2017.Source: Pitchbook, SVB Analysis, Tracxn, SaaSBOOMi.2021State of the Markets: India10
India’s Unicorns, Soonicorns, and Minicorns2B2BB2CBusiness Modelby Market ServedFlipkartThe number of India’s venture-backed tech IPOs hasbeen modest compared to the US, but in 2021 therewas an uptick, thanks in part to new Securities andExchange Board of India (SEBI) rules that allow loss-makingcompanies to go public if 75% of shares are allocated toqualified institutional buyers. As of June 2022, six Indiantech companies went public, while 14 have filed with theSEBI. This includes BYJU’S which plans to go public via aSPAC on the NYSE as well as listing on the BSE. Conversely,Oyo has delayed IPO plans until 2023. Flipkart (India’smost valuable private company) plans to IPO in 2023.Global 17%17% 15BPaytm60%23% 10BDomestic 83% 5B B2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD2023Unicorns By Year MintedTech Exits: IPOs vs M&A 2015-2022IPO20216 202020520196201882017102016122015721 Acquisitions Including:PhonePe, SastaSundar,Yaantra, Mech 75955Select IPO and M&A Transactions4Top Tech Acquirers3M&AAnticipated IPOs 52022 YTDSoonicorns and Minicorns By Year MintedIndian public markets are highly exposed to foreigninstitutional investors which comprise approximatelyone-fifth of share ownership on the National Stock Exchange(NSE). In 2022, foreign institutional investors withdrewmore capital in the first five months than they investedbetween 2009 and 2021. Domestic retail investing providedsome cushion for now; share ownership is at an all-timehigh (7.42% of the NSE as of March 2022). However, RBI’sinterest rate hikes mixed with a continued downturn maydrive a sell-off by retail investors. India’s two main indices,the Nifty50 benchmark for the NSE and the SENSEX 30for the Bombay Stock Exchange (BSE), are both down13% YTD. By comparison, the S&P 500 and NASDAQare down 23-27% YTD 6.2022 YTD 20BLatest Valuation USDIn May 2022, India celebrated its 100 th unicorn — thethird-highest count behind the US and China. Waiting in thewings is a robust pipeline of “soonicorns” and “minicorns.” 2While the achievement was celebrated by the ecosystem,it remains to be seen if the public markets will embracethese companies. In May 2022, Delhivery, whose sharespopped 10% on its first day of trading, is now down 13%.Life Insurance Corp. – India’s largest IPO ever – fell 8%on the first day of trading and is now down 20%.Minicorns16 Acquisitions Including:Common Floor, Zefo,Graphouse, Babajob.com18 Acquisitions Including:Toppr, WhiteHat Jr, HelloEnglish, Whodat14 Acquisitions Including:Exclusively, TargetingMantra,Phone Warrior202120212021 1.57B 1.3B 950MExchange:Exchange:Stock Exchange:BSENasdaqBSECurrent Market Cap:Current Market Cap:Current Market Cap: 6.60B 3.21B 3.31B202120212021 510MPrice 200MPrice 250MAcquirer:Acquirer:Acquirer:Modern TimesGroupBYJU’sBlackstoneGroupNotes: 1) “Make in India” is an Indian government program. 2) YTD as of 05/04/2022. Soonicorns are companies with high valuation and good chances of soonbecoming unicorns. Minicorns are early-stage companies that have the potential to be unicorns in the long term. Determined by Tracxn’s proprietary analysis. 3)All-time acquisition by India-based VC backed tech companies as of 06/17/2022. 4) Market cap as of 06/17/2022. 5) Based in preliminary documents filed withthe SEBI.6) Indices are as of 06/17/2022 Source: Tracxn and SVB Analysis.State of the Markets: India11
India’s Global PresenceStateofof thethe Markets:Markets: IndiaState12
The success of the Indian tech diasporaover the past four decades bodes well forIndia as it emerges as a global tech power.Notable CEOs, Leaders, and Investors2Fortune 500 CEOsIndia has the world’s largest diaspora. The UN estimatesthat 18 million Indians live abroad, and that number nearlydoubles to about 32 million when accounting for people ofIndian origin. The diaspora has created a global communitywith shared roots that strongly emphasizes educationalachievement and entrepreneurship. For example, Indianstudents make up the second largest international studentpopulation in the US, 3 and of the 500 unicorns founded inthe US between 1999-2019, 90 of the 1,078 founders areIndian immigrants. 