May 2026
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Largest Vertical SaaS Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Delhivery, Tata Technologies, KPIT Technologies, Computer Age Management Services and Indegene.
 | Delhivery Ltd is engaged in providing a full range of logistics services, including delivery of express parcels and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express freight services, and supply chain software. The company also offers value-added services such as e-commerce return services, payment collection and processing, installation and assembly services, and fraud detection. It has one segment, which is Logistics Services. The company generates the majority of its revenue from India. | $5 | +11% | $3B | $3B | 2.9x | 31.6x | ||
| Tata Technologies Ltd is an engineering services company offering product development and digital solutions, including turnkey solutions, to original equipment manufacturers (OEMs) and their tier-1 suppliers. It has deep domain expertise in the automotive industry and leverages this expertise to serve its clients in adjacent industries. The company's reportable segments are; Services, and Technology Solutions. A majority of its revenue is generated from the Services segment which includes providing outsourced engineering and designing services and digital transformation services to manufacturing clients. It generates revenue from India, North America, Europe, the United Kingdom, and other regions. | $8 | +0% | $3B | $3B | 5.3x | 31.1x | ||
| KPIT Technologies Ltd is a technology company that provides embedded software for the Automobile and Mobility industry. The company provides solutions for autonomous driving, connected vehicles, vehicle engineering and design, electric and conventional powertrains, and integrated diagnostics. Geographically, the company generates maximum revenue from the United Kingdom and Europe, and the rest from the Americas and the Rest of the world. | $8 | -38% | $2B | $2B | 3.3x | 16.0x | ||
| Computer Age Management Services Ltd is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions. The company provides a comprehensive portfolio of technology-based services, such as transaction origination interface, transaction execution, payment, settlement and reconciliation, dividend processing, investor interface, record keeping, report generation, intermediary empanelment and brokerage computation and compliance-related services, through its pan-India network to its mutual fund clients, distributors and investors. It also provides certain services to alternative investment funds, insurance companies, banks and non-banking finance companies. | $8 | -13% | $2B | $2B | 12.0x | 25.0x | ||
| Indegene Ltd provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech, and medical device companies. It assists them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Its portfolio of solutions covers all aspects of commercial, medical, regulatory, and R&D operations for life sciences companies. The company's segments include Enterprise Medical Solutions, Enterprise Commercial Solutions, Omnichannel Activation, and Others. Key revenue is generated from the Omnichannel Activation segment. The company has a presence in India, Europe, and North America, with the majority of revenue coming from North America. | $5 | -13% | $1B | $1B | 3.1x | 16.6x | ||
| Amagi Media Labs Ltd is engaged in the business of providing media technologies and related services. The company is a software-as-a-service (SaaS) provider that offers a cloud-native platform for media companies to distribute digital content to end users. The platform enables content providers and distributors to upload and deliver video over the internet through smart televisions, smartphones, and applications, rather than through traditional cable or set-top box services. The company also helps monetize such content through targeted advertising services for advertisers. The majority of the company's revenue is derived from its streaming unification services. Geographically, it derives the maximum revenue from America, and the rest from Europe, Asia-Pacific, the Middle East and India. | $4 | -- | $963M | $792M | 5.0x | 65.9x | ||
| Newgen Software Technologies Ltd is a software company. It is engaged in software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to Document management to imaging. The entity's geographical segments are India; USA, and Africa (EMEA); Asia Pacific (APAC); and the United States of America (USA). It generates key revenue from India and the EMEA region. The company's NewgenONE Platform is a unified low-code platform for end-to-end automation at scale for enterprises. The platform offerings include Contextual Content Services (ECM), Intelligent Process Automation (BPM), Omnichannel Customer Engagement (CCM), and Low Code Application Development. | $5 | -57% | $768M | $669M | 4.3x | 14.5x | ||
| Aurionpro Solutions Ltd is a technology company that provides enterprise solutions focused on banking, payments, smart city, and smart transportation sectors. The company offers software products and services such as transaction banking platforms, credit risk management systems, digital signage, queue management, self-service kiosks, and customer feedback systems. Aurionpro generates revenue through the sale of software services and licensed technology solutions to various countries, serving a diverse client base including banks, airports, government entities, and various other industries. It operates through multiple business segments, predominantly focusing on Banking & Fintech and Technology Innovation. | $9 | -44% | $478M | $431M | 2.9x | 13.3x | ||
| Kernex Microsystems (India) Ltd is an India based company engaged in the manufacture and sale of Safety Systems and Software services for Railways. The company is in the business of designing, developing, and deployment of Train Collision Avoidance Systems in Indian Railways, and successfully completing the installation of automatic and semi-automatic Railway Gates. It offers products which include LxGuard, TrainSHIELD, SAFELx, SENTINEX, CASRY, KMDAX, ATRW, KTPIS, and BCPS2440. Geographically, it generates the majority of its revenue within India. | $19 | +47% | $317M | $331M | 7.4x | 21.0x | ||
| 63 Moons Technologies Ltd is a company that is involved in the business of offering technology, intellectual property, and domain expertise to create and trade on next-generation financial markets across all asset classes, including equities, commodities, currencies, and bonds, among others. Its products and solutions portfolio includes exchange technology solutions, brokerage technology solutions, and risk solutions. The company's business segments include the Software services/solutions segment and Others. | $7 | -40% | $301M | $84M | 3.8x | (286.4x) | ||
| Network People Services Technologies Ltd is a banking technology service provider that offers software and mobility solutions to the banking and finance sector. It offers digital transformation solutions such as IMPS, Digital Wallet, UPI, and other smart art solutions. The company further offers software designing, consulting, development, and manpower provisioning services. | $14 | -38% | $291M | $260M | 12.7x | 38.1x | ||
| Protean eGov Technologies Ltd is engaged in providing Information Technology (IT) enabled e-Governance services. It works on tax modernization, open digital ecosystems, and social security-related projects. It offers citizen services, e-governance solutions, system integration, business process re-engineering, data center co-location, and IT consulting services for citizens, corporations, and the government. Some of the projects that the company works on include the acceptance and processing of PAN applications, e-KYC, GST verification, PAN verification, and others. Geographically, the company currently offers its services only in India. | $6 | -34% | $255M | $230M | 2.2x | 12.0x | ||
| Accelya Solutions India Ltd provides software solutions for the airline and travel industries of various countries. It offers platforms that support passenger services, cargo operations, and airline financial processes, including revenue accounting and settlement. The company’s software helps airlines manage booking, pricing, cargo bookings, invoicing, and payment settlements, with a focus on streamlining operations and supporting airline retailing standards. Revenue is derived mainly from transaction processing, managed processes, technology and hosting services, licensing of software products, related implementation, and maintenance services. Accelya operates globally, serving a broad base of airline customers and supporting digital transformation within the industry. | $12 | -21% | $181M | $178M | 3.2x | 8.2x | ||
| Magellanic Cloud Ltd is a provider of IT services. It is engaged in the business of IT solutions, E-Surveillance, and Human Capital. Its main activity includes IT Consulting Services, which develop and design Software Applications, Monitoring Services, and Trading. Its services are Digital Transformation, Product Engineering, Product Development, Quality Assurance, DevOps, Multi-Cloud & DevOps Automation, Process Automation, Data Analytics, and Others. The Company operates in one reportable business segment, namely IT and IT-related Services. | $0 | -67% | $159M | $176M | 2.4x | 7.6x | ||
| Veefin Solutions Ltd is a Digital Lending and Supply Chain Finance (SCF) technology product solutions company based in Mumbai. Supply Chain Finance is a financial tool used to help businesses manage their cash flows and improve their working capital. The company provides its product solutions to a wide range of clients globally, including Banks, Non-Banking Financial Institutions, FinTech, Marketplaces, and Corporates. Its technology product solutions are offerings, which are designed with a user-led approach, data, and analytics, and built by experienced bankers for bankers. | $3 | -9% | $86M | $94M | 2.6x | 11.0x | ||
| C2C Advanced Systems Ltd is a vertically integrated Defence electronics solutions provider catering to the indigenously developed defence products industry in India. The company has developed several offerings which cater to the entire spectrum of defence platforms both in the air and in the sea. It has design capabilities across the entire spectrum of strategic defence solutions including processors, power, radio frequencies (RF), radars and microwaves, embedded software and firmware. its core competencies include hardware design and development, software design and development, mechanical design and development, product prototype design and development, functional testing and validation, environment testing and verification and engineering services opportunities. | $4 | -47% | $65M | $68M | 5.6x | 14.8x | ||
| Trident Techlabs Ltd provides custom-built technology solutions across aerospace, defense, automotive, telecom, semiconductor, and power distribution sectors. It operates through two verticals: Engineering Solutions and Power System Solutions. Engineering Solutions mostly serves defense and aerospace by offering off-the-shelf design verification and reliability assessment, helping reduce time-to-market and investment in developing custom electronic hardware, IC designs, and mechatronic systems. Power System Solutions delivers advisory, engineering consultancy, and software services to improve power distribution efficiency and enable IT-based operations management with asset and consumer information systems. Its business segment includes the trading business and the consultancy business. | $2 | -70% | $31M | $32M | 3.9x | 15.7x | ||
| California Software Co Ltd is a software product development company. It is engaged in providing outsourcing enterprise software solutions, information technology solutions, and product engineering services. The products and services offered by the company include CRM, e-commerce, Food Delivery App, Pharmacy, ERP, Marketing, and other services. | $0 | -- | $14M | $14M | 25.2x | 87.3x | ||
| Median | $6 | -36% | $309M | $295M | 3.9x | 15.8x |
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