Snapdeal-owned ecommerce SaaS platform Unicommerce files DRHP for IPO

Snapdeal-owned retail and e-commerce enablement SaaS platform UnicommerceeSolutions Limited has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

Unicommerce has been PAT-positive since FY21, the company said in a statement.

According to the DRHP, the company has a track record of both profitability and expansion, with revenue growth of 52.56% and 47.55% in FY23 and FY22, respectively. As of September 2023, Unicommerce had achieved an annual recurring revenue of Rs 103.74 crore.

The offering consists of an offer for sale, totalling up to 2.98 crore equity shares by the 'selling shareholder' (referred to as the 'offer for sale'), each with a face value of Rs. 1.

The breakdown of the offer for sale includes up to 1.14 crore equity shares by AceVector Limited (formerly known as Snapdeal Limited) (promoter selling shareholder), up to 22.10 lakh equity shares by B2 Capital Partners, and up to 1.61 crore equity shares by SB Investment Holdings (UK) Limited (investor selling shareholder).

IIFL Securities Limited and CLSA India Private Limited have been appointed the book running lead managers for the issue.

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Recent investors in the company include Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, and Dilip Vellodi.

Founded in 2012, Unicommerce's SaaS solutions facilitate end-to-end e-commerce operations management for brands, retailers, marketplaces, and logistics service providers. The company's clientele includes Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, SUGAR Cosmetics, and boAt Lifestyle.

In the quarter ended September 30, 2023, the company achieved an annual run-rate of processing 763.82 million order items, catering to 743 enterprise clients and 2,830 SMB clients. The company handled 20-25% of India's e-commerce dropship volume during FY22, according to Redseer.

Apart from India, Unicommerce offers its services in six other countries, primarily in Southeast Asia and the Middle East.

Unicommerce is led by its managing director and chief executive officer Kapil Makhija. The firm recently expanded its board of directors by appointing Manoj Kohli, Ullas Kamath, and Sairee Chahal as independent directors and Kunal Bahl & Rohit Bansal as non-executive directors.