Software-as-a-service (SaaS) companies have been growing their operations internationally across a variety of industries. According to a survey by Bain & Company, investment in India’s SaaS ecosystem, which is the second largest in the world only after the United States, hit an all-time high of $5 billion in 2022.
Benefits of Saas Business
In addition, the research projects that over the next five years, Indian SaaS businesses would generate $35 billion in annual recurring revenue (ARR) and hold 8% of the global SaaS industry.
In order to further expand, the sector is now moving to nearby areas, notably Southeast Asia, as SaaS companies increasingly find that their products are in demand with Indian clients. With a Compound Annual Growth Rate (CAGR) of 10.73% from 2023 to 2027, the Southeast Asian SaaS industry is expected to reach $3.4 billion in value in 2027, making it profitable for Indian businesses.
Indian SaaS companies’ GTM tactics
According to Praval Singh, VP – of Marketing & Customer Experience at Zoho Corp, “the success of Southeast Asian businesses in a wide range of industries from eCommerce to platform solutions and fintech has inspired a generation of local organizations to establish themselves as digital native businesses, which creates a strong demand for cloud solutions.”
Indian SaaS companies’ GTM tactics
Because every market is different, localizing products is essential. We put a lot of effort into making sure that every one of our services is completely functional in the regional languages. Malay, Vietnamese, Chinese, Thai, Filipino, Bahasa, Khmer, Lao, and Burmese are just a few of the major Southeast Asian languages that are supported by the majority of Zoho’s top products, such as Zoho CRM, Zoho Workplace, Zoho Mail, etc., he continues.
Because every market is different, localizing products is essential. We put a lot of effort into making sure that every one of our services is completely functional in the regional languages. Malay, Vietnamese, Chinese, Thai, Filipino, Bahasa, Khmer, Lao, and Burmese are just a few of the major Southeast Asian languages that are supported by the majority of Zoho’s top products, such as Zoho CRM, Zoho Workplace, Zoho Mail, etc., he continues.
The “transnational localism” concept has long been supported by Indian SaaS giant Zoho Corp, which defines it as a growth strategy in which a company develops by putting down local roots while maintaining a worldwide presence. Currently, the company has local offices in Jakarta and Singapore.
“We have enhanced our SaaS platform to address some of the most complicated processes, including returns management and managing exchange workflows, among others,” says Kapil Makhija, CEO of supply-chain-based SaaS tech platform Unicommerce. “This wealth of experience and learning directly translates into an advantage for us as we further expand into SEA.”
MUST READ – India’s Transition To EVs Provides A Second Opportunity for Foreign Automakers.
The “transnational localism” concept has long been supported by Indian SaaS giant Zoho Corp, which defines it as a growth strategy in which a company develops by putting down local roots while maintaining a worldwide presence. Currently, the company has local offices in Jakarta and Singapore.
Southeast Asia’s tryst with India SaaS
SaaS experts claim that the Southeast Asian nations have responded quite favorably and enthusiastically to Indian tech offers.
We collaborate with 20 businesses in SEA. We have quickly increased our yearly run rate to 4 million transactions (as of April ’23), which confirms our confidence in the region’s enormous potential,” Kapil continues.
According to Parsh Gupta, CEO of Wingify, the area is responding well to the company’s flagship VWO, a digital tech optimization platform.
Around 14% of VWO’s entire business is contributed by SEA, however, this segment has been expanding quickly. The amount of money that VWO has made from SEA has nearly doubled since January 2021. Therefore, even if VWO’s company has expanded globally, the rate at which SEA has expanded for us is substantially higher,” he continues.
