SUMMARY

The SoftBank-backed startup’s initial public offering (IPO) will only have an offer for sale, with no fresh issuance of shares

Japan’s SoftBank, which owns 29.23% stake in the startup, will sell the highest number of shares in the IPO, 1.6 Cr

Unicommerce reported a profit of INR 6.3 Cr in the first half of FY24

Snapdeal-backed SaaS startup Unicommerce has filed its draft red herring prospectus (DRHP) with market regulator SEBI, becoming the fifth Indian startup to do so over the last few weeks. 

The SoftBank-backed startup’s initial public offering (IPO) will only have an offer for sale, with no fresh issuance of shares. As per the DRHP, the startup’s investors are looking to sell up to 2.98 Cr shares during the IPO.

SB Investment Holdings (UK) Limited, an affiliate of Japan’s SoftBank, which owns up to 29.23% stake in the startup, will sell the highest number of shares in the IPO, 1.6 Cr.

AceVector Limited, the promoter and parent entity of Snapdeal, will be selling up to 1.14 Cr shares. AceVector currently owns a 38.18% stake in Unicommerce. 

B2 Partners, which owns 9.95% in the startup, will be selling up to 22 Lakh shares during the IPO. 

Unicommerce will also not engage in a pre-IPO placement. 

Since the IPO is entirely OFS, the net proceeds from the IPO will directly hit the pockets of the shareholders selling their stakes. 

If we talk about the financials, Unicommerce reported a profit of INR 6.3 Cr in the first half of FY24, while reporting an operating revenue of INR 51 Cr. The startup’s total expenses for H1 FY24 stood at INR 45.5 Cr, with employee benefit expenses being the biggest contributor at INR 34.5 Cr. 

Unicommerce was founded by three classmates at IIT Delhi – Ankit Pruthi, Karun Singla and Vibhu Garg. It was later acquired by Snapdeal in 2015. Unicommerce provides a suite of SaaS products that it claims enables enterprises and small and medium businesses (SMBs) to efficiently manage their entire journey of post-purchase ecommerce operations. Its suite includes the following offering:

1. Warehouse and inventory management system (WMS)
2. Multi-channel order management system (OMS)
3. Omni-channel retail management system (Omni-RMS)
4. Seller management panel for marketplaces – Uniware.
5. Post-order services related to logistics tracking and courier allocation (UniShip)
6. Payment reconciliation (UniReco) 

With this, Unicommerce has now joined the likes of Ola Electric, Awfis, FirstCry, and MobiKwik, who are looking to tap into the public markets following the bull run in the Indian equities market.

SUMMARY

The SoftBank-backed startup’s initial public offering (IPO) will only have an offer for sale, with no fresh issuance of shares

Japan’s SoftBank, which owns 29.23% stake in the startup, will sell the highest number of shares in the IPO, 1.6 Cr

Unicommerce reported a profit of INR 6.3 Cr in the first half of FY24

Snapdeal-backed SaaS startup Unicommerce has filed its draft red herring prospectus (DRHP) with market regulator SEBI, becoming the fifth Indian startup to do so over the last few weeks. 

The SoftBank-backed startup’s initial public offering (IPO) will only have an offer for sale, with no fresh issuance of shares. As per the DRHP, the startup’s investors are looking to sell up to 2.98 Cr shares during the IPO.

SB Investment Holdings (UK) Limited, an affiliate of Japan’s SoftBank, which owns up to 29.23% stake in the startup, will sell the highest number of shares in the IPO, 1.6 Cr.

AceVector Limited, the promoter and parent entity of Snapdeal, will be selling up to 1.14 Cr shares. AceVector currently owns a 38.18% stake in Unicommerce. 

B2 Partners, which owns 9.95% in the startup, will be selling up to 22 Lakh shares during the IPO. 

Unicommerce will also not engage in a pre-IPO placement. 

Since the IPO is entirely OFS, the net proceeds from the IPO will directly hit the pockets of the shareholders selling their stakes. 

If we talk about the financials, Unicommerce reported a profit of INR 6.3 Cr in the first half of FY24, while reporting an operating revenue of INR 51 Cr. The startup’s total expenses for H1 FY24 stood at INR 45.5 Cr, with employee benefit expenses being the biggest contributor at INR 34.5 Cr. 

Unicommerce was founded by three classmates at IIT Delhi – Ankit Pruthi, Karun Singla and Vibhu Garg. It was later acquired by Snapdeal in 2015. Unicommerce provides a suite of SaaS products that it claims enables enterprises and small and medium businesses (SMBs) to efficiently manage their entire journey of post-purchase ecommerce operations. Its suite includes the following offering:

1. Warehouse and inventory management system (WMS)
2. Multi-channel order management system (OMS)
3. Omni-channel retail management system (Omni-RMS)
4. Seller management panel for marketplaces – Uniware.
5. Post-order services related to logistics tracking and courier allocation (UniShip)
6. Payment reconciliation (UniReco) 

With this, Unicommerce has now joined the likes of Ola Electric, Awfis, FirstCry, and MobiKwik, who are looking to tap into the public markets following the bull run in the Indian equities market.