1.
Contact the iSPIx team at ispix@ispirt.in with any questions, comments or
suggestions for other companies to consider for the next edition of the index
Indian Software Product Industry Roundtable – www.ispirt.in
Value of Top 30 Indian B2B Software Product Companies is
$10 billion. Index is up 20% in USD terms.
Second Edition, June 30, 2015
(Online discussion at http://bit.ly/1LU0sKg )
(iSPIxB2B)
IndiaSoftwareProductsIndustryIndex–B2B

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Executive Summary
Notwithstanding all the attention and growth in the consumer Internet segment in categories such as
ecommerce and mobile, the B2B software product segment has continued to grow and thrive. We
believe this segment of the technology market is well on its way to:
• deliver disruptive value to enterprise customers in India and around the world
• grow beyond the tens of thousands of jobs to hundreds of thousands of jobs in India
• drive a large amount of foreign exchange earnings for India
• create billions of dollars of value for founders, employees and investors.
To drive a focused discussion, we have chosen to include companies that sell software to businesses
on a license or subscription basis or where software drives a differentiated B2B service such as a B2B
exchange or advertising network. The index includes business applications, media technology and
infrastructure technology companies.
The Results
India’s B2B software product industry has grown nicely – the top 30 companies are valued at $10.25
billion (`65,500 crores) and employ over 21,000 people. The index has grown 20% in USD terms and
28% in INR terms 1
from October 30, 2014 to June 30, 2015. Growth has been primarily driven by a
third of the companies in the index growing their revenue or reaching large enough scale to start
justifying global valuation metrics. Some key takeways:
• There has been an acceleration since 2010 in the pace of creation of B2B companies.
• There has been a notable increase in enterprise value per employee, showcasing shift from
services-heavy to product-heavy offerings.
• Vertically-focused offerings in retail, travel, financial services, media co-exist equally with
horizontal offerings targeting global markets.
• There is a decreasing frequency of bootstrapping relative to VC financing to get to scale.
• 50% of companies are in end-user applications with the remainder split evenly between media
technology and infrastructure/tools.
• 80% of companies have global customer bases, while the rest are India-focused.
• 67% of companies are domiciled in India, with the rest principally in Singapore and the US.
• Bangalore and NCR account for half the companies’ principal city of operations in India with
Chennai and Pune as key secondary hubs.
1
There have been changes in the companies included in the index. Please note that the index tracks growth in aggregate market values for only those
companies that are present in both the previous and current indices – refer to the section in the Appendix entitled “Index composition” for detail on
the companies included and methodology used.

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While there was a change in the index from the first edition, many of the takeaways remain the same.
We have outlined a few below.
Acceleration
The spread of companies in the top 30 based on when they were started is interesting to track.
Clearly, companies created in the past decade are disproportionately highly represented in the index.
Companies created since 2010 are even more disproportionately represented in the index – keep in
mind that many of these have not been around long enough to realize their full potential yet.
This data shows the acceleration in the pace of creation of valuable B2B software product companies,
perhaps coming through the ability to access global markets, availability of venture capital and a big
acceleration in the use of technology by businesses globally. Over time, we expect companies in the list
to be almost completely displaced by companies started since 2005. We expect the value of the top 30
Indian B2B software product companies to expand well beyond its current value of $10 billion (`64,000
crores) into the tens of billions as they participate in the $500 billion (`30,00,000 crores) global market
for enterprise technologies.
As discussed in the previous report, what is not in this index is a fairly large set of companies, many of
which started in the 1990s and 2000s and have failed to scale meaningfully, whether because of lack of
channels, lack of large customers in India or Global South-focused offerings with market size limitations.
We are clearly seeing the rise of more scalable B2B product companies. Companies started more
recently are trading at higher market values per employee than companies started further back in the
past. This is partly due to recently started companies having a far greater mix of product versus services
and therefore growing faster and to a larger global market.
Takeaways

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Other Observations
There is a healthy mix of verticalized solutions versus horizontal solutions with about 40% of the
companies being horizontal and the rest selling into verticals such as financial services, retail, media
and travel.
43% are bootstrapped although most of the bootstrapped companies were started in the 1990s
and 2000s and most of the institutionally-funded companies got growth financing, rather than
early-stage venture capital financing.

