Excerpts from an article by Bharani Vaitheesvaran in Economic Times:
Mumbai-based bootstrapped SaaS [company] Netcore Cloud has put off its initial public offering on Indian stock exchanges on uncertain macroeconomic factors and a perceived ‘softness’ in customer decision-making in the SaaS market, founder and group MD Rajesh Jain told ET.
Netcore had originally started the IPO process in August this year, with the listing slated for February-March next year. After conversation with bankers, the company decided that it would review IPO prospects again by February next year, and focus on building new products and bolstering presence in the US market, where it had made a $100-million acquisition in March this year.
…Jain said Netcore would use the time make to make more acquisitions, and hire senior personnel to ensure Netcore keeps its focus on product-building and customer experience as C-suite bandwidth gets consumed on IPO-related matters. Jain said Netcore would look at the company’s FY23 numbers and take a decision on the IPO timeframe.