Innovaccer, a multinational company, was founded in 2014 by Abhinav Shashank, Sandeep Gupta, and Kanav Hasija, all of whom are originally from India. Innovaccer has a large operations and development centre in Noida, India, as well as its headquarters in San Francisco, California, USA.
Innovaccer has recently raised $275 million in a Series F funding round, increasing its total funding to $675 million. B Capital Group, Kaiser Permanente, M12, Banner Health, Danaher Ventures LLC, and Generation Investment Management are among the investors in this investment, consisting of primary and secondary components. Innovaccer will be able to enhance its cloud-based and AI solutions and grow its product line with this investment. Innovaccer has expanded to serve over 130 healthcare organizations, including six of the top ten U.S. health systems.
Innovaccer is a prominent SaaS Unicorn whose revenue has grown by 50% a year for the past five years. In 2021, the company was valued at $3.2 billion. As evidenced by its expansion and 2025 initiatives, Innovaccer is committed to transforming healthcare through data-driven insights and cutting-edge artificial intelligence technology.
Innovaccer is well-positioned to take the lead in the global healthcare technology market. Its focus on artificial intelligence (AI), data unification, and personalized healthcare solutions aligns with future industry demands. If Innovaccer maintains its current growth trajectory and adapts to new challenges, it has the potential to impact healthcare delivery in the future.
The Software as a Service (SaaS)
SaaS are subscription-based delivery models of cloud computing that offer software applications that can be downloaded on any device without storing it on a local device. It eliminates the need for infrastructure and unburdens the company in terms of maintenance. It has a wide range of applicability across sectors and locations. It can be applied to CRM (Customer Relationship Management), Project Management, etc., and even platforms like Netflix rely on AWS (Amazon Web Services) to scale their operations and give the user a smooth experience.
SaaS companies in India and their Growth Trajectory
India has the second most extensive network of SaaS companies on its soil, only after the USA. SaaS Companies have found a steady home in India and various sectors, given its vast market, to test out the operational aspects of it.
Its eco-system has been expanding constantly in B2B and B2C sectors as well. Its products find applicability in sectors like marketing, recruitment, maintenance, supply chain management etc. It has also been quick to incorporate AI into its software to create a whole new market and span across all sectors such as health, marketing, teaching etc.
Some of the globally renowned SaaS companies based out of India are Zoho, Razorpay, DarwinBox, Oracle, and IBM generating and expected to generate $26 Billion in revenue by 2026. Companies like Innovaccer have grown to become exemplary unicorns in their domain. Perfios has also lent its services to Indian industries and sectors like the banking sector and helped generate employment in the country.
