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Indian SaaS to grow 20X 📈, RIL partner with Sanmina 🏭, YouTube creators contribution in GDP 📹
Indian SaaS market to grow 20x, Reliance arm teams up with Sanmina, Youtube creators contribute Rs.6800 Crs to GDP, What is SaaS?, Funding Deals & more.
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Indian SaaS market to grow 20x to $50-70 billion by 2030💻
The Indian software-as-a-service (SaaS) ecosystem is expected to grow rapidly and increase its share of global SaaS to 4-5% (from about 1% at present), translating to a $50-70 billion revenue opportunity by the calendar year 2030, according to a Motilal Oswal report.
India has the third-largest SaaS ecosystem globally, after the US and China, the report said.
It said investments in the space shot up to $4.5 billion in 2021, a 170% increase over 2020.
While the majority of companies focus on horizontal business software, vertical solutions and innovative Infra SaaS plays are also scaling out of India.
The report also highlighted that "there is a potential for Indian SaaS companies to scale up and be larger than Indian IT behemoths as their aspirations are to win against global software majors like SAP”.
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What is SaaS?
Software as a service
) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as "on-demand software" and Web-based/Web-hosted software.
Reliance arm teams up with Sanmina to manufacture electronics🏭
Reliance Strategic Business Ventures (RSBV) and Sanmina Corp, an integrated manufacturing solutions company, have entered into a joint venture (JV) for electronics manufacturing. RSBV is a wholly-owned arm of Reliance Industries.
The JV has been formed through investment in Sanmina’s Indian entity, Sanmina SCI India Pvt Ltd.
“The joint venture will create a world-class electronic manufacturing hub in India, in line with the Prime Minister's `Make in India’ vision,” the companies said in a joint statement Thursday.
RSBVL will hold a 50.1% stake in the JV entity with Sanmina owning the remaining 49.9%. RSBVL will achieve this ownership primarily through an investment of upto Rs 1,670 crore in new shares in Sanmina’s existing Indian entity, while Sanmina will contribute to its existing contract manufacturing business.
Audio streaming platform Pocket FM has raised $65 million in a funding round led by Goodwater Capital, Naver, and existing investor Tanglin Venture Partners.
Instant live tutoring startup Filo has raised $23 million in a funding round led by Anthos Capital.
Docsumo, a document AI startup has raised $3.5 million in a seed funding round led by Common Ocean.
Merchandise selling platform Macmerise Celfie Design has raised $1 million in a Pre-Series A round led by Inflection Point Ventures.
YouTube’s 'creative entrepreneurs' contributed Rs 6800 Crs to the Indian economy in 2020💸
Creators on the video streaming platform YouTube contributed Rs 6,800 crore to the country's GDP and supported over 6.83 lakh full-time equivalent jobs in India in 2020 as per a new report by Oxford Economics.
As per the report, a 'creative entrepreneur' stands for YouTube creators, regardless of their gender identity, with at least 10,000 subscribers on their largest channel and for creators with fewer subscribers who receive funds directly from YouTube, generate funds from other sources with their YouTube videos.
Interestingly, the number of channels in India with over 100,000 subscribers stands at 40,000, which marks a growth of over 45%, year on year.
In addition, YouTube said that with eight different ways to monetize content on the platform, the number of channels making six figures or more in revenue is up more than 60% year on year.
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