CIOReviewIndia Team | Monday, 09 November 2020, 13:09 IST
Cloud-based software as a Service (SaaS) firms and digital apps saw an increase in growth on the back of higher adoption as companies continue to digitize and automate.
Given they lend themselves well to remote working and work from home scenarios which is accentuated by the covid-19 pandemic, enterprise software apps raised higher funding this year as well.
According to data by Tracxn, SaaS companies and digital apps raised around $2.10 billion in funding between January and October compared to $1.70 billion in 2019. "The pandemic has changed the way businesses approach customer engagement. It accelerated the need for tools that enable businesses to connect and serve customers, irrespective of where their customer-facing teams are based," said Sidharth Malik, chairman, Freshworks India, that provides customer engagement software for businesses.
“Being asset light, having recurring revenue models and quick adoption makes them attractive for investors that are funding these companies these days," says Jatin Desai, managing partner, Inflexor Ventures.
“Digital transformation that companies are going through is triggering a greater need for Saas startups to support these requirements for both consumers and businesses. To serve the B2C wave, a fair amount of tech, software and solutions is needed and enterprise apps is doing exactly that, so the growth and investment in this sector is not surprising," says Ankur Pahwa Partner and National Leader – E-Commerce and Consumer Internet, EY India.
“Digital adoption is in many ways on steroids and that is helping these companies with their differentiated software solutions coming to the fore," added Pahwa.
Further, with increasing adoption of the app by merchants, Ledger management mobile app Khatabook that started 18 months back helps small businesses digitize their accounting process.
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