AceVector Ltd (formerly known as Snapdeal Ltd) owned Unicommerce eSolutions Ltd (Unicommerce) has filed draft papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
Unicommerce is India’s largest e-commerce enablement Software-as-a-Service (SaaS) platform, in terms of revenue for the financial year ended March 31, 2022. A press statement said that it is the only profitable company among the top five players in this segment in India during 2021-22.
The company, established in 2012, has been PAT-positive since 2020-21. According to the draft red herring prospectus (DRHP), the company has a consistent track record of profitability and growth, with revenue growth of 52.56 per cent and 47.55 per cent over the previous fiscal years in 2022-23 & 2021-22, respectively. For the period ended September 2023, Unicommerce achieved an Annual Recurring Revenue (ARR) of Rs 103.74 crore.
The proposed float comprises of an offer for sale aggregating up to 2,98,40,486 equity shares by the selling shareholder. These include up to 1,14,59,840 equity shares by AceVector Ltd, up to 22,10,406 equity shares by B2 Capital Partners and up to 1,61,70,240 equity shares by SB Investment Holdings (UK) Ltd. The latter two are investor selling shareholders.
Recently, well-known investors, including Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi and others had acquired shares in the company.
IIFL Securities Ltd and CLSA India Pvt Ltd are the Book Running Lead Managers to the issue.
The company’s suite of SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces and logistics service providers.
Unicommerce serves marquee clients that include, among others, Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, GNC, Cello, Urban Company, Mensa, G.O.A.T, Shiprocket, Xpressbees and others.
For the quarter ended September 30, the company had an annual run-rate of processing 763.82 million order items for 743 enterprise clients and 2,830 small and medium business clients. It processed close to 20-25 per cent of India’s e-commerce dropship (who handles logistics) volume during 2021-22 as per a Redseer report.
Apart from India, where Unicommerce has a majority of its clients, the companyis also present in six other countries, primarily inSouth East Asia and the Middle East.
