The Ledger
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Seven Lakes sold $100M in cumulative services before pivoting to SaaS
“I know up until the point the company had sold Around hundred million dollars in services. So he had a course of years, right?”
Seven Lakes built its marketing team using an internal six-month upskilling program
“So what we did was, we created a six month program to say, look guys, you self enroll, you self exit. This is you saying you want to do this, right? Full agency. And you get creative ownership, front of board, executive coaching. These are folks taking on some…”
Murthy: ExxonMobil and ConocoPhillips Executives Shared Exclusive Intel With Seven Lakes
“The thing that I never saw coming that was Fabulous was in the trenches were executive level ExxonMobil, ConocoPhillips, giving us market knowledge that they weren't giving the competitors, helping us in deals, giving us competitive intelligence, being more pr…”
Upstream oil operations still rely on physical grease sheets for data
“They were using grease sheets and paper to be able to drive millions, if not billions of oil production data from the place of where the oil is produced to the office space. So your entire inventory and production and everything else is run on grease sheets an…”
Murthy: Oil Operators Must Prove Free Cash Flow and Operational Tech Efficiency
“So what the market is now saying to the industry is, Hey, look, You can't just do production. You need to show me free cashflow. You need to be able to demonstrate operational efficiency, which means what you can't just, when the oil price goes down, just, you…”
Murthy: Seven Lakes maintained 11% India attrition versus 29% Bangalore average
“The Indian average Bangalore average attrition rates about 29 percent or so. Ours was at its best 11%.”
Murthy: Seven Lakes gained $2.2M ARR and 60 logos after SaaS pivot
“We hit the ground running with 2.2 million dollars ARR, 60 new logos added”
Murthy: Seven Lakes raised a $20 million Series A in 2015
“Well, the company was doing services in 2009, all the way till 2015. We, this is before the first oil price dip and we raised a twenty million dollars in series A.”
Seven Lakes will fall short of $10M ARR in 2021
“This year is going to be we've budgeted, no, so it won't be this year, and I'll explain a couple of reasons why last year when we remained flat, this year what we did, last year what we did was sitting down with Shiva, we said, you know what, we're going enter…”
Seven Lakes reports 10,000-12,000 users across 80,000 oil wells
“We have about 10,012 thousand plus users on our system, and I would approximate ah, wells somewhere closer to 80. 80,000 wells, maybe?”
ExxonMobil accounts for roughly 2,500 users on the Seven Lakes platform
“They have, I think, 2500 or 2000 now. So it's so it's the number of users within ExxonMobil.”
Seven Lakes claims 95% to 97% net retention rate
“So still is in the high nineties. So it's right now at 95 to 97. It's it. I say that because I'm, I haven't gotten the latest numbers from my net retention or growth. Net retention.”
Murthy: Seven Lakes Reached Cash Flow Positive in 2018
“We were cashflow positive in 2018, so I will say we've got an extremely awesome CFO and CEO who've been very diligent in ensuring that we aren't Adding more people and cost without the ability to demonstrate.”
Seven Lakes grew from $0 to $7M ARR before flattening out
“We went from zero to 3.5 to five, five to seven and flat.”
Murthy: Two Dozen Companies Backlogged for Seven Lakes Product Trials
“Before we even hit into 2021 or even launched the product, we had two dozen real solid companies saying, if you, once you launch it fully and you get a couple of folks saying yes, we're in, put us in the trial. So now what we have is a backlog of folks wanting…”