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No new SaaS unicorns so far in 2023 as funding winter lingers, says Bessemer report

The report also stated that by 2030, India’s SaaS market size is poised to grow to around $50 billion in Annual Recurring Revenue (ARR). The market size is presently at around $13-$25 billion.

August 08, 2023 / 07:04 IST
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No new SaaS unicorns in 2023, efficiency is key for sustainable growth: Bessemer Report

Amid tough funding environment and tight macroeconomic conditions, no Software-as-a-Service (SaaS) startup joined league of unicorns so far in 2023 as against around nine of them registered by this time last year.

Startups like Amagi, Yubi, LeadSquared, ShipRocket, DarwinBox, Uniphore, CommerceIQ and Hasura became unicorns in 2022, showed a report by venture capital firm Bessemer Venture Partners, titled ‘Rise of SaaS in India 2023’, released on August 8. The term unicorn refers to a privately held startup company with a value of over $1 billion.

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“While there are no new unicorns this year, there are three new Centaurs (a business that reaches $100 million of annual recurring revenue (ARR))... So the fundamental ecosystem is growing very strongly and it should be noted,” Said Anant Vidur Puri, Partner at Bessemer, at a media roundtable.

The concept of unicorns is evolving and changing, Puri said.