Rajesh Jain, pioneer of India’s dotcom era, prepares for second startup IPO

Rajesh Jain, 54, a pioneer in the Internet industry in India, is preparing to launch his second Netcore Cloud Pvt. for an initial public offering over the next year, new after a $100 million acquisition this month.

“We have had preliminary talks with six bankers and the formal process will begin in the next couple of months,” Jin said during a Zoom call to discuss the acquisition and the IPO. “We are targeting an IPO within the next nine to twelve months.”



Mumbai-based Netcore is a software-as-a-service, or SaaS, startup that specializes in providing customer engagement and engagement solutions to businesses. It bought about 90% of the shares of Unbxd Inc. To customize your search in California-based e-commerce.

The acquisition will enhance Netcore’s offerings to their list of global customers such as Pizza Hut Inc. and The Body Shop Inc. and Tommy Hilfiger Corp. The deal will also boost the company’s subscription revenue to $150 million annually for the next 18 months from about $100 million now, Jain said.

Jane, who owns about two-thirds of the company, said Netcore is ready for an IPO because it is “a large global SaaS company outside of India, very profitable and dominating in India and emerging markets like Southeast Asia.” The rest is owned by the employees.

Jain graduated from the Indian Institute of Technology, Bombay and received his master’s degree from Columbia University. He worked in the US for two years before returning to India to become an entrepreneur. He sold his first startup, IndiaWorld Communications, in one of Asia’s largest internet deals in the dotcom era in 1995.

IndiaWorld offered news, cricket scores, Bollywood gossip and search services to India’s then tiny internet user base. Just before the dotcom collapse, it was acquired for $115 million by Nasdaq-listed telecommunications company Sify Technologies Ltd.

Netcore, just like IndiaWorld before, has not taken any money for venture capital.

In its acquisition announcement, the company said SaaS has more than 5,000 customers globally and sends more than 15 billion marketing emails and texts per month through its platform.

The company said Unbxd is its fourth acquisition and all deals have been funded by internal accruals. Netcore said the new acquisition will continue to operate as an independent entity.

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