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Just over 50% provide end-user business applications in segments such as CRM, trading,
collaboration, business intelligence and banking. About 23% are advertising technology companies
and the remaining 23% are providing enabling technology in infrastructure and tools, including
segments such as security, identity management, developer tools and analytics.
Nearly 80% of the companies have global customer bases – the ones that have remained India-
focused are exploiting large India-specific opportunities such as the large SME base, burgeoning
ecommerce infrastructure needs, rapid growth of organized chains in retail, healthcare etc.

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About 67% of the companies are domiciled in India. However, this masks a significant shift since
2009 where many of Indian B2B software companies have started incorporating in the US and
Singapore. There is some difference though in domicile versus city of principal operations which for
all of the index companies is in India.
Index companies by domicile:
• India (20): Accelya Kale, Browserstack, CRMnext, Eka, IBS, Indian Energy Exchange, Infrasoft,
Newgen, Nucleus, Ozone Media, Rategain, Ramco, Quick Heal, Suntec, SVG Media, Tally, Vserv,
Vizury, Wingify, Wooqer
• USA (5): Druva, Freshdesk, Indix, Pubmatic, Zoho
• Singapore (4): Adnear, Capillary, Inmobi, Knowlarity
• UK (1): Kayako
A related stat is around the city of principal operations, which sometimes also serves as
headquarters. The National Capital Region (NCR), consisting of New Delhi, Gurgaon and NOIDA,
topped the list with 9 companies, followed by Bangalore with 8 companies. Chennai and Pune had 4
companies each, followed by Mumbai at 3 and Trivandrum at 2. Notably absent from the top 30 is
Hyderabad as a city of principal operations.

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Please participate in the discussion around these findings at the ProductNation blog.

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Appendix
iSPIxB2BTracker
Top30Companies
The index is tracked in US Dollars and Indian Rupees.
Based on the data collected, the top 30 companies in alphabetical order are as follows:
iSPIxB2B Value as of Oct 30’14 Value as of June 30’15
iSPIxB2B–USD 100 120
iSPIxB2B–INR 100 128
Top30 Value–USD $6.2 Billion $10.25 Billion
Top30 Value–INR `37,500 Crores `65,573 Crores
Employee Base 18,250 21,200
Note: Please refer to the Index Calculation Section for detailed notes on calculations

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Top 30 Companies Detailed Information
Sl. No. Company Name Profile
1 Accelya Kale Solutions Description: Accelya Kale Solutions Limited is part of the Accelya Group,
a leading solutions provider to the Airline and Travel industry.
Chairman : Philippe Lesueur
CEO: Vipul Jain
Domicile: India
Principal India operations: Pune (HQ: Pune)
URL: www.accelyakale.com
2 AdNear Description: AdNear is the leading location intelligence platform
that leverages location and context to power data driven marketing for
advertisers.
CEO & Founder: Anil Mathews
Domicile: Singapore
Principal India operations: Bangalore (HQ: Singapore)
URL: www.adnear.com
3 Browser Stack Description: BrowserStack is a Cross Browser Testing Tool to test your
website for cross browser compatibility on real browsers.
CEO and Co-founder: Ritesh Arora
Domicile: India
Principal India operations: Mumbai (HQ: Mumbai)
URL: www.browserstack.com
4 Capillary Technologies Description: Capillary offers Customer Engagement Management
solutions that enable retail marketers to manage customer data, gain
insights & personalize engagement
CEO and Co-founder: Aneesh Reddy
Domicile: Singapore
Principal India operations: Bangalore (HQ: Singapore)
URL: www.capillarytech.com
5 CRMnext Description: CRMnext is a leading cloud based customer relationship
management(CRM) solution company.
CEO & Founder: Nishant Singh
Domicile: India
Principal India operations: NCR (HQ: NCR)
URL: www.crmnext.com

