Scratch that. Delete that title.
Start with “Mine is a <insert product here like, finance, healthcare, etc> startup.” The only time you are a SaaS startup when you are solving a fundamental SaaS need like billing, metering, security, auditing, etc. It has become a fashion to use the latest technology to pitch your business and has been successful like, “We are <Java/Web2.0/SaaS/cloud/blah startup”.
Don’t move with fads. India does not need fads. India needs products.
The average consumer does not understand the technology stack. They need a solution. Whether the product uses cloud, SaaS, Java, Visual Basic — the consumer hardly cares. If it solves a need and must be on the internet then it does not matter whether it’s SaaS or BaaP or cloud.