SaaS unicorn Netcore puts off IPO on ‘uncertain market conditions’

Mumbai-based bootstrapped SaaS unicorn Netcore Cloud has put off its initial public offering on Indian stock exchanges on uncertain macroeconomic factors and a perceived ‘softness’ in customer decision-making in the SaaS market, founder and group MD Rajesh Jain told ET.

Netcore had originally started the IPO process in August this year, with the listing slated for February-March next year. After conversation with bankers, the company decided that it would review IPO prospects again by February next year, and focus on building new products and bolstering presence in the US market, where it had made a $100-million acquisition in March this year.