Académique Documents
Professionnel Documents
Culture Documents
(iSPIxB2B)
Top 30 Indian B2B Software Product Companies
Valued at $6.2 Billion, and Growing
Oct 14 Edition
Just over 50% provide end-user business applications in segments such as CRM, trading,
collaboration, business intelligence and banking. About 20% are advertising technology companies
and rest are providing enabling technology in infrastructure and tools, including segments such as
security, identity management, developer tools and analytics.
About 70% of the companies are domiciled in India. However, this masks a significant shift since
2009 where a majority of Indian B2B software companies have started incorporating in the US and
Singapore.
What is not in this index is a whole slew of 200+ companies. Many of these started in the 1990s
and 2000s and have failed to scale meaningfully, whether because of lack of channels, lack of large
customers in India or regionally-focused offerings with market size limitations.
What does the future hold? This index represents but a snapshot of where the market is now. Many
of the companies started since 2009 are growing fast off of a small base but are not yet big enough
to be included in this index. We expect more such companies to grow big and start to appear in the
index in the next 12-24 months.
Over time, we expect the index to start representing more horizontal and globally-focused B2B
software companies, many of which we expect to be cloud/SaaS oriented with an equal split
between applications and infrastructure & tools. We also expect the creation of more India-centric
applications software businesses that leverage the proliferation of smartphones in enterprises and
SMBs as well as other India-centric problems.
Putting all this together, we expect the value of the top 30 Indian B2B software product companies
to expand well beyond $6.2 billion (37,500 crores) into the tens of billions as they participate in the
$500 billion (30,00,000 crores) global market for enterprise technologies. We expect companies
iSPIxB2B
Index
Value
Date
iSPIxB2B USD
100
$6.2 Billion
31 Oct 2014
iSPIxB2B INR
100
37,500 Crores
31 Oct 2014
Employee Base
100
18,250
31 Oct 2014
Note: Please refer to the Index Calculation Section for detailed notes on calculations
Top 30 Companies
Based on the data collected, the top 30 companies in alphabetical order are as follows:
Top 30 Companies
Detailed Information about the top 30 companies:
Accelerite (Persistent
Systems)
Profile
Description: Accelerite provides industry leading Endpoint
AdNear
that leverages location and context to power data driven marketing for
advertisers. The companys data platform is built on top of proprietary
technology giving us the strength of location awareness without the need
of GPS or operator assistance.
CEO & Founder: Anil Mathews
HQ location: Singapore
URL: www.adnear.com
Capillary Technologies
Druva Software
Top 30 Companies
Detailed Information about the top 30 companies:
Freshdesk
Profile
Description: Freshdesk is a cloud-based customer support software that
lets you support customers through traditional channels like phone and
email, social channels like Facebook and Twitter, and your own branded
community
CEO and Founder: Girish Mathrubootham
HQ location: Chennai
URL: www.freshdesk.com
Ilantus Technologies
10
Infrasoft Tech
10
Top 30 Companies
Detailed Information about the top 30 companies:
Kayako
Profile
Description: Kayako offers Help Desk Software and Customer Service
Software to Improve customer satisfaction and increase sales, both as
SaaS & On-Premise
CEO and Founder: Varun Shoor
HQ location: London
URL: www.kayako.com
12
Komli Media
13
Manthan Systems
Description: Manthan is the worlds leading producer of Advanced Analytics, Business Intelligence, Optimization and Analytics-driven Execution
solutions for Retailers and Consumer Goods Manufacturers.
CEO and Founder: Atul Jalan
HQ location: Bangalore
URL: www.manthan.com
14
15
Nucleus Software
11
Top 30 Companies
Detailed Information about the top 30 companies:
Profile
Description: Ozone Media is a Global Advertising Technology Company
focused on online advertising.
17
Pubmatic
18
Qubole
19
20
Ramco Systems
12
Top 30 Companies
Detailed Information about the top 30 companies:
Rategain
Profile
Description: RateGain offers hotel channel management, hotel channel
manager and promotion management to travel and hospitality industry.
CEO and Founder: Bhanu Chopra
HQ location: NCR
URL: www.rategain.com
22
23
24
SVG Media
25
Tally
13
Top 30 Companies
Detailed Information about the top 30 companies:
Vizury
Profile
Description: Vizury helps marketers secure customers through
dynamic creative retargeting and display solutions
CEO and co-founder: Chetan Kulkarni
HQ location: Bangalore
URL: www.vizury.com
27
Vserv
28
Wingify
29
Wooqer
30
Zoho Corporation
Please refer to the following sections for the detailed description on the methodology followed in selecting these companies.
14
Index Calculation
The index indicates the change in the sum total of the valuation figures of the top 30 companies
starting at number of 100. The index will be reported in USD and INR.
The index is a price return index(data to calculate total return is not collected)
Component number : 30
Component Selection and Criteria: Described in the following section
Review Frequency: As needed
Calculation Frequency: 6 months
Date of first calculation: 31 October 2014
Company Selection
More than 350 Indian B2B software product companies were identified. The list was compiled from
various internal and external sources. We contacted over 100 companies and gathered data on
a substantial majority of these companies either directly from the companies, their investors or
public markets exchanges. The goal was to identify the top 30 companies in terms of valuation and
use the valuation number to compute the index as described in the previous section.
We included companies that met the following criteria:
66 the company sells software to businesses on a license or subscription basis OR
66 the company provides a B2B service driven through a differentiated software offering AND
66 the company was founded in India or had co-founders who were based in India and elsewhere simultaneously
A few very prominent companies are absent from the list as they declined to participate in the
SPIxB2B project.
15
Data Collected
The following key data was collected from the companies, institutional investors or public sources:
66 Company Name, Profile, Contact Details
66 Headquarters location, Website URL, Founding Year, Legal Domicile, Employee Count
66 Financial Data
Valuation in USD and INR for Institutionally funded companies
Revenues in USD and INR for non-funded companies
Public market valuation in INR for public companies.
Valuation Methodology
We came across three types of companies and arrived at their market valuation correspondingly:
66 Public companies - we used the latest market valuation data from Moneycontrol.com.
66 Recently venture-backed companies - we used the post-money valuation of their latest
financing if the financing was in the past year.
66 Bootstrapped companies or venture-backed companies financing over a year ago - we
derived a valuation using revenue multiples. Revenue multiples by sector were obtained from
reputable investment banks and were adjusted based on differing growth rates. In a couple
of cases, we did not obtain financial data from a company which we thought important to
include in this case, we used publicly available data that may be dated.
We understand that company valuation in general, and this methodology specifically, will not result
in exact results. However, we believe that the results are directionally correct and generally in the
right ball park. We believe these results are of enough quality to support an educated discussion
as well as drive decisions from strategic partners and governments regarding the Indian software
product industry.
Confidentiality
In general, data has been provided by companies and their investors. No company-specific data
obtained for the purposes of this index have been published nor will be published. We are only
publishing aggregate data. We respect the sensitivity of this data.
16
Acknowledgements
We would like to thank all the companies and their investors for sharing data with us. In addition
the authors of this report would like to acknowledge the following people for their contribution and
support to the project.
66
66
66
66
Contact the iSPIx team at ispix@ispirt.in with any questions, comments or suggestions for other
companies to consider for the next edition of the index.
17