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Netcore Cloud aims to strike at least one more acquisition ahead of IPO

The company, founded by Rajesh Jain, may also look at a pre-IPO round that could involve investments by ‘marquee investors’, added Jain.. Photo: iStockPremium
The company, founded by Rajesh Jain, may also look at a pre-IPO round that could involve investments by ‘marquee investors’, added Jain.. Photo: iStock

Software-as-a-service (SaaS) platform Netcore Cloud, which picked a majority stake in Unbxd for $100 million (around 762 crore) in its largest deal ever, is looking to strike at least one more acquisition before it aims to launch its IPO early next year.

Software-as-a-service (SaaS) startup Netcore Cloud, which picked up a majority stake in Unbxd for $100 million, will acquire at least one more company before launching its initial public offering (IPO) early next year.

“That is the thought process —one more acquisition before we get to the IPO point," Kalpit Jain, group chief executive, Netcore, said in an interview.

Founded by Rajesh Jain in 1997, Netcore has never raised venture capital or private equity funding. It plans to file its draft prospectus with the Securities and Exchange Board of India by August and seeks to list by March 2023. Netcore may look at a pre-IPO round with participation from “marquee investors", said Jain.

Over the last three years, it has acquired four companies, including Quinto.ai, Boxx.ai, Hansel.io and Unbxd. It had also bought Greynium Information Technologies and Ravience Digital. “There is so much to build in marketing technology, but we cannot build all by ourselves. The idea is to look for companies that we could potentially acquire before and after the IPO," said Jain. Netcore eyes both tuck-in acquisitions such as Quinto.ai, Boxx.ai and Hansel.io, and the likes of Unbxd which helped expand its presence. “Unbxd gave a good head start for us in the North America. We are on the lookout for a good company in Europe," he added. 

joseph.rai@livemint.com

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