Unicommerce, a part of AceVector Group alongside Snapdeal and Stellaro Brands, has submitted its draft red herring prospectus (DRHP) to SEBI for an initial public offering (IPO). The offering plans to raise funds exclusively through the sale of existing shares, with no fresh issuance included.
“The DRHP filed by Unicommerce doesn’t involve new shares, and the proceeds will benefit the selling shareholders.”
AceVector Limited, previously Snapdeal Limited, intends to sell 1,14,59,840 equity shares, while B2 Capital Partners and SB Investment Holdings (SoftBank) will offload 2,210,406 and 16,170,240 equity shares, respectively. IIFL Securities Limited and CLSA India Private Limited will act as the book-running lead managers.
“In the IPO, AceVector Limited holds 38.18%, followed by SoftBank and B2 Capital Partners at 29.23% and 9.95% stakes.”
Ahead of the IPO, notable investors like Madhuri Kela (Madhusudan Kela’s wife), Anchorage Capital, CitiusTech co-founders Rizwan Koita and Jagdish Moorjani, and Sutherland Global Services’ founder Dilip Vellodi have invested in the company.
“Pre-IPO, significant stakes are held by Madhuri Madhusudan Kela (1.66%), Dilip Vellodi (3.45%), and Anchorage Capital (7.77%).”
Unicommerce specializes in integrated e-commerce SaaS solutions, covering various facets like order and inventory management, returns, and omnichannel services.
“Unicommerce provides comprehensive e-commerce solutions, encompassing order, inventory, return, and omnichannel management.”
During the first half of FY24, the SoftBank-backed company generated revenue of Rs 51 crore, with a profit of Rs 6.3 crore. FY23 saw a 52.54% revenue increase to Rs 90 crore from Rs 59 crore in FY22, with profits reaching Rs 6.47 crore, marking a 7.8% rise.
“In H1 FY24, Unicommerce recorded Rs 51 crore in revenue and a Rs 6.3 crore profit, while FY23 saw revenues surge to Rs 90 crore and profits to Rs 6.47 crore.”
Unicommerce operates not only in India but also across Indonesia, Philippines, Singapore, Malaysia, UAE, and Saudi Arabia, serving clients like Edamama, RedTag, and RSA Global.
“Beyond India, Unicommerce extends its services to several countries, including Indonesia, Philippines, Singapore, and others.”
The recent DRHP filing by Unicommerce marks the third SoftBank-funded company to do so in the last two weeks, following Ola Electric and FirstCry. Overall, five startups, including MobiKwik and Awfis, have commenced their IPO processes, with only Unicommerce and MobiKwik reporting profits until H1 FY24.
“Unicommerce joins recent SoftBank-backed IPO filings alongside Ola Electric and FirstCry, among others, indicating a surge in IPO activities among startups.”
