Economic Times Story on Netcore

Economic Times interviewed me recently, and published a story on Netcore’s future growth plans. I have reproduced it below since its behind a paywall.


Martech company Netcore Cloud eyes $150 million ARR by 2024

The company expects 30-40% of the revenue to come from outside India in the next few years through a mix of both organic growth and acquisitions.

Chennai: Martech SaaS company, Netcore Cloud is looking to double its annual recurring revenue (ARR) to $150 million by 2024 and will look to expand in new geographies, said Rajesh Jain, founder and managing director of Netcore.

“We are at about $75 million at this point of time and we are profitable,” he said. “The growth will come from multiple dimensions. The first is international expansion. We have had great success in India, Southeast Asia and the Middle East and want to now replicate that success in the US and Europe.”

Jain said that Netcore is looking to hire in local markets to take care of some front end work in those markets as well as in India to leverage on the remote model. Netcore will also look at hiring with a focus on engineering, as it believes this is central to every company.

He said that he expects about 30-40% of the company’s revenue will come from outside India in the next few years through a mix of both organic growth and acquisitions.

“We’ve done three acquisitions in the last two and a half years or so,” he said. “I expect a lot more of this in the coming years. So that will also expand our geographical footprint. I see Netcore’s growth coming along these dimensions—more products, more geographies and much remote selling in the true tradition of a SaaS company from India and do all this with growth and profits in mind.”

The three acquisitions that Netcore has recently undertaken include Quinto, Boxx and Hansel. Jain said that over time, acquisitions will play an important role, especially in markets like the US and Europe where it will take a lot of time to build the businesses organically.

“So the goal is to look at companies where you could invest probably $50-100 million in each of these markets for acquisitions,” he explained. “So that gives us a significant footprint, it gives us very good customer access. And that can then fast track our growth. We have a very strong product suite already. And if we can possibly buy companies with complementary products, which are there in the broad martech space, or even some products, which are very similar, we could help bring down the costs by shifting some of the back office work in India.”

Netcore Cloud works in the marketing technology space and boasts over 500 employees while having a presence in 18 countries. The company works with brands including Airtel, Flipkart, ICICI Bank, Myntra and The Body Shop. Jain said that three of four enterprises and eight out of 10 unicorns in India use at least one of Netcore Cloud’s products. Further, 75% of India’s email traffic and 50% of Asia’s email traffic goes through Netcore Cloud.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.