Another startup IPO: This time Unicommerce files DRHP with SEBI; Know key details

Unicommerce, a part of AceVector Group which includes Snapdeal and Stellaro Brands, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

According to media reports, citing DRHP data, The company plans to offer up to 2,98,40,486 equity shares through an Offer for Sale (OFS), with no fresh issue of shares involved.

Shareholders and equity distribution

The OFS will see AceVector Limited (formerly Snapdeal Limited) selling up to 1,14,59,840 shares. Other significant shareholders like B2 Capital Partners and SB Investment Holdings (SoftBank) are set to offload up to 2,210,406 and 16,170,240 shares, respectively.

Notably, investors such as Madhuri Madhusudan Kela, Anchorage Capital, and others have acquired significant stakes in Unicommerce ahead of the IPO.

Is Unicommerce profitable?

Unicommerce, a leading e-commerce enablement SaaS platform, has shown a consistent track record of profitability and growth. In FY23, the company's revenue surged by 52.54% to Rs 90 crore, with profits increasing by 7.8% to Rs 6.47 crore. 

The first half of FY24 saw robust performance, with revenues of Rs 51 crore and profits of Rs 6.3 crore.

Market presence and operations

The company, known for its integrated e-commerce SaaS solutions, operates in multiple countries, including India, Indonesia, the Philippines, Singapore, Malaysia, UAE, and Saudi Arabia. It caters to a diverse clientele, processing a significant portion of India's e-commerce volume.

In FY23, 97.3% of its revenue came from India, with the remainder from overseas operations.

Unicommerce is poised for further growth, with projections indicating potential revenues of Rs 120-150 crore in the ongoing fiscal year. The company's efficient management of operational costs, despite a rise in expenses, highlights its strong financial discipline. This IPO marks a significant step for Unicommerce in its journey of empowering e-commerce operations globally.

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