What makes Netcore’s IPO special? Jain does!

by April 1, 2022 0 comments

Software as a Service (SaaS) platform Netcore Cloud, which is planning an initial public offer (IPO) within the next year, has acquired a majority stake in US-based Unbxd Inc according to media reports. With this $100 million acquisition of the search personalisation company, Netcore founder and Indian dot-com era pioneer Rajesh Jain is readying his second start-up Netcore Cloud for an IPO!

Netcore Cloud’s full-stack marketing platform enables highly personalised, scalable digital experiences, actionable analytics, real-time reporting, and quick to implement solutions across channels.

What is special about the impending Netcore IPO is the fact that it is being preceded by this rather unanticipated acquisition of Unbxd Inc. Through this acquisition, Netcore Cloud wants to position itself as a global leader in digital experience platforms (DXP) technology. Unbxd empowers Netcore Cloud to deliver real-time recommendations to its online e-commerce or app-first brand and retailer.

Pavan Sondur and Prashant Kumar, founded Unbxd Inc to build a world-class AI product discovery suite. Apparently, its search solutions improve retention and conversions for e-commerce retailers and B2C brands. Among others, Unbxd’s customers are Mattress Firm, Express, Ashley Homestore, Home Shopping Network, Advance Auto Parts, The Children’s Place, Mitre10 and Kookai.

Netcore’s gambit in this move is perhaps to ensure a high-value opening price of its stock at the IPO. Media reports state that Netcore has mopped up a 90% stake in Unbxd Inc. It is also reported that post the deal, there shall be no change in Unbxd’s key management, and its founders will stay and drive the company’s revenues.

According to media reports, Unbxd will be run as an independent entity while Netcore plans to make substantial investments in the company to catapult its growth in existing and developing markets. Unbxd’s AI and Machine Learning (ML) tech stack will help Netcore’s customers to track shopper’s interactions with search and implement site-wide personalisation, merchandising, and shopper-focussed recommendations.

Netcore is IPO-ready as it’s “a large global SaaS company out of India, very profitable and dominates India and emerging markets like Southeast Asia,” said Jain, who holds about a two-thirds stake in the company. The remainder is owned by employees.

The Mumbai-based SaaS company has 11 offices across the globe and claims to serve over 5,000 customers globally. It counts big brands such as ICICI Bank, Flipkart, Myntra, Airtel, Disney Hotstar, Puma, EaseMyTrip, et. as its customers. It claims to host 75% of India’s and 50% of Asia’s email traffic on its platform.

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