If you are wondering whether India is becoming a leading country for the SaaS economy, then the past week’s stories put it to the rest. Whether it’s funding or staying in the news, the last 7 days witnessed some notable Indian companies. On the other hand, the stock prices continue to tumble for major companies in the space. All that and more in the latest edition of the SaaS weekly roundup.

News of the week

Unity and IronSource’s $4.4B merger is now complete

While it’s difficult to fathom what’s common between a game engine (Unity) and an ad-tech company (IronSource), their proposed merger is now complete. Together, the combined entity will provide a turnkey platform for building and monetizing games.

Atlassian plummets more than 20 percent on weak earnings report and disappointing forecast

The parent company of Jira and Trello saw its shares fall 22 percent after it announced lower-than-expected quarterly earnings. In the quarter ending September 30th, its revenues were $807.4million. For the second fiscal, it’s expecting revenue between $835million to $855million – lower than analysts’ expectations of $879.2million.

Twilio shares plunge 34 percent on light guidance 

Cloud communications software company Twilio witnessed an even sharper decline after announcing its quarterly results. It achieved revenue of $983million, which was slightly higher than the expected $972.2million, and yet, its stock price fell by 34 percent.

Related read: Atlassian and Twilio show the downside of SaaS stocks

Freshworks’ latest legal tangle raises red flags over growth claims

While Freshworks is among the biggest SaaS success stories out of India, it continues to be involved in legal issues. The latest is that it’s misled investors about its NDR (Net Dollar Retention Rate) in its IPO prospectus. Worth noting that its IPO was a blockbuster, but now the share price has dropped significantly.

SaaS companies that got the funding this week

Contract lifecycle management vendor Icertis secures $150M in debt to stave off rivals

Icertis has closed a mega funding round of $150million. It last raised $115million in 2019, and now it has gotten $75million and a $75million revolving credit facility. While it’s being categorized as contract lifecycle management (CLM) software, its CEO Sameer Bodas highlights that it has several additional functionalities.

Amagi raises over $100 Mn in new round led by General Atlantic

Amagi turned unicorn earlier this year, and it has now raised $82million from PE firm General Atlantic. In addition to that, General Atlantic has purchased additional shares from existing investors worth $27million. With this fund infusion, the PE firm will have an 8 percent stake in the company.

Former Yext CEO launches Roam to provide a virtual HQ for distributed teams

With remote work taking over the world, there are several startups trying to make it more effective. Roam, billing itself as a “cloud HQ” has just come out of stealth with $30million Series A funding. Led by IVP, the startup is valued at $95million. It’ll be utilizing the funding towards GTM efforts in the US and other markets.

Must reads

Profiling the Indian SaaS landscape – a US $1trillion opportunity for businesses

32 SaaS KPIs every company should track

How embedded finance can increase the profitability of SaaS startups

Listen to

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