Unicommerce: Unicommerce files draft IPO papers; SoftBank, AceVector, B2 Capital to sell 29.8 million shares

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Gurugram-based ecommerce SaaS firm Unicommerce Esolutions Ltd has filed a draft red herring prospectus (DRHP) for its initial public offering (IPO). Through the offering, its shareholders – AceVector Group, B2 Capital and SoftBank – are together offloading 29.8 million shares.

Unicommerce Esolutions is not raising any fresh capital through the IPO.

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SoftBank is the largest selling shareholder of the IPO, offloading 16.2 million shares, or 15% of Unicommerce, followed by AceVector with 11.4 million shares (10%) and B2 Capital selling 2.2 million shares (2%).

As of date, SoftBank owns 29.2% stake in the company, while AceVector holds 38.2%. B2 Capital has close to 10% stake in Unicommerce.

For the first six months of FY24, Unicommerce reported revenue from operations of Rs 51 crore, a 24% year-on-year increase. Its net profit for April-September 2023 period came in at over Rs 6 crore, compared to nearly Rs 2 crore in the same period of FY23.

It reported a 52% on-year increase in its operating revenue for the full year ending March 31, 2023 to Rs 90 crore from Rs 59 crore in FY22. Its net profit for the period had increased by 8% to Rs 6.4 crore in FY23 from nearly Rs 6 crore in FY22.

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In November, ET had reported that the company had commenced the book-building process for its IPO and capital markets and investment firm CLSA was roped in as one of the managers for the issue.In December, Unicommerce had expanded its board of directors, onboarding former SoftBank India head Manoj Kohli, FMCG sector veteran Ullas Kamath, and Sheroes founder Sairee Chahal as independent directors.

It had also appointed Snapdeal founders Kunal Bahl and Rohit Bansal as non-executive directors. Bahl and Bansal are also cofounders of AceVector Group, which now houses Snapdeal, Stellaro Brands, and Unicommerce. Snapdeal had acquired Unicommerce in 2015. In 2021, it sold a 30% stake in the firm to SoftBank.

Further as per the DRHP, several investors including Anchorage Capital Fund, CitiusTech founders Rizwan Koita and Jagdish Moorjani, and stock market investor Madhuri Madhusudan Kela, picked up a stake in Unicommerce in December.

Unicommerce operates in multiple global markets, in addition to India. These include Indonesia, the Philippines, Singapore, Malaysia, the UAE and Saudi Arabia. However, almost 97% of its revenue comes from India.

Founded in 2012, the ecommerce enablement platform offers technology products to manage various ecommerce operations, including warehouse and inventory management, order management, omnichannel retail management, and seller management for marketplaces.

The company counts large new-age consumer companies such as Myntra, Lenskart, Mamaearth and Boat among its clientele.

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