Bangalore, November 12, 201 4: India’s first software product think-tank , iSPIRT,  has published the India Software Product Index (iSPIxB2B). It will track the 30 most valuable B2B software product companies headquartered in India and companies headquartered elsewhere where cofounders are in India.
The index will be recomputed and published every six months.
Says Dev Khare, Principal, Lightspeed India, Author of the Report and iSPIRT Fellow:  “The data suggests that the B2B software products industry has been growing substantially but discreetly - the enterprise value of the top 30 companies is $6.2 billion (₹37,500 crores) which is higher than we would have imagined.”
The top 30 companies(alphabetical list) are:Accelerite Persistent Systems, AdNear, Capillary Technologies, Druva Software, Eka Software Solutions, Freshdesk, IBS Software Services, Ilantus Technologies, Indian Energy Exchange, Infrasoft Tech,Kayako, Komli Media, Manthan Systems, Newgen Software Technologies, Nucleus Software, Ozone Media Solutions, PubMatic, Qubole, Quick Heal Technologies, Ramco Systems, Rategain, Real Image Media Technologies, SunTec Business Solutions, SVG Media, Tally, Vizury, Vserv, Wingify, Wooqer and Zoho.
Key  findings:
-  The market has gone from people-driven organizations, many of which have $100k (₹60 lacs) per employee enterprise valuations, to technology-driven organizations, many of which are edging closer to $1M (or ₹6 crore) per employee enterprise valuations – in line with what we see in Silicon Valley.
-  For those companies started pre-2006 (50% of the list), they were generally bootstrapped to scale. About 40% of these companies raised growth. These companies are mainly domiciled in India and many are verticalized, selling into banking, financial services, retail and travel.
-  For those companies started post-2006 (50% of the list), about 73% have have raised early-stage venture capital  50% are domiciled in the US or Singapore and many more are horizontally focused in areas such as CRM, collaboration and ad-tech.
-  27% of the top 30 companies are headquartered in Bangalore and 20% in the National Capital Region (NCR) which includes New Delhi, Gurgaon and NOIDA, with the remainder in other cities of India as well as Singapore and Silicon Valley. 20% are domiciled in the US.
The full report, including a discussion on trends, is available: here.

iSPIRT is a not-for-profit industry think-tank founded by key participants and proponents of the Indian software product industry.