New Delhi, Feb. 4 -- Bengaluru: Avinash Raghava's phone began buzzing incessantly late on 23 January as message after message poured in. Curious, Raghava, the man behind SaaSBoomi, a community of SaaS (software as a service) founders, picked it up to see what the commotion was all about.

It turned out that private equity firm Everstone Capital had announced it was buying an 80% stake in Wingify, a bootstrapped SaaS startup founded by Paras Chopra and Sparsh Gupta. And SaaSBoomi's more than 6,000 SaaS founders were agog at the development.

"Sparsh and I are a part of 17 mutual WhatsApp groups and when the news of the stake sale was announced, an atmosphere of congratulatory cheer broke out among SaaS entrepreneurs across India," said Rag...