Left Menu
Development News Edition

Start-ups in India have a good future, says Sequoia Capital MD

Rajan Anandan, Managing Director of Sequoia Capital, on Saturday said that start-ups in India have a good future as many Indian companies will buy start-ups in the near future.

ANI | Bengaluru (Karnataka) | Updated: 21-11-2020 20:41 IST | Created: 21-11-2020 20:41 IST
Start-ups in India have a good future, says Sequoia Capital MD
Representative Image. Image Credit: ANI

Rajan Anandan, Managing Director of Sequoia Capital, on Saturday said that start-ups in India have a good future as many Indian companies will buy start-ups in the near future. "In just 18 months, startup WhiteHat Jr managed to reach $150 million revenue, and another Indian company Byju's acquired the startup for $300 million, which is a huge deal in the country's history. India is the only country where everything happens, and it takes place on a large scale," said Anandan while speaking at Bengaluru Tech Summit 2020.

Speaking at a session Startup Reboot, he called the company Freshworks "truly legendary" for doing many acquisitions. Freshworks provides software as a service (SaaS) customer engagement solutions that make it easy for support, sales, and marketing professionals to communicate effectively with customers for better service and collaborate with team members to resolve customer issues. The company's products include Freshdesk, Freshservice, Freshsales, Freshcaller, Freshteam, Freshchat, Freshmarketer, and Freshrelease.

Founded in October 2010, Freshworks is backed by Accel, Tiger Global Management, CapitalG, and Sequoia Capital India. The company's cloud-based suite is widely used by over 150,000 businesses around the world. Anandan also talked about SaaS and said it has gone much broader in the last few years.He further talked about India's EdTech and digital health markets and said these markets have just started and a lot of action will take place soon.

"India's GTM (go-to-market) skills are getting better, but still we have a long way to go. Sales have changed a lot and it played to our advantage," Anandan said. This pandemic has changed both the HealthTech and EdTech sectors. A report by RedSeer and Omidyar Network India says online education offerings for Classes 1 to 12 are projected to increase 6.3 times by 2022, creating a $1.7 billion market. The post-K12 market is set to grow 3.7 times to touch $1.8 billion.

In 2019, students accounted for $39 billion in education-related private expenditure. (This is in addition to the government expenditure on schooling and school infrastructure.) Of this amount, the aspirer cohort accounted for $12 billion--the second-highest education spent by income level, after students from mid-income households, said the report. Currently, about 580 million Indians have access to the internet, of which 350 million are active users. By 2022, this number is expected to surge to half a billion. The most notable, for EdTech entrepreneurs and investors, are the 150 million K12 students with steady access to the internet.

Anandan also highlighted the need to use the existing technology to scale up. "There are huge opportunities in making use of the existing tech," he said. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Govt announces Subhash Bose Aapda Prabandhan Puraskar 2021

Rajendra Kumar Bhandari, who laid the foundation of scientific studies on geo hazards, was on Saturday selected for the Subhash Chandra Bose Aapda Prabandhan Puraskar for 2021 for his work in disaster management.In a statement, the Ministry...

Seven more states to administer Covaxin from next week: Health Ministry

Seven more states will be administering the indigenously-developed Covaxin from next week, the health ministry said on Saturday.The Drugs Controller General of India DCGI had earlier this month approved Oxford COVID-19 vaccine Covishield, m...

Tennis-Sousa withdraws from Australian Open due to strict COVID-19 protocols

Portugals Joao Sousa says he will not travel to Melbourne for the Australian Open despite returning a negative test for COVID-19 due to the Australian governments strict protocols on a mandatory 14-day quarantine period upon arrival. Sevent...

Soccer-Super Cup euphoria can help Juventus find form, says Pirlo

Andrea Pirlo believes that the euphoria of Juventus Italian Super Cup triumph over Napoli can help his side revive their flagging Serie A title defence. The Turin club won 2-0 in the annual showdown between the league and cup holders on Wed...

Give Feedback