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IT Rules 2021: How will SaaS companies like Freshworks and Zoho be affected?
4 hours ago
Indian Software-as-a-Service (SaaS) companies like Freshworks and Zoho could be unintended victims of the new Information Technology (IT) Rules, 2021. Notified in February, the IT Rules 2021 prescribe regulation for internet intermediaries, while creating a new definition meant for social media platforms. While SaaS products don’t necessarily function like social media companies, the rules seem to make no distinction between them.
Why it matters: India is a SaaS powerhouse with around 8,000 SaaS companies serving clients in India and abroad with about 75 percent of the demand coming from overseas markets. It currently has six SaaS unicorns: Zoho, Freshworks, Icertis, Druva, HighRadius, and Postman. Bain and Company recently published a report stating India’s SaaS landscape is “on the cusp of a transformation” and is expected to bring in revenues close to $20 billion and capture clos