New Delhi, Feb. 6 -- Even as several software-as-a-service startups head to the public markets this year, India hasn't capitalized on the boom of the 2010s, according to a top executive at global venture capital firm Lightspeed Venture Partners.

"Over the last 15 years, SaaS has come in under expectations as a category, in terms of how many $5 billion-plus companies we expected to emerge from India," said Dev Khare, partner at Lightspeed Venture Partners, in an interview with Mint.

It's not that India hasn't seen its share of SaaS success stories. Freshworks is listed on the Nasdaq, while Zoho continues to scale, moving from small and medium business contracts to larger enterprise deals.

However, only a handful of innovative companies ...