Unicommerce DRHP: Snapdeal-Backed Company Files for 28.9M Share IPO with SEBI

Unicommerce, backed by Snapdeal, files for an IPO with SEBI, offering over 28.9 million shares. FY23 saw 53% revenue growth and serves major clients like Lenskart and BoAt. No new equity on offer.
Unicommerce DRHP: Snapdeal-Backed Company Files for 28.9M Share IPO with SEBI

Unicommerce, a Software-as-a-Service (SaaS) company supported by Snapdeal, has recently submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO aims to sell over 28.9 million shares. This offering includes an offer for sale of up to 2,98,40,486 equity shares at a face value of ₹1 by the selling shareholder. This is broken down into up to 1,14,59,840 shares by AceVector Limited (formerly Snapdeal Limