Snapdeal-Owned Unicommerce Files DRHP For IPO
Unicommerce, a subsidiary of AceVector Ltd. (formerly known as Snapdeal Ltd.), has filed its draft red herring prospectus with SEBI for an initial public offering.
The e-commerce solutions platform's IPO will be a pure offer for sale of up to 2.98 crore shares, according to its DRHP. Selling shareholders include parent AceVector, which is looking to offload 1.14 crore shares, while investors B2 Capital Partners and SB Investment Holdings (UK) will sell about 22.1 lakh and 1.61 crore shares each.
Since the IPO is a pure offer for sale, the company won't receive any proceeds from the listing.
Unicommerce is a SaaS solutions provider. Its software enables end-to-end management of e-commerce operations for brands, retailers, marketplaces and logistics service providers. It serves clients such as Lenskart, Fabindia, Zivame, Mamaearth, Emami Ltd., BoAt, Pharmeasy, Shiprocket, Xpressbees among others, according to its DRHP.
As per its latest available financials, for the first six months of FY24, the company posted a revenue from operations of Rs 51.1 crore, with a profit of Rs 6.3 crore for the period. For FY23, it reported a revenue of Rs 90 crore, with a topline of Rs 6.5 crore.
Unicommerce has been profitable since FY21 and claims an annual recurring revenue of Rs 103.7 crore, per its DRHP.
The company was launched in 2012 and became a part of the AceVector group in 2022, founded by Kunal Bahl and Rohit Bansal. It is housed along Snapdeal and house of brands Stellaro Brands under the group.
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