Rajesh Jain: 54-year-old Rajesh Jain, one of the few who started India’s Internet industry, will next year launch his second startup Netcore Cloud Pvt. (Netcore Cloud) are preparing to bring IPO. The company made an acquisition this month for $100 million.
According to a Bloomberg report, Jain, while discussing the acquisition and IPO on a Zoom call, said, “We had initial talks with half a dozen bankers and the formal process will start in the next two months.”
The company has expertise in customer communication
Headquartered in Mumbai, Netcore is a software-as-a-service or SaaS startup specializing in offering customer communication and engagement solutions to businesses. It has bought a nearly 90 per cent stake in San Mateo, California-based e-commerce search personalization company Unbxd Inc.
The acquisition will strengthen Netcore’s offerings to serve its global customers such as Pizza Hut Inc., The Body Shop Inc. and Tommy Hilfiger Corp. Jain said the deal would increase the company’s subscription revenue to $150 million within 18 months, from about $100 million at present.
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Jain holds two-thirds stake in Netcore
Jain, who holds nearly two-thirds stake in Netcore, said the company is ready to IPO as it has a large global SaaS company outside India, is highly profitable and has a good penetration in emerging markets like India and Southeast Asia. The rest of the company’s stake is with the employees.
Jain is a graduate from IIT Bombay
Jain is a graduate from IIT Bombay and did his Masters from Columbia University. He worked in the US for two years before returning to India to become an entrepreneur. He sold his first startup to Indiaworld Communications in 1995, which was one of the biggest internet deals of the dotcom era at the time.
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Indiaworld offered news, cricket scores, Bollywood gossip and search services to India’s limited internet user base at the time. It was sold for $115 million just before the dotcom bubble burst, which is now Nasdaq-listed communications company Sify Technologies.
Did not take any Venture Capital Fund
Netcore has not taken any Venture Capital Fund like Indiaworld. Announcing the acquisition, the company said, the SaaS startup has more than 5,000 clients worldwide and sends 15 billion marketing emails and texts every month through its software.
The company said that Unbxd is its fourth acquisition and funds from internal sources have been used for all deals.
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