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Sl. No. Company Name Profile
6 Druva Software Description: Druva offers integrated enterprise online backup, secure
file sharing and data analytics for protection and governance of endpoint
data.
CEO and Founder: Jaspreet Singh
Domicile: USA
Principal India operations: Pune (HQ: Silicon Valley)
URL: www.druva.com
7 Eka Software Solutions Description: Eka is the global leader in providing Smart Commodity
Management software solutions. Eka’s analytics-driven, end-to-end Smart
Commodity Management platform enables companies to efficiently and
profitably meet the challenges of complex and volatile markets.
CEO & Founder: Manav Garg
Domicile: India
Principal India operations: Bangalore (HQ: Bangalore)
URL: www.ekaplus.com
8 Freshdesk Description: Freshdesk is a cloud-based customer support software that
lets you support customers through traditional channels like phone and
email, social channels like Facebook and Twitter, and your own branded
community.
CEO and Founder: Girish Mathrubootham
Domicile: USA
Principal India operations: Chennai (HQ: Chennai)
URL: www.freshdesk.com
9 IBS Software Services Description: IBS is a solution provider offering a variety of different
software products for global airlines such as airline reservation, cargo
revenue accounting, tour booking, crew and hotel management systems.
Founder & Executive Chairman: V K Mathews
CEO: Rajiv Shah
Domicile: India
Principal India operations: Trivandrum (HQ:Trivandrum)
URL: www.ibsplc.com
10 Indian Energy Exchange Description: Indian Energy Exchange Ltd. (IEX) is India’s premier power
trading platform.
CEO: S. N. Goel
Domicile: India
Principal India operations: NCR (HQ: NCR)
URL: www.iexindia.com
11 Indix Description: Indix is a Product Intelligence company delivering product
information, insights, and analytics for brands, retailers, and developers.
CEO: Sanjay Parthasarthy
Domicile: USA
Principal India operations: Chennai (HQ: Seattle, WA)
URL: www.indix.com
Top 30 Companies Detailed Information

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Sl. No. Company Name Profile
12 Infrasoft Tech Description: InfrasoftTech is a software products, solutions and
services provider focused on Banking, Financial Services & Insurance
sector.
Group MD: Hanuman Tripathi
CEO: Rajesh Mirjankar
Domicile: India
Principal India operations: Mumbai (HQ: Mumbai)
URL: www.infrasofttech.com
13 Inmobi Description: InMobi enables the world’s leading brands, developers,
and publishers to engage global consumers through mobile advertising.
CEO and Founder: Naveen Tewari
Domicile: Singapore
Principal India operations: Bangalore (HQ: Bangalore)
URL: www.inmobi.com
14 Kayako Description: Kayako offers Help Desk Software and Customer Service
Software to Improve customer satisfaction and increase sales, both as
SaaS & On-Premise.
CEO and Founder: Varun Shoor
Domicile: United Kingdom
Principal India operations: NCR (HQ: London)
URL: www.kayako.com
15 Knowlarity
Communications
Description: Knowlarity provides virtual number solutions, virtual pbx
and virtual phone systems, with the help of which a company can keep a
track of their leads.
Managing Director: Ambarish Gupta
Domicile: Singapore
Principal India operations: NCR (HQ: Singapore)
URL: www.knowlarity.com
16 Newgen Software
Technologies
Description: Newgen Software is a leading provider of Business Process
Management (BPM), Enterprise Content Management (ECM), CCM, DMS,
Workflow and Process Automation.
Managing Director: Diwakar Nigam
Domicile: India
Principal India operations: NCR (HQ: NCR)
URL: www.newgensoft.com
17 Nucleus Software Description: Global Banking Software Product and Solutions Providers
focused in the areas of Retail Banking, Corporate Banking, Lending Soft-
ware, Lending Solution, Cash Management, Transaction Banking, Integrat-
ed Transaction Banking & Mobility Solution
CEO and Founder: Vishnu R. Dusad
Domicile: India
Principal India operations: NCR (HQ: NCR)
URL: www.nucleussoftware.com
Top 30 Companies Detailed Information

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Sl. No. Company Name Profile
18 Ozone Media Solutions Description: Ozone Media is a Global Advertising Technology Company
focused on online advertising.
CEO and Founder: Kiran Gopinath
Domicile: India
Principal India operations: Bangalore (HQ:Bangalore)
URL: www.ozonemedia.com
19 Pubmatic Description: PubMatic is a global technology platform that powers the
programmatic advertising strategy of leading publishers and premium
brands.
CEO and Co-founder: Rajeev Goel
Domicile: USA
Principal India operations: Pune (HQ: Silicon Valley)
URL: www.pubmatic.com
20 Quick Heal Technologies Description: Quick Heal Technologies provides IT security solutions for
your PC, Mac, Mobile, Tablet, and Enterprise Network.
CEO: Kailash Katkar
Domicile: India
Principal India operations: Pune (HQ: Pune)
URL: www.quickheal.com
21 Ramco Systems Description: Ramco Systems offers next-generation enterprise solutions
across cloud, mobile and tablets that render transformation of business
in real-time.
CEO: Virender Aggarwal
Domicile: India
Principal India operations: Chennai (HQ: Chennai)
URL: www.ramco.com
Top 30 Companies Detailed Information

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Sl. No. Company Name Profile
22 Rategain Description: RateGain offers hotel channel management, hotel channel
manager and promotion management to travel and hospitality industry.
CEO and Founder: Bhanu Chopra
Domicile: India
Principal India operations: NCR (HQ: NCR)
URL: www.rategain.com
23 SunTec Business
Solutions
Description: SunTec Business Solutions is the leading provider of
revenue management and business assurance solutions to banks,
financial institutions and communications services companies.
President, CEO and Founder: K Nanda Kumar
Domicile: India
Principal India operations: Trivandrum (HQ: Trivandrum)
URL: www.suntecgroup.com
24 SVG Media Description: SVG Media is a leading Indian Digital Media Network with 45
Million Unique Visitors in India.
CEO and Founder: Manish Vij
Domicile: India
Principal India operations: NCR (HQ:NCR)
URL: www.svgmedia.in
25 Tally Description: Tally Solutions is a market and technology leader in ERP
software solutions.
MD and Founder: Bharat Goenka
Domicile: India
Principal India operations: Bangalore (HQ: Bangalore)
URL: www.tallysolutions.com
Top 30 Companies Detailed Information

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Sl. No. Company Name Profile
26 Vizury Description: Vizury helps marketers secure customers through
dynamic creative retargeting and display solutions
CEO and co-founder: Chetan Kulkarni
Domicile: India
Principal India operations: Bangalore (HQ: Bangalore)
URL: www.vizury.com
27 Vserv Description: Vserv is a leading mobile marketing platform
provider
CEO and co-founder: Dippak Khurana
Domicile: India
Principal India operations: Mumbai (HQ: Mumbai)
URL: www.vserv.com
28 Wingify Description: Wingify offers testing and optimization products to
websites and apps.
CEO and Founder: Paras Chopra
Domicile: India
Principal India operations: NCR (HQ: NCR)
URL: www.wingify.com
29 Wooqer Description: Wooqer helps people to structure work and measure
results without sms, emails, phonecalls and spreadsheets.
CEO and Founder: Vishal Purohit
Domicile: India
Principal India operations: Bangalore (HQ: Bangalore)
URL: www.wooqer.com
30 Zoho Corporation Description: Zoho offers a suite of online web applications geared
towards increasing productivity and collaboration. Products
include a word processor, spreadsheet application, presentation
tool etc.
CEO and Founder: Sridhar Vembu
Domicile: USA
Principal India operations: Chennai (HQ: Silicon Valley)
URL: www.zoho.com
Top 30 Companies Detailed Information

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IndexCalculation
Otherfeatureoftheindex:
The index consists of the top 30 companies in India, based on company valuations - the valuation
methodology is described later in this appendix. The index indicates the change in the sum total of
the valuation figures of the companies surviving into the top 30 companies of this edition of the in-
dex, from the previous edition. The index was set at 100 at October 30, 2014 when the first edition
was published.
The index will also be reported in USD and INR as the sum total of the valuation figures of the top
30 companies in each current edition of the index.
iSPIxB2B = India Software Products Industry Index - B2B
Vn = Valuation of Company n in USD or INR
t = time of current publication of index
t-1 = time of immediate previous edition of index
n = component number
a = component number of the companies surviving from previous edition of index to
current edition of index
66 The index is a price return index
66 Component number : 30 (Top Companies)
66 Component Selection and Criteria: Described in the Company Selection section which follows
66 Component Valuation: Described in the Valuation Methodology section which follows
66 Review and Calculation Frequency: 6 months
66 Date of first calculation: 31 October 2014

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DataCollected
Index Composition
The following key data was collected from the companies, institutional investors or public sources:
Certain companies are new entrants and other companies have come off the list. The changes are
due to increased valuations in some cases or having access to data from certain companies for the
first time. Many companies are clustered around the similar valuation numbers and slight changes
in growth rates and revenue change the implied market value and therefore the ordering. Others
had been acquired or were found to be overweight on services relative to products.
The index itself changes based on the relative valuations of those companies present in both
editions of the. In other words, the index does not taken into account relative valuations of
companies that were either taken off the top 30 list or were new entrants to the top 30 list.
66 Company Name, Profile, Founding Year, Employee Count
66 Contact Details
66 Country of legal domicile, City of principal operations
66 Website URL
66 Financial Data
 Valuation in USD and INR for Institutionally funded companies
 Revenues in USD and INR for non-funded companies
 Public market valuation in INR for public companies.
Company Selection
More than 300 Indian B2B software product companies were identified. The list was compiled from
various internal and external sources. We contacted over 100 companies and gathered data on
a substantial majority of these companies either directly from the companies, their investors or
public markets exchanges. The goal was to identify the top 30 companies in terms of valuation and
use the valuation number to compute the index as described in the previous section.
We included companies that met the following criteria:
A few very prominent companies are absent from the list as they declined to participate in the
SPIxB2B project.
66 the company sells software to businesses on a license or subscription basis OR
66 the company provides a B2B service driven through a differentiated software offering AND
66 the company was founded in India or had co-founders who were based in India and else-
where simultaneously

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Edition 1: Oct 30, 2014 Edition 2: June 30, 2015
Accelerite X
Accelya Kale X New entrant
AdNear X X
BrowserStack X New entrant
Capillary X X
CRMnext X New entrant
Druva X X
Eka X X
Freshdesk X X
IBS X X
IEX X X
Ilantus X
Indix X New entrant
InfrasoftTech X X
InMobi X New entrant
Kayako X X
Knowlarity X New entrant
Komli Media X
Manthan X
Newgen X X
Nucleus X X
Ozone X X
Pubmatic X X
Qubole X
Quick Heal X X
Ramco X X
Rategain X X
Real Image Media X
Suntec X X
SVG X X
Tally X X
Vizury X X
Vserv X X
Wingify X X
Wooqer X X
Zoho X X

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Acknowledgements
We would like to thank all the companies and their investors for sharing data with us. In addition
the authors of this report would like to acknowledge the following people for their contribution and
support to the project.
66 Professor Sharique Hasan, Stanford Graduate School of Business, Stanford University
66 Professor Rishi Krishnan, Indian Institute of Management, Bangalore
66 Market and valuation information from Signal Hill
66 The volunteers at iSPIRT
66 Design by Rakesh Mondal
Contact the iSPIx team at ispix@ispirt.in with any questions, comments or suggestions for other
companies to consider for the next edition of the index.
ValuationMethodology
Confidentiality
We came across three types of companies and arrived at their market valuation correspondingly:
• 1) Public companies - we used the latest market valuation data from Moneycontrol.com.
• 2) Recently venture-backed companies - we used the post-money valuation of their latest
financing if the financing was in the past year.
• 3) Bootstrapped companies or venture-backed companies financing over a year ago - we
derived a valuation using revenue multiples. Revenue multiples by sector were obtained from
reputable investment banks and were adjusted based on differing growth rates.
We understand that company valuation in general, and this methodology specifically, will not result
in exact results. However, we believe that the results are directionally correct and generally in the
right ball park. We believe these results are of enough quality to support an educated discussion
as well as drive decisions from strategic partners and governments regarding the Indian software
product industry.
In general, data has been provided by companies and their investors. No company-specific data
obtained for the purposes of this index have been published nor will be published. We are only
publishing aggregate data. We respect the sensitivity of this data.