Nuclei's Annual Letter 2022

Ankur Joshi | Sat 31st Dec, 2022

Life is about celebrating every milestone. In Nov '18 we made our first revenue from The Federal Bank, and in Nov '19 we went live with our first bank. These milestones laid the foundation for where we are as a company today and the reason why we celebrate our Anniversary in November each year.

Last year gave us a lot of reasons to celebrate. In the financial year ending Mar ’22, our revenue grew by 60% YoY and our profits after taxes (PAT) grew 5 times! Just in the last 6 months, we went live with 3 of our biggest MRR (Monthly Recurring Revenue) deals and we are launching a new product, Arise!

This celebration is also a reminder, to appreciate the efforts of everyone here, past and present, who got us to where we are today. We all shoulder the responsibility to build on this strong foundation to take our company to newer heights.

It’s always about the long term

Our mission since the beginning has been to build a longterm, sustainable business. That meant diversifying our revenue stream across three dimensions - Products, Geographies and Industries. We didn’t expect it to be easy and knew that it would often test our resolve to focus on the long term, while escaping short term distractions.

We recently went live with a few high MRR deals, which will further increase our annual revenue by 40%! More importantly, all of these deals were nurtured over the last 3-4 years. Our team was extremely patient, diligent and played the long game. That is true Nuclei spirit! We all need to be immensely proud.

When one door closes, another opens

Earlier this year, we took the hard decision of letting go of some future revenue. Though it was a tough financial decision, it was the right cultural decision for the long term future of our team. It was heartwarming to see that even during such times, we were all motivated and stayed together. This is testament to the culture that we all have nurtured at Nuclei.

Furthermore, we channelised our energies towards building the SaaS Marketplace, which has already received tremendous response across geographies and industries. Given the global product-market fitment, we have an incredible opportunity in our hands to take our company to the next level.

Looking at the global economic environment, a downturn seems to be setting in and several tech behemoths are facing severe challenges. We will also face our share of challenges, but I have no doubt in my mind about our team’s capabilities to run through any obstacle which comes our way, remain steady and work towards building a truly diversified global business.

Our path to success may be long, but will surely be filled with many more celebratory milestones and memorable moments! Looking forward to going on this exciting journey with all of you.

Onwards and upwards!

Ankur Joshi

Founder & CEO, Nuclei


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