Unicommerce eSolutions Ltd., an integrated e-commerce enablement Software-as-a-Service (SaaS) platform, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offerin route. The company was established in 2012 and was later in 2015acquired by Snapdeal Ltd.
As per the DRHP, the company’s offer consists entirely of an “Offer For Sale”.
The promoter and other shareholders, cumulatively, are selling shares aggregating up to 29,840,486 equity shares with a face value of ₹1 per equity share.
AceVector Limited (formerly known as Snapdeal Limited), promoter shareholder, is selling up to 11,459,840 equity shares; B2 Capital Partners, investor shareholder, is selling 2,210,406 equity shares, and SB Investment Holdings (UK) Limited would offload 16,170,240 equity shares.
Unicommerce has joined the class of other tech companies like Ola Electric, Firstcry, and Mobikwik, which filed for an initial public offering (IPO) prospectus in the last one month.
The latest, Anchorage Capital Scheme I, Anchorage Capital Scheme II, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi, and others recently acquired equity shares in the SaaS company.
IIFL Securities Limited and CLSA India Private Limited are hired as the Book Running Lead Managers for the Issue.
Financial Health:
Unicommerce topline growth doubled to Rs 90 crore in FY23, while profit rose 8 percent to Rs 6 crore. During the same time, the EBITDA Margin fell from 8.54% in FY22 to 7.25% in FY23.
On the other hand, the company by each year is seeing a rise in expenditure, with employee benefit expenses carrying about three-fourths of the total expenditure composite.
As per media reports stating sources privy to developments, the company is on course to achieve Rs 120-150 crore in revenue in the current fiscal.
Unicommerce has a vast clientele, including big brands and marketplaces such as Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Pharmeasy, GNC, Cello, Urban Company, Shiprocket, Xpressbees and others.
For the quarter that ended on September 30, 2023, the company recorded an annual run rate of processing 763.82 million order items for 743 enterprise clients and 2,830 SMB clients.