Latest report from Bain - Quite bullish on outlook for Indian SaaS. While majority of pure SaaS plays are private (Zoho, Darwinbox etc), here are some proxy plays I can think of - share of SaaS in mix:
$Intellect Design Arena Ltd
~20% in last qtr (grew 156% yoy) - Invested

$Newgen Software Technologies Ltd ~30% (grew at 35%). Mgmt was super bullish on the deployment of their low/no code solutions in last call.

#MapMyIndia Their repeat/ annuity revenue is over 90%. SaaS mix would be 55-60% (maybe highest in listed space?)

These companies might get scarcity premium if industry grows. Anything else @Tar @noname.cpp @amit @Mandar Purandare @Ashutosh Parashar ?

PS: Majesco used to my SaaS play before their sold off.

PPS: SaaS simply means companies that can deliver their solutions by hosting on cloud and client pays for it on periodic subscription basis. Ensures high margins and operating leverage.