Generally, I think a “SaaS” company has to have, at a minimum, 60% gross margins. And ideally, relatively modest churn to be SaaS.
Otherwise, it’s not really >software< as a service.
Mealkits-as-a-service, for example, are too low margin with too high churn to really be analogous to SaaS.
But the closer you get to 100% net revenue retention and 60%-70% gross margins, the more B2C and other areas converge with traditional B2B SaaS in terms of unit economics, CLTV models, funding models, revenue multiples, etc. etc.
analysis from here: Blue Apron Is a Bad Business and a Terrible Stock