Saravana Kumar, Founder and CEO, Kovai.co tells us about the SaaS market in India.
How do you perceive the SaaS market of India vis à vis in UK and in US?
Saravana – By combining the SaaS, serverless architecture; and open-source code, most SaaS companies have seen an increase in growth over the last few years globally. SaaS is one of the UK’s largest ICT markets. Recently, three cities – Bristol, Cambridge, and Oxford have attracted many investments and have become key European tech hubs. Most of these companies focus on reducing overhead spends, easy infrastructure management, and real-world applications.
Talking about India, the segments within the SaaS space have widened from artificial intelligence, cybersecurity, IoT to fintech and HealthTech. The provision of providing secure and flexible solutions at a lower price compared to global counterparts with the incorporation of few future elements and analytics has kept Indian SaaS companies on the race equally and at times ahead of others. However, growth-wise the opportunities and progress are equal among these countries.
How do you hope to resolve these market differences in order to grow in India?
Saravana – To grow further in India, SaaS companies should build their internal talent and have a strategic vision and go-to-market strategy. It’s a service business in a way. Therefore, it’s important to deliver value and make India Inc. understand SaaS is the best alternative for quicker digital transformation.
Also, they should focus on revenue recognition, consistent product updates based on requirements and trends, and heightening customer retention.
SaaS market in India is already full of many Indian and MNC companies. How do you propose to make a niche for yourself in India?
Saravana – Kovai.co is constructed with a prime focus to build great software products to solve business problems. We do this through our expertise in crafting best-in-class B2B and SaaS products through our passionate employees.
In India, we run operations from Coimbatore, while others build products from hubs like Bangalore and Chennai. Our team is doing it from Coimbatore – we have grown organically to 5 products, 200+ team members, and serving over 1500+ customers across the world, and that’s going to be our niche.
What are the challenges in serverless and SaaS products that your customers have faced? How do you help them to resolve these challenges?
Saravana – Yes, the advantages of unlocking the value in Serverless are significant. However, there are underlying changes and management tools needed to make it a great success. With Serverless360, Kovai.co is helping companies to seamlessly support their Microsoft Azure applications built on Serverless stack in a single platform.
Generally, with multiple subscriptions, it gets hard to create and manage a group of services. We help to provide real-time business activity monitoring and help companies to generate reports and documents with ease. Holistically monitoring all the resources is a challenge, and our products rightly address this with cohesive products with restricted online access to necessary stakeholders.