Snapdeal-owned SaaS startup Unicommerce, which submitted its draft red herring prospectus (DRHP) on Saturday, reported a profit for the first six months of FY24 that nearly matched its entire profit for FY23.
In the first half of FY24, Unicommerce recorded a net profit of INR 6.3 Cr. Comparatively, during FY23, the startup’s net profit exhibited an 8% growth, reaching INR 6.4 Cr, up from INR 6 Cr in the preceding fiscal year.
Unicommerce’s operating revenue reached INR 51 Cr in H1 FY24. Reflecting substantial growth, the startup’s operating revenue in FY23 surged by 52% to INR 90 Cr from INR 59 Cr in FY22.
Acquired by Snapdeal in 2015, Unicommerce offers a suite of SaaS products that it asserts allows enterprises and small and medium businesses (SMBs) to efficiently handle their entire post-purchase ecommerce operations journey.
Inclusive of additional revenue streams, Unicommerce disclosed a total income of INR 54 Crores for the six-month period concluding in September 2023.
In the first six months of FY24, the startup reported a total expenditure of INR 45.5 Crores. In FY23, overall expenses surged by 55%, reaching INR 84.1 Crores from INR 54.4 Crores in FY22.
Unicommerce Employee Costs and Expenditure Trends:
As a SaaS startup, Unicommerce primarily allocates a significant portion of its expenditures to employee costs. In the first half of FY24, the startup’s employee costs amounted to INR 34.5 Crores. Throughout FY23, Unicommerce witnessed a 47% rise in employee benefit expenses, reaching INR 62 Crores compared to INR 42.3 Crores in FY22.
The startup incurred a server cost of INR 2.4 Crores in the first half of FY24. This amount had reached INR 5.4 Crores in FY23 and INR 3.28 Crores in FY22.
The year 2024 is shaping up to be an active period for investors in startup IPOs, with Unicommerce emerging as the fifth Indian startup, following Ola Electric, FirstCry, Awfis, and MobiKwik, to file a DRHP in the last three weeks.
Continue Exploring: Snapdeal-backed Unicommerce files DRHP for IPO, existing investors set to sell up to 2.98 Cr shares
The SoftBank-backed startup’s IPO will solely feature an offer for the sale of existing shares, without any issuance of fresh shares. According to the DRHP, investors associated with the startup are aiming to sell up to 2.98 Crore shares during the IPO.
SoftBank, holding a 29.23% stake in the startup, is set to divest the largest share quantity in the IPO, amounting to 1.6 Crore shares. AceVector Limited, the promoter and parent entity of Snapdeal, intends to sell up to 1.14 Crore shares of Unicommerce. Presently, AceVector holds a 38.18% stake in Unicommerce.