4 These synergies have helped create anetwork of tech leaders internationally and within India.Indian nationals and people of Indian origin lead some ofthe largest companies within the Fortune 500, representinga combined market cap of over 4.2 trillion 2. India’sgovernment and private sector seek to tap into the potentialof India’s global network to foster innovation. The fifthScience, Technology, and Innovation Policy (STIP),implemented in mid-2020, provides fellowship andinternship opportunities to support researchers, scientists,and engineers who want to return to India from abroad.Technology and talent flow seamlessly between India andSilicon Valley. Organizations such as Indiaspora, USISPF,TiE, and SaaSBOOMi have developed close relationshipsbetween the two technology hubs to encourage crossboarder flows. The India office is no longer the back officeor service provider, but rather a strategic arm of a highgrowth organization. Companies including Freshworks,Postman, ChargeBee, and Druva have established a strongdual presence. Returning entrepreneurs and investors, suchas Lightspeed’s Hemant Mohapatra and VaibhavDomkundwar of Better Capital, have made outsizecontributions to India's tech scene. The return of talent is apromising sign that the narrative of brain drain from India isreversing course.2%Forbes Midas List13%Sundar PichaiIndia - a power house of human resourcesand talent combined with industry/ businessfriendly policies and Incentives, India isemerging as a favorite destination for globalentities.Navin ChaddhaSatya NadellaNeil MehtaArvind KrishnaSatish DharmarajForbes Cloud 100 CEOs16%MR Rangaswami, Indiaspora ForumCorporate Eco Forum (CEF)Sand Hill GroupAmbassador Dr. T.V. Nagendra Prasad,Consul General of India, San FranciscoProminent Women LeadersGirish MathruboothamAnjali Sud - CEOJayshree Ullal - CEOSanjit BiswasDebjani Ghosh – PresidentLeena Nair - CEOVani Kola – Founderand Managing DirectorRoshni Nadar Malhotra ChairpersonBipul SinhaFalguni Nayar – CEO & FounderIndra Nooyi - Formerchairperson and CEOCross-Border Organizations Supporting Indian InnovationPublic andPrivate s: 1) Bharat is the Hindi word for the country of India and is pronounced with an emphasis on the first syllable 2) Indian heritage determined by publicbiographies and team knowledge. 2) Market Cap as of 06/01/2022. 3) 2021 Open Doors Report. 4) Study by Professor Ilya A Strebulaev Stanford.Source: 2022 Fortune 500 List, 2021 Cloud 100, 2022 Midas List, SVB Analysis.State of the Markets: India13
India: A View from the TopStateofof thethe Markets:Markets: IndiaState14
India 2022 and Beyond PredictionsRecent trade deals with UAE, Israel,Australia, and US, including the IndoPacific Economic Framework emphasizethe digital economy.India estimates its semiconductor marketwill reach 63 billion by 2026. In 2021, TheIndia Semiconductor Mission (ISM)allocated 10B to help companiesestablish manufacturing in India. In 2022,Vedanta and Foxconn announced plans fora 20B plant in India, and the ISMCannounced a 3B chip fab.Flipkart and Freshworks talentmafia, Razorpay’s Mars ShotFund, Lightspeed India’s#comehomeandbuild initiative.Source: SVB AnalysisDigital infrastructure initiatives spurdevelopment: 1T UPI transactions inFY-22, 1.3B Aadhar ID holders as ofOctober 2021, 418M Jan-dhan bankaccounts opened as of December2021, Tax eFile launched June 2021.The fintech market in India isestimated to reach 1.3T by 2025.RBI’s Payments Vision 2025 initiativeaims to increase digital transactionsby 3X.New initiatives like National HydrogenMission and Green Open Access Rules.Startups such as Ayana, Ola Electric andAbsolute.I am a firm believer in the power oftechnologies such as automation, AI andweb3 to enable new digital solutions forIndia’s 70M SMBs most still operateoffline. There is plenty of whitespace forsoftware to turbocharge their growth inthe coming decade.Vani Kola, Founder and managing directorof Kalaari CapitalIndian SaaS community is wellpositioned to provide capital efficientgrowth model for enterprise software –Robust product combined with digitalgo to market unlocking global scale.Manav Garg, CEO & Founder Eka,Founding Member SaasBOOMiStartup-driven innovation isaccelerating access to jobs and criticalservices such as education, financialservices, logistics, and healthcare forIndia's large citizen base as well assmall businesses and corporations.Dev Khare, Partner at Lightspeed IndiaState of the Markets: India15
India Subject Matter ExpertsMarket Insights Research TeamPriya RajanElla-Tamar AdhananMussa SeidLiz CahillStef SantaguidaManaging DirectorGlobal Gatewayprajan@svb.comVice PresidentGlobal Gatewayeadhanan@svb.comAssociateGlobal Gatewaymseid@svb.comSenior ResearcherMarket Insightslcahill@svb.comResearch SupportMarket Insightsssantaguida@svb.comState of the Markets: India16
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Ahmedabad Chennai Pune Hyderabad Mumbai Delhi NCR Bengaluru "Indus Valley" was coined by Blume Ventures as a moniker for the Indian Startup ecosystem. It spans from tier-1 cities —major metros designated by population: Bengaluru,1 Chennai, Delhi-NCR,2 Hyderabad, Kolkata, Mumbai, Ahmedabad, and Pune —to rural hubs. Much like the rise
