AuditCue, a firm that provides audit and risk management software, has secured $1.5 million in a venture fundraising round headed by Kalaari Capital.
SaaS is an abbreviation for Software as a Service. It is a software distribution strategy based on the cloud in which consumers subscribe to a program rather than buying and installing it. SaaS is also referred to as:
- Software that is available on demand
- Software that is accessible over the internet
- Software that is hosted on the internet
The cloud provider in SaaS:
- Creates and maintains software
- Automatically updates software
- Customers may access the software on a pay-as-you-go basis over the Internet.
Many variables influence the cost of launching a SaaS firm, including complexity, development phases, features incorporated, API integrations, platforms supported, deadlines, team location, website hosting, design, and marketing.
A minimal viable product (MVP) for a SaaS firm generally costs between $60,000 and $150,000. A fully-fledged SaaS solution may cost up to $700,000 or more.
The average cost of launching a SaaS firm is $12,272. This amount comprises the expenses of website hosting, development, design, and marketing. You may save money by using open-source technology.
In India, the SaaS industry is predicted to increase from $13 billion in 2022 to $50 billion by 2030. India has the world’s second-largest SaaS ecosystem. In India, there are 19,408 SaaS firms, including Pine Labs, Razorpay, Freshworks, ShipRocket, and Whatfix.
Other investors that took part included Java Capital and San Francisco angel investors.
According to a news statement, the money injection will be used for product development, expediting the go-to-market strategy, and expanding the technical staff. The Chennai-based firm intends to grow in the key geographic areas of North America, India, and the European Union.
AuditCue, founded in 2022 by Gaurav Kulkarni and Naren Janakiraman, is a SaaS application that reimagines how risks, controls, and audits interact. It reduces audit friction and empowers auditors and auditees throughout the lifespan of risk and audit programs.
AuditCue has been operating in the shadows until recently, collaborating with industry professionals and advisors.
Kalaari Finance, an early-stage startup finance company, has launched its analyst program, the Kalaari Fellowship. The program intends to train the next generation of venture capital and entrepreneurial leaders. It invested in space tech firm Digantara and professional engagement platform HerKey in 2023, among other things.