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Madeleine Desmond

Signal Hill India and iSPIRT Release First-Ever Benchmarking Survey of the Indian SaaS Market

Published on: 10/19/2015

BANGALORE, INDIA—Signal Hill India, India’s largest software investment banking advisory practice, is pleased to announce that together with its partners at iSPIRT, the Indian Software Product Industry Round Table, it has recently released the first “India SaaS Survey”. The Survey will become an annual franchise, updated and expanded as the Indian SaaS (software as a service) ecosystem continues growing.

“The Indian SaaS ecosystem is young, and draws from a strong talent pool with successful role models to emulate, but to date it has lacked the market data available in mature markets,” said Nishant Malhotra, Vice President at Signal Hill and a co-author of the survey. “Our survey bridges this gap and provides operational and financial benchmarking data to executives and investors.”

The Survey is based an analysis of data provided by around 50 participating companies, as well as interviews with CEOs of leading Indian SaaS businesses.

"I am happy that Signal Hill has taken the initiative to overcome the paucity of credible benchmarking data for SaaS companies out of India with the India SaaS Survey, which I believe will be extremely relevant for the ecosystem,” said Ambarish Gupta, CEO of Knowlarity Communications.

Major findings include:

·         Companies offering a single SaaS product reported higher median growth rates: 225% for single-service companies, compared with 100% for multiple-service. Survey respondents agree that focus can be a benefit, helping start-ups scale through a better market fit.

·         The companies surveyed included both “Pure” and “Partial” SaaS players: companies reporting greater or less than 75% of overall revenues. Signal Hill expects to see a greater percentage of pure SaaS players in future editions as most software applications move toward a SaaS model.

·         84% of respondents are planning on a global expansion, and North America narrowly edges India as the top target geography at 40% to 37%.

·         A majority of respondents Chennai as the hub of the SaaS industry in India, citing talent and the presence of “role model” companies.

To download a copy of the report, please visit: If you have questions or suggestions, please contact:

About Signal Hill 

Signal Hill, named 2014 Boutique Investment Bank of the Year by the Global M&A Network, is a leading independent advisory boutique serving the M&A and private capital raising needs of growth companies. Signal Hill’s experienced bankers provide deep domain expertise and an unyielding commitment to clients in our sectors: Internet & Digital Media, Internet Infrastructure, Services and Software. With more than 600 completed transactions and offices in Baltimore, Bangalore, Boston, Mumbai, Nashville, New York, Reston and San Francisco, Signal Hill leverages deep strategic industry and financial sponsor relationships to help our clients achieve Greater Outcomes®. For more information visit

Signal Hill India and iSPIRT Release First-Ever Benchmarking Survey of the Indian SaaS Market