India has been growing into one of the biggest SaaS superpowers in the world. As per McKinsey, India’s booming SaaS industry is expected to reach $50 BN in ARR (annual recurring revenue) by 2030. This growth has been in the making for the last 10 years, leading to a transformative shift in the software ecosystem. This is owed to the accelerated adoption of digital transformation technologies including cloud computing.
SaaS, which is software-as-a-service, is a favorable delivery model for businesses of all sizes as it eliminates the hassle that legacy, on-premise applications bring. SaaS is an ideal option for startups and small businesses who don’t have deeper pockets to invest in large enterprise software. Given the opportunities, the market today is crowded with a wide range of B2B SaaS companies in India.
If you are a startup looking for an ideal SaaS company in India for your business requirements, read this checklist to help you identify the right pick.
Choosing the Right SaaS Company
Understand your needs
Even before you go out into the market to pick one of the best B2B SaaS companies in India, you will need to evaluate the available options by doing some internal research. It is important to understand your business objectives, requirements, and the pain areas that you want a SaaS company in India to solve. Once you determine what type of solution is an ideal fit for your business, you can narrow down the options.
Determine the budget
As a small business or a new entrant, you might have a limited amount of cash to burn through for a SaaS application. Instead of picking a solution and then negotiating the best pricing, you should go the other way around. It means determining a budget beforehand and then looking for options that suit your business needs as well as financial limitations.
Evaluate the scalability
One common trend that we have seen in recent years is that when startups grow, they do so exponentially. As your business grows, your operations and everything associated will grow. So should your SaaS option. Most B2B SaaS companies in India may not accommodate or match up with the pace of your growth. Find one which will grow with you. Check the features, pricing, and customer service too. Make sure the SaaS option you choose will be able to keep up with your changing business needs.
Choose a niche player
Identify a SaaS company in India that understands the nitty-gritty of your business and industry to offer a personalized solution. Generally, B2B SaaS companies tend to cater to businesses across industries but end up building generic software that doesn’t tackle the challenges of any niche. Therefore go with a player who has a singular industry focus.
Opt for a customizable solution
While it closely aligns with the earlier point, customization requires special mention and attention. Even if a SaaS company in India has a niche product, every business is unique and so are their processes. Selecting software that can be tailored to your requirements and culture will be a massive plus. It will save you time and effort, as you won’t have to spend time customizing the software to fit the needs of your business.
Capability to integrate or interoperate
Businesses don’t rely on one SaaS company in India for all their business requirements. Instead, they break it down to department-level. This means a company could be working with three or more different solutions. If all of these can be integrated or interoperated, it will be a massive boost to your operational and management ease.
Security and compliance are a must
Every B2B SaaS company in India or otherwise must comply with regular industry regulations along with national laws when dealing with customer data. Although every company claims to be compliant with all the necessary regulations, it is always a good idea to verify their security stance.
While these are the top ‘must haves’ when looking for a SaaS company in India to collaborate with, we have also compiled a short list of ‘good to haves’.
- Make sure that the SaaS company can be trusted to provide a seamless and disruption-free service. Downtimes could prove to be an expensive affair for your business.
- Ensure that the customer support they offer is of fine quality and is available to assist with priority. In times of emergencies, you will need a partner you can rely upon to provide swift technical support.
- Even if your team is highly technical in handling a complex piece of software, having an intuitive and easy-to-use solution will improve their productivity significantly.
- Pick a SaaS company in India that offers a trial period. It is important even if you have made your decision. The trial period will be a reality check of the SaaS offering.
- Always seek out user reviews and feedback from third-party sources before zeroing in on a SaaS company in India.
One of the top options for India-based SaaS is Zaggle, a leading player in spend management and one of the small numbers of uniquely positioned players with a diversified offering of FinTech products and services. A fintech in its own rights, this financial SaaS company empowers businesses to get better control over their cashflow through their innovative products:
Zaggle Propel: A corporate SaaS platform for channel rewards and incentives, employee rewards and recognition
Zaggle Save: A SaaS-based platform and a mobile application to offer management solutions facilitating digitised employee flexi benefits with a multi wallet card.
Zaggle EMS: An all-in-one expense management system that enables businesses to digitize employee expenses and reimbursements.
Zaggle Zoyer: An integrated data-driven, SaaS-based business spend management platform with embedded automated finance capabilities in core invoice-to-pay workflows.
SaaS companies are growing at an unprecedented rate, and quite understandably so. The rise of startups and ambitious business owners is only acting as a catalyst to further the cause of B2B SaaS companies in India. Having too many options is as challenging as it is preferred. It makes life tough for procurement leaders. In this blog, we have provided you with a blueprint on how to approach when choosing a SaaS company in India that aligns with your business requirements. By following the blueprint and taking these factors into account, you can make informed decisions and choose one of the best FinTech SaaS companies in India that not only meets their business requirements but also offers long-term value and growth potential.