Ankit Bhati, co-founder of Ola, will launch SaaS startup Amnic with $20 million in seed funding

Ankit Bhati, the co-founder of IPO-bound Ola, reportedly plans to launch a new SaaS venture. Amnic Technologies also includes ex-Ola employees Satya Narayan Nagarajan (VP of Software & AI at Ola) and Star TV head Nimish Joshi (VP of Communications at Ola) as co-founders.

According to the Moneycontrol report, the SaaS venture will raise $15-$20 million in seed funding from Sequoia Capital. The venture would operate in the DevOps (software development and IT operations) toolchain space, making enterprise software development easier.

According to Zauba Corp., Amnic Technologies has a PUC of INR 10 Lakh ($13.5K) and has been registered since June 2021. The Bengaluru-based startup engages in “computer-related activities such as maintaining websites of other firms and creating multimedia presentations.”

The development has not been made public, and neither Bhati’s nor any of the other co-founders’ social profiles suggest it.

The entry of Ola’s co-founder and CTO into the SaaS space comes when the Covid-19 pandemic has a significant impact on various verticals, from healthcare to food tech. Every industry is facing substantial challenges in its way.

As a result, many organizations focused their efforts on acquiring or developing automation tools that would assist them in resuming business processes. Businesses’ rapid adoption of productivity-enhancing tools demonstrates the industry-wide trends driving automation.

If SaaS startups can break into the SMB market in a post-Covid world, we expect the sector to grow exponentially over the next five years. It can grow into an $8.7 billion market opportunity by 2025, aided by automation.

The global SaaS market was worth $225 billion in 2020 and is expected to grow at a 12.5 percent CAGR to $436.9 billion in 2025. Meanwhile, according to a Nasscom report, the Indian SaaS market will have reached $3.5 billion in revenue by March 2020. The industry is expected to grow 6X by 2025, reaching a value of $13 – $15 billion.

The number of Indian-funded SaaS startups has more than doubled in the last five years, while the number of startups receiving Series C or later stage funding has quadrupled. Freshworks, a homegrown SaaS giant, made a stellar stock market debut on the NASDAQ in September 2021.

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