Snapdeal-backed SaaS startup Unicommerce has submitted its draft red herring prospectus (DRHP) to market regulator SEBI, marking the fifth Indian startup to do so in recent weeks.
The SoftBank-backed startup intends to launch its initial public offering (IPO) exclusively through an offer for sale, without the issuance of any new shares. According to the Draft Red Herring Prospectus (DRHP), the startup’s current investors plan to sell up to 2.98 crore shares during the IPO.
SB Investment Holdings (UK) Limited, a subsidiary of SoftBank from Japan holding a stake of up to 29.23% in the startup, will be divesting the largest number of shares in the IPO, totaling 1.6 crore.
AceVector Limited, the parent company and promoter of Snapdeal, plans to divest up to 1.14 crore shares. Currently, AceVector holds a 38.18% stake in Unicommerce.
B2 Partners, holding a 9.95% stake in the startup, will divest up to 22 lakh shares in the upcoming IPO.
Unicommerce has decided against participating in a pre-IPO placement.
As the IPO is solely Offer for Sale (OFS), the proceeds generated will directly benefit the shareholders divesting their stakes.
Unicommerce’s H1 FY24 Performance:
Regarding the financials, Unicommerce reported a profit of INR 6.3 crore in the first half of FY24, with an operating revenue of INR 51 crore. The startup’s total expenses for H1 FY24 amounted to INR 45.5 crore, with employee benefit expenses being the biggest contributor at INR 34.5 crore.
Founded by three classmates at IIT Delhi—Ankit Pruthi, Karun Singla, and Vibhu Garg—Unicommerce was subsequently acquired by Snapdeal in 2015. The company offers a range of SaaS products designed to empower enterprises and small and medium businesses (SMBs) in effectively overseeing the entire post-purchase ecommerce operations journey.
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It offers a comprehensive suite of services that includes a Warehouse and Inventory Management System (WMS), a Multi-Channel Order Management System (OMS), and an Omni-Channel Retail Management System (Omni-RMS). Additionally, it provides a Seller Management Panel specifically designed for marketplaces, known as Uniware. The suite also encompasses post-order services such as logistics tracking and courier allocation through UniShip, along with a Payment Reconciliation feature named UniReco.
In doing so, Unicommerce has joined the ranks of Ola Electric, Awfis, FirstCry, and MobiKwik, all of whom are capitalizing on the bullish trend in the Indian equities market as they seek to make their presence felt in the public markets.
