Gurugram-based Unicommerce Esolutions Ltd, a leading provider of technology solutions for online retailers, has officially filed draft documents for its impending initial public offering (IPO). The company, renowned for its cutting-edge products facilitating seamless online retail operations, is poised to make waves with an estimated valuation of around Rs 1,800 crore. In a strategic move, major stakeholders including SoftBank, AceVector, and B2 Capital are set to divest a total of 29.8 million shares, signaling a pivotal moment for Unicommerce in the ever-evolving e-commerce landscape.
The IPO, a key development in the Indian market, is anticipated to witness Unicommerce’s valuation settling at approximately Rs 1,800 crore. Although the final valuation will be determined closer to the launch, industry insiders are closely monitoring the company’s trajectory as it charts a course towards a significant public offering. Importantly, the IPO will not involve the infusion of fresh capital, as the focus remains on the divestment of existing shares.
In a detailed disclosure in the draft red herring prospectus (DRHP), major stakeholders SoftBank, AceVector, and B2 Capital are set to lead the divestment, collectively offering 29.8 million shares. At the anticipated valuation of Rs 1,800 crore, this move is expected to raise approximately Rs 480-490 crore. SoftBank, the largest selling shareholder, is poised to offload 16.2 million shares, equivalent to a 15% stake in Unicommerce. AceVector and B2 Capital are also actively participating in the divestment, offering 11.4 million shares (10%) and 2.2 million shares (2%), respectively.
Unicommerce, known for its profitability, has reported robust financials for the first half of the fiscal year 2024. With a 24% year-on-year increase, the company recorded revenue from operations at Rs 51 crore during this period. The net profit for April-September surged to over Rs 6 crore, marking a substantial increase from nearly Rs 2 crore. The company’s full-year performance for the fiscal year ending March 31, 2023, revealed a noteworthy 52% growth in operating revenue, reaching Rs 90 crore compared to Rs 59 crore in FY22. The net profit demonstrated an 8% increase, settling at Rs 6.4 crore.
Unicommerce’s strategic moves in governance and leadership are evident in its board expansion in December. The inclusion of industry veterans such as Manoj Kohli, former head of SoftBank India, Ullas Kamath, an FMCG sector stalwart, and Sairee Chahal, the founder of Sheroes, reflects the company’s commitment to enhancing its leadership team. Additionally, Kunal Bahl and Rohit Bansal, founders of Snapdeal and non-executive directors of Unicommerce, bring invaluable insights to the board.
Investors, including Anchorage Capital Fund, CitiusTech founders Rizwan Koita and Jagdish Moorjani, and stock market investor Madhuri Madhusudan Kela, have demonstrated confidence in Unicommerce by acquiring stakes in the company. AceVector’s strategic dilution of its stake between September 2022 and December 2023, involving sales to Anchorage, Koita, Moorjani, Kela, B2 Capital, and others, further underscores the company’s appeal to a diverse range of investors.
While Unicommerce operates in multiple international markets, including Indonesia, the Philippines, Singapore, Malaysia, the UAE, and Saudi Arabia, a substantial 97% of its revenue is derived from the Indian market. Founded in 2012, the company specializes in technology products catering to various aspects of e-commerce operations, such as warehouse and inventory management, order management, omnichannel retail management, and seller management. Notable clients include Myntra, Lenskart, Mamaearth, and Boat, representing the new-age consumer companies benefiting from Unicommerce’s advanced technology solutions.
As Unicommerce prepares for its IPO, the market anticipates a significant impact on India’s tech-driven retail sector. The divestment by major stakeholders SoftBank, AceVector, and B2 Capital not only offers an exit opportunity for existing shareholders but also opens doors for new investors eager to capitalize on Unicommerce’s growth potential. With the IPO landscape evolving, Unicommerce stands at the forefront of shaping the future of e-commerce in India.
