Recko

“Majority of the companies which are getting funded, right? So these were also operating in in existing categories where you had, you know, some benchmarks and you had, you know, some reference points. But in our case, it was a new category which we're opening.…”

“So this was more of a usage based pricing, which we had. And it was slightly north of say, 200 K, which we had as our initial contract. And then it, you know, just went beyond it because the company was scaling and it was on the usage basis.”

“And then I think in the December of 2017, right, so we were almost out of cash, right, so we probably had, you know, last 500 dollars with us Prashant was already out of cash, so I think, I was like, I mean, this is the last 500 dollars which we have, and if y…”

“It's the largest acquisition and the only acquisition for Stripe in India till now.”

“And that was also the time where I think generally people were also trying to go more into spaces which were Which were existing categories, and I think the general approach was to introduce some kind of a cost arbitrage and go in and play into those categorie…”

“As the market warmed up, I remember, I think there were just so much of inbound, which was coming in But we were just not able to, you know, from customers, right? And we had to just turn down so many of them because we were just not onboarding any new custome…”

“Initially, I think it was very unclear. I think our initial thought was to build maybe a cheaper version of Oracle. Because we thought that maybe that is the right shape of solution. But then I think very quickly we realized over say two or three months that y…”

“So there were only two companies which are talking about reconciliation in 2017, I think. There's a company called Modern Treasury in US, and the other way were us, right, over there.”

“So Myntra reached out to us and Myntra They told us that look, guys, we have, you know, some problem on the reconciliation side. We have tried almost every consultant every engineer, every big four, and nobody has been able to solve our problem.”

“Then after a couple of conversations, right, so we went ahead with the with our CDSB round where Stripe was leading it. But during that time, we started engaging more with the Stripe team. And I think after close about say a month of deliberation, right. So th…”

“So the first offer which you get would be around, say, three X or four X, your last valuation, right? So that is where it starts, right? So but essentially Most of the acquirers, they have a certain budget which they have, right? And there's an upper cap, whic…”

“You know, you built Reco into one of the leading financial reconciliation platforms from India, used by finance team at Deliveroo, Myntra, Misho, To track the revenue and within three and a half years, I think this would be one of the first companies from Indi…”

“Somehow I felt, I mean, the thing which resonated most with the Stripe team was around how the product was built. And I think the thoughts which were around, say product building and were a lot more mature.”

“Product discovery was extremely difficult because when we used to go to the customers, our customers will write, always say on our face that this is something which they don't want. And when I used to go to investor, they would be like, this is probably one of…”