Under the AceVector Group, which also owns Stellaro Brands and Snapdeal, Unicommerce has submitted a draft red herring prospectus (DRHP) for an initial public offering (IPO) to the Security Exchange Board of India (SEBI).
The business intends to sell up to 2,98,40,486 equity shares in an offer for sale (OFS) in order to raise money.
It’s important to note that Unicommerce’s DRHP does not include new issues, and the selling shareholders will get the offer proceeds.
While B2 Capital Partners and SB Investment Holdings (SoftBank) are offloading up to 2,210,406 and 16,170,240 equity shares, respectively, AceVector Limited (formerly known as Snapdeal Limited) is selling up to 1,14,59,840 equity shares.
The issue’s book-running lead managers are IIFL Securities Limited and CLSA India Private Limited.
Pre-IPO investments in the company were made by veteran investor Madhusudan Kela’s wife, Madhuri Kela, American investment management firm Anchorage Capital, co-founders of CitiusTech, Jagdish Moorjani and Rizwan Koita, and founder of Sutherland Global Services, Dilip Vellodi, according to the DRHP.
As of the DRHP filing, AceVector Limited owned 38.18% of the shares, with SoftBank and B2 Capital Partners holding 29.23% and 9.95% of the shares, respectively. Anchorage Capital (7.77%), Dilip Vellodi (3.45%), and Madhuri Madhusudan Kela (1.66%) all hold sizeable shares in the business.
Unicommerce provides comprehensive order and inventory, return, and omnichannel management SaaS solutions for e-commerce enablement.
The SoftBank-backed company’s operations generated revenue of Rs 51 crore in the first half of FY24, and it made a profit of Rs 6.3 crore in the same period. From Rs 59 crore in FY22 to Rs 90 crore in FY23, it increased in scale by 52.54%. In addition, its earnings for FY23 rose 7.8% to Rs 6.47 crore.
Along with India, Edamama, RedTag, RSA Global, and other clients are served by Unicommerce in Indonesia, the Philippines, Singapore, Malaysia, the United Arab Emirates, and Saudi Arabia. It made 97.3% of its revenue (Rs 87.6 crore) in India during FY23, with the remaining 2.7% (Rs 2.4 crore) coming from operations abroad.
In the last two weeks, this is the third company funded by SoftBank to file a DRHP. FirstCry and Ola Electric also filed their draft IPO papers in the final week of December. MobiKwik and Awfis are among the five startups that have started the process of going public in the past two weeks. Notably, through H1 FY24, only Unicommerce and MobiKwik will turn a profit.
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