📰 Startup Digest (July 8)

News and updated about India's startup space and more.

💸 Indian SaaS can create $1 trillion in value… and about five lakh jobs by 2030. A new report by SaaSBOOMi titled ‘Shaping India’s SaaS Landscape’ further said that the global software-as-a-service market is growing at 18-20% each year and could cross $500 billion in revenue by 2025.

However, according to the report by Asia’s largest community of SaaS founders and product builders, companies in India are encountering major challenges – particularly in the early stages of product development and marketing. Another big challenge, it said, is developing talent.

💳 Payments startup yBANQ gets acquired by fintech firm Clear. The B2B payments startup, backed by Y-Combinator, aids businesses with payments collection, reconciliation, and automated bookkeeping.

Clear – previously known as Cleartax – is looking to enter B2B payments and credit with this acquisition.

🍅 You could soon buy groceries on Zomato. In a press briefing today, the startup said that it is looking to launch online grocery services on its app – something it has been experimenting with for a while.

The announcement comes following the food delivery platform’s recent investment in e-grocer Grofers.

🛒 India’s online commerce industry could reach $188 billion by 2025. This figure stood at $64 billion in 2020, according to a report by FICCI. Online commerce, the report stated, is becoming a “primary buying channel for many” as opposed to an “alternative” one.

Amanat Khullar is the Content and Editorial Manager at ADIF.

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