Martech company Netcore Cloud looking to double ARR to $150 million by 2024
Martech SaaS company, Netcore Cloud, is looking to expand and double its annual recurring revenue (ARR) to $150 million by 2024, according to its founder.
“We are at about $75 million at this point of time and we are profitable,” Rajesh Jain 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.”
Netcore is looking to hire in local markets for front end work, as well as in India to leverage on the remote model. It is also looking to hire with a focus on engineering.
Jain expects the company’s revenue to grow 30-40%, which will come from 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 SaaS company from India and do all this with growth and profits in mind.”
Netcore has recently undertaken three acquisitions: Quinto, Boxx and Hansel. Jain states that acquisitions will play an important role over time, particularly in markets like Europe and the US where it takes some time to build businesses organically.
“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 is a marketing technology company with over 500 employees and a presence in 18 countries. It works with brands such as Airtel, ICICI Bank, Flipkart and The Body Shop. According to Jain, three out of four enterprises and eight out of ten unicorns in India use at least one of Netcore Cloud’s products. 75% of India’s email traffic and 50% of Asia’s email traffic goes through Netcore Cloud as well.
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