Decoding SaaS, ecommerce and more with Encubay

The Indian Software-as-a-Service (SaaS) industry has witnessed phenomenal growth in the last two years owing to pandemic-induced digital adoption and the rise of entrepreneurs leveraging technology to aid their businesses.

The increase in digitisation also saw ecommerce in India reach an inflection point during the pandemic period, with the Indian ecommerce market predicted to increase by 21.5% in 2022, reaching $74.8 billion, according to a report by IBEF.

Encubay, a global diversity-focused network, recently held a panel discussion titled ‘Stormers: Decoding SaaS & E-commerce’ to explore the future landscape of SaaS and ecommerce through the insights of founders, investors, and enablers of the ecosystem.

The all-women speakers for the evening included Sukanya Kuppuswamy, Senior Director, Implementations, Chargebee; Veena Ashiya, Founder, Monrow; Bhargavi V, Founding Partner, Java Capital; and Ekta Tibrewal, Founder, Savage.

Moderator Eashita Maheshwary, Co-founder of Encubay, introduced the panel and began by asking Sukanya about innovation during the hypergrowth of the SaaS sector in the last two-three years.

“The market has been volatile where we have seen some companies thrive while some others really struggle to survive. Innovation must be organic and continuous,” said Sukanya, adding that the subscription management platform has been able to both scale up and down depending on customer requirements.

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When asked about her experience of running a company in a volatile market and factors that aided Monrow’s growth, Veena said, “Being omnichannel and understanding consumer lifestyle has helped us, especially in the last two years.” She added that while subscription is not on the agenda right now, she could see a future where Monrow provides its customers with the advantage of a subscription-based shoe club.

Speaking about the changes and transformations seen in the startup sector as an investor, Bhargavi remarked on the evolution of SaaS over the years, and how it has percolated into different fields like legal-tech and compliance management that had largely been white spaces. She added that investors in consumer-facing businesses would back to fundamentals by looking at profitability, unit economics, and market value to ensure businesses are sustainable.

Speaking about her learnings from building the digital strategy for a health and fitness company, and how it helped her entrepreneurial journey with Savage, Ekta said that while it is tempting for entrepreneurs to build their technology from scratch, the initial focus should be on proving one’s hypothesis, moving fast, and gaining traction, and this is where SaaS enables entrepreneurs.

The hour-long discussion also saw panellists talk about investor mindsets, diversity as an opportunity, and the importance of networking to build relationships. The audience, which comprised 70+ attendees including founders, investors, and corporate professionals, indulged in conversations surrounding breaking biases as women entrepreneurs and explored connections beyond funding and fundraising.

Community partners for the event included HerStory, WeWork labs, OneValley, HEN (Her Entrepreneurial Network), Encubay Angel Network, StrongHer Ventures, The Product Folks, Draper Startup House, AsiaTech Journal, and Founders Circle.

(The story was updated with the correct image caption.)