The 100% acquisition of Shipway has been approved by Unicommerce, a provider of e-commerce software. Late last year, Ace Vector’s company purchased a 42% stake in the shipping solution company.
Unicommerce eSolutions will issue 60,33,189 equity shares in order to purchase 7,610 equity shares of Shipway from its shareholders Vikas Garg, Gaurav Gupta, and Puneet Gupta through a share swap that has been approved by SEBI, per a preferential issue filing.
For Rs 68.4 crore, Unicommerce purchased a 42.7% share in Shipway earlier in November of last year in order to increase the range of products it offers.
Once the proposed acquisition is completed, Shipway will become its fully owned subsidiary.
Shipway was established in 2015 by Vikas Garg and Gaurav Gupta to offer post-purchase automation solutions to direct-to-consumer brands. For Rs 18.2 crore in 2021, IndiaMART InterMESH purchased a 26% share in the business.
To facilitate end-to-end management of e-commerce operations, Unicommerce partners with top Indian brands, marketplaces, and logistics companies. It is present in the Middle East and the SEA in addition to India.
After going public in August of last year, Unicommerce reported revenue of Rs 29.3 crore and profit after tax of Rs 4.4 crore for the second quarter of FY25.
