Kovai.co, an enterprise software and B2B Software as a Service (SaaS) company, which celebrated its 10th anniversary in July, plans to become a $30 million company over the next three years from the present over $10 million. The Coimbatore-based company presently employs around 250 people in India and the UK.
“By 2030, our aim is to become a SaaS-unicorn and one of the key SaaS players in the country,” said the company’s Founder and CEO Saravana Kumar. “Looking ahead, we remain focused on growing the product portfolio while building and nurturing local talent. We will also work towards having lateral hires who will help us grow further, and turning Coimbatore into the next big SaaS hub in the country,” he added.
“We are proud to celebrate 10-years of being a bootstrapped profitable SaaS company. It reflects the trust of our 1,500+ enterprise customers, the capabilities of our employees, and our ability to innovate new products over time,” he said.
To a question on why the company's growth has been quite slow despite being in the industry for a decade, Kumar told BusinessLine that until 2018, the company was conservative and focussing on growing its products. However, since 2019, the company has increased its marketing spend ‘exponentially,’ invested in a new 40,000 sq ft office space and acquired Cerebrata Software.
“Our product Document360 has been doing extremely well during the pandemic period - we have acquired 600+ customers. We are working on a new product. Our growth projection is based on the demand for Document360, future product launches, and other acquisition plans in mind,” he said.
On future investment, Kumar said it would be in R&D, acquisitions, and business investments over the next few years for geographic expansion. Also, Kovai.co Connect program will be taken to educational institutions across the State to train students as per industry needs and make them SaaS-ready,” he said.