The Ledger
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Jain: An 80/20 SaaS-to-services ratio significantly increases customer stickiness
“Now, as SaaS companies, most SaaS companies are told Not to get into services. But the services layer actually can add a lot of stickiness. So think of it as 80% SaaS, 20% services. That thin layer, I think, can make accounts much more stickier, especially whe…”
Total India and SE Asia MarTech market is only $150M to $200M
“So the challenge for us is that the Indian market is actually quite small, even though the customer base is very large companies don't pay a lot of money yet. So the email market plus the martech business put together would probably be just about 150 odd milli…”
Jain: AMP Email Generates 5x to 10x Increases in User Actions
“The removal of the friction of the click through to a website or app, I mean, we have seen five times, 10 times increases in actions.”
Jain: Owning a $100M Proficorn Equals Owning 10% of a Unicorn
“So in a Unicorn, you get a billion dollars valuation. Founders probably end up owning 10% of the company. That's a hundred million. You build a Proficon. You build a hundred million dollar revenue, ah, valuation company. If you own most of it, that's the same …”
Rajesh Jain: Founders should pay top bankers 2-3% extra in M&A
“So when you're doing deals, it's worth that extra two, three percent to get the best banker that you can.
Makes a world of difference.
As founders, we are just unable to negotiate.”
Jain: Digital ad tech suffers from $200 billion in acquisition waste
“In ad tech, actually, there's a lot of, there's two hundred billion dollars of waste, you know, in reacquisition and wrong acquisition.”
Jain: Focusing on existing customer relationships yields a 5x larger TAM
“And if we can shift focus from new customers to existing customers, it opens up a five X bigger TAM for brands focused on existing customer relationships. That's really the only way brands can build profitable businesses.”
Rajesh Jain: US E-Commerce Gets 20% to 40% Revenue from Email
“Because in the U.S., for e-commerce companies, 20 to 40% revenue is coming from email.”
Jain: Netcore accumulated $100M cash reserves from profits by 2020
“So we built it up to about a hundred million in by 20 20.”
Jain: Average feature adoption on most SaaS platforms is only 30-40%
“I mean, look at, what is a typical adoption of most SaaS platforms? 30, 40%.”
Jain: 60% to 70% of Email Users Can View Interactive AMP Content
“So I'd say about 60, 70% of customers typically would be able to see the AMP interactivity”
Netcore Sends About 35 Billion Emails Monthly
“We send out about thirty-five billion emails a month.”
Jain: Email, WhatsApp, and RCS turn push channels into conversion endpoints
“So if you think about it, email WhatsApp, and RCS, they are transforming the one-way push channels into basically becoming two-way endpoints for conversion.”
Rajesh Jain: India World sold for $115M at 166x revenue
“We were the first, started very close to the time Yahoo and eBay did, and I sold it five years later for hundred and fifteen million dollars.
166 times revenue.”
Jain: A company cannot run with two power centers
“Once I got the CEO, I said there only has to be one leader in the company, it cannot be me, it's the CEO, so even if I disagree, I have to tell the CEO privately, rather than
publicly because a company cannot run with two power centers.”
Rajesh Jain: Netcore paid nearly $100M cash from internal accruals for Unbxd
“And then, ah, we had a very large acquisition that we did unboxed. Ah, again, all from internal accruals, ah, close to a hundred million dollars last year. Again, we paid cash, ah, for the business”
Netcore Cloud acquired Unbxd for $100M in major Indian SaaS deal
“And we recently acquired a company for a hundred million dollars basically invested and one of the largest deals out of India in the SaaS space. It's a company which primarily operates in the U S company called unboxed.”
Netcore Cloud nears $100M ARR while remaining entirely bootstrapped
“So we are ourselves at about 85 now and we had unbox ten million. So we are very close to a hundred million ARR now and completely bootstrapped.”
Netcore Cloud plans to IPO in India within 12 months
“We're also planning to do an IPO in India in about 12 months time.”
Netcore Cloud historically operates at 17% to 18% profit margins
“So our profit margins have basically been about 17 to 18%.”
Hybrid CPaaS and platform SaaS companies merit 6x to 10x revenue multiples
“I'd say that companies like ours should basically, we got a mix of CPaaS and the high, high and the platform business. I'd say we'd probably be valued anywhere between six and 10 times revenues. And maybe with some bonus for being profitable.”
Netcore Cloud delivers 18 billion emails per month as independent company
“So we do eighteen billion emails a month. Which is, I think, which would be among one of the largest ones. I mean, we are probably one of the few independent email companies left in the world”
Jain: Netcore Did Not Grow for 10 Years Until Adding Email/SMS
“Netcore, actually, I didn't put in too much money, because first 10 years you were too small, not growing. And then we did something right. We basically started email and SMS marketing in India, and those just turned out cash.”
Jain: Indian Mutual Funds Collect Monthly SIP Payments Inside Email
“I mean, we have companies in India for mutual funds collecting those what they call SIP in India, systematic monthly payments for funds. All of that's now happening inside email.”
Jain: WhatsApp has over 100M US users
“A hundred million plus users in the U.S. On WhatsApp. That's probably about 30, 40% of the adult population.”
Jain: Netcore Reached $100M in Revenue and Prior Exit Exceeded $100M
“The first one I sold for a hundred million plus, and the second one I'm still running, Netcore, we'll talk about that. That's hundred million in revenue.”
Rajesh Jain: Netcore's per-share value grew at 25% CAGR over 10 years
“And if I look at the last 10 years, the per share value of, ah, Netcore
Has grown 25% CAGR.
That's 10 X in 10 years.”
Rajesh Jain has never raised outside capital in his entire life
“And, ah, I've never raised capital in my life.”
Rajesh Jain owns 75% of Netcore and employees own 25%
“If you control your own destiny, you own, I mean, in our case, 75%. I'll talk about that. 25% is employees.”
Rajesh Jain succeeded twice and failed 30 times in 30 years
“In my 30 years as an entrepreneur, I've succeeded two times. I've failed 30 times. That's an average of one a year.”
Netcore acquired 90% of Unbxd, buying out all previous venture investors
“We've bought 90% in the company. Founders own 10%. The remaining 10%, they continue to run the company. Pawan and Prashant, great team there. So investors are out.”
Satyam Infoway acquired IndiaWorld for $115M in all-cash 1999 deal
“We got a very good exit when Satya Minfoway, which was listed on NASDAQ, Sifi, bought my company for hundred and fifteen million, primarily pretty much all cash. In November, 99, we sold, I think, at the right time, just before.”