SaaS entity Responsive bets on AI platform
Giving an overview of the AI platform, co-founder-CEO Ganesh Shankar on Thursday told the media the global total addressable market for deploying SRM is $27 billion, of which India itself constitutes $3-4 bn.
SaaS
CHENNAI: Coimbatore-based SaaS startup Responsive has taken upon itself to equip companies, especially small and medium businesses to tap the opportunities arising from tender participations.
Positioning itself as a leader in the Strategic Response Management (SRM) software, it is betting on its AI-powered platform to enable organisations to seamlessly collaborate and respond to RFPs, bids, security questionnaires, sustainability assessments and other information requests so they can win more deals while mitigating business risk and improving the employee experience.
Giving an overview of the AI platform, co-founder-CEO Ganesh Shankar on Thursday told the media the global total addressable market for deploying SRM is $27 billion, of which India itself constitutes $3-4 bn.
“We have around 4 lakh enterprise users globally and we cater to 25 of the Fortune 100 companies. Our diverse clients are in multiple locations,” he said, noting that its 2,000 customers also include Airtel, Vodafone, Freshworks and Chargebee in India.
To a query, Ganesh said, leveraging the OpenAI strengths, the privacy issue is addressed through its contract with Microsoft. Also, the sluggishness in the SaaS business has not impacted Responsive, as it continues to see strong growth and increasing revenues with its go-to-market SaaS solution being perceived as a ‘must-have’ product by customers.
The cloud-based AI platform claims to help customers drive greater efficiency, quality, personalisation, and insights for every response. Catering to the small and medium business (SMB), mid-market segment and enterprises, the company products are priced from $15,000 to $7,00,000 per year.
As per Ganesh, 60 per cent is the time saved for customers using the platform. It is also keen on ramping up its recently-inaugurated 400-seater facility in Coimbatore, to full capacity in 18-24 months. Right now, it has 270-odd resources there, out of its 520-plus overall employee base.
Having turned profitable in 2018, the ‘customer-funded’ Responsive has been seeing a 30 per cent year-on-year growth. “Our platform has already processed $550 bn opportunities. The current $15 bn monthly prospecting is expected to see 20 per cent growth - $18 bn - by next year,” he said.