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Chennai is rapidly establishing itself as India’s SaaS centre: EY White Paper

Chennai is rapidly establishing itself as India’s SaaS centre, and the extraordinary velocity with which the Chennai start-up system has advanced, significantly within the Saas sector, is commendable, says a White Paper on ‘Chennai: A hub for SaaS Begin-ups’, printed by Ernst & Younger (EY), unveiled on Friday on the Chennai Micro Expertise of FinTech Pageant India 2021-22.

The white paper deep-dives into the evolving start-up ecosystem in Chennai and takes an in depth overview on how the town is quick rising as a hub for SaaS primarily based start-ups.

There are 55 universities within the State, in addition to 2,267 faculties, 527 engineering faculties, and 447 polytechnics. Yearly, roughly 4,00,000 engineers and technicians are recruited to the pool. Chennai’s various and wealthy expertise pool is an enormous draw for these companies and offers SaaS corporations loads of room to construct their enterprise throughout the metropolis, says the white paper.

Connecting entrepreneurs

There are efforts underway to attach entrepreneurs on a group stage by the State, and assist constructions, reminiscent of a community of angel and enterprise capital buyers, are anticipated to assist the SaaS development in Chennai, the white paper mentioned.

On the best way ahead, the white paper mentioned that the State authorities has begun constructing a fintech metropolis in Chennai, with Tidco publishing a young to nominate a Challenge Administration Advisor for the ₹165 crore challenge.

Whereas a fintech coverage is being developed, the State authorities hopes to make use of the challenge to create a fintech ecosystem as a way to entice each native and worldwide monetary establishments and to rework Chennai into one of many world’s most important monetary providers hubs, extra particularly a World SaaS hub. It is going to be constructed with the mandatory infrastructure to accommodate monetary establishments reminiscent of banks, non-banking monetary providers, monetary BPO, regulatory businesses, monetary market operations, and coaching centres, the white paper mentioned.

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