BANGALORE: The total venture value of top 30 B2B software product companies in India is $6.2 billion,according to a new index launched by Bangalore-based software product thinktank, iSpirt, reports Times of India

The companies are Eka, Pubmatic, Freshdesk, Druva, Zoho and Quick Heal, among other e-commerce companies are raising billions of dollars in funding and disturbing the domestic retail market.

According to iSpirt's India Software Products Industry Index, as many as 27 percent of the top 30 most valued companies were headquartered in Bengaluru, while 20 percent were in Delhi NCR and the remaining in Mumbai, Kerala, Pune, Silicon Valley, London and Singapore.

At the moment, the iSPIx index will only track how valuable these product companies are, every six months. Khare said while many of them do not share revenue data because they are privately held, "some are likely to hit billion dollars in annual revenue in a few years".

About 37 percent of these companies are startups without any institutional funding and were started in the 1990s and 2000s. Most of the funded companies got growth and over 50 percent of the ventures provide end-user business applications in segments such as CRM, trading, business intelligence and banking, while 20 percent are advertising tech companies, said the report by iSpirt.

"After the IT wave came the internet and e-commerce companies. However, now the value creation will happen in the software product sector. The size of the US market alone for enterprise software products is estimated at $500 billion, so there is a huge potential for creating many billion-dollar companies in this space," said Dev Khare, MD of Lightspeed Venture and fellow at iSpirt. He said there is also a huge opportunity to develop India-centric applications and software businesses that control on the production of smartphones.

Almost 85 companies are part of the index. Whereas mobile ad network InMobi, chose not to participate

Delhi-based Wingify, a website-optimizing firm that is part of the top 30, is a startup venture. The company expects to make$9 million in revenue this fiscal. "We recently doubled our engineering team strength to 20 and hired many product managers. We are exploring partnerships in Japan and Australia," said its co-founder Paras Chopra. Now, the startup employs 62 people and has 4,000 customers in over 80 countries.

Another firm of top 30, Bangalore-based retail analytics firm Manthan Systems has had multiple rounds of funding, the last one of $15 million two years ago from Norwest Venture Partners. Its revenue is over $30 million, it has over 175 customers, including McDonald's, Lowe's and Haggen, and has over 700 employees. "Our solutions help retail customers in decision support and decision-making," said Atul Batra, CTO of Manthan Systems.

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