Unicommerce, the SaaS startup under the ownership of Snapdeal, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO). The filing reveals impressive financial figures, indicating substantial growth and profitability for the startup. In the first half of the financial year 2024 (H1 FY24), Unicommerce achieved a net profit of INR 6.3 Cr, almost matching its full-year net profit of INR 6.4 Cr in FY23. This remarkable performance in a shorter timeframe underscores the startup’s financial resilience and efficiency. Operating revenue for H1 FY24 reached INR 51 Cr, reflecting a steady growth trajectory. In FY23, Unicommerce experienced a 52% surge in operating revenue, reaching INR 90 Cr from INR 59 Cr in FY22.

Unicommerce’s Specialization and Acquisition by Snapdeal

Unicommerce, acquired by Snapdeal in 2015, specializes in providing a suite of Software as a Service (SaaS) products tailored for managing post-purchase ecommerce operations. The startup serves enterprises and small and medium businesses (SMBs), positioning itself as a crucial player in the ecommerce support ecosystem.

Detailed Financial Breakdown

In H1 FY24, Unicommerce’s total income, including other sources, reached INR 54 Cr. However, the total expenditure for the same period amounted to INR 45.5 Cr. Key expenses included employee benefit expenses, totaling INR 34.5 Cr, showcasing a commitment to talent acquisition and development. Server costs, another significant expenditure, amounted to INR 2.4 Cr in H1 FY24, reflecting strategic cost management.

IPO Details and SoftBank’s Role

Unicommerce’s IPO is set to be an offer for sale of shares, with no plans for fresh issuance. The DRHP outlines that investors aim to sell up to 2.98 Cr shares during the IPO. SoftBank, holding a 29.23% stake in Unicommerce, plans to sell the highest number of shares, totaling 1.6 Cr. AceVector Limited, the promoter and parent entity of Snapdeal, will also participate by selling up to 1.14 Cr shares. Currently, AceVector holds a 38.18% stake in Unicommerce.

Market Context and Investor Interest

Unicommerce’s IPO filing aligns with the heightened activity in the Indian startup IPO market. Backed by SoftBank and showcasing robust financials, Unicommerce’s IPO is likely to attract considerable attention from investors seeking opportunities in the flourishing Indian startup ecosystem. The strong financial performance and strategic backing position Unicommerce as a noteworthy contender in the upcoming IPO landscape.

As Unicommerce advances towards its IPO, the strong financial indicators underscore its resilience and potential for sustained growth. The IPO provides investors with an opportunity to participate in the success story of a startup playing a crucial role in enhancing ecommerce operations. With its focus on efficiency, strategic cost management, and industry-specific solutions, Unicommerce is poised for a significant market debut, contributing to the ongoing momentum in the Indian startup IPO space.

By Admin

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