In IT services, "you are selling bodies and you say yes to everything the customer says," said Krishnamoorthy. SaaS companies, on the other hand, have to say no to 99% of [potential] customers, he added.

And India's startup ecosytem is still relatively immature when compared to Silicon Valley. Despite the massive size of some homegrown unicorns, Mathrubootham said that the country does not have a "global tech powerhouse product brand."

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But he hoped that future SaaS companies can change that.

"It is my personal dream to see India as a product nation," he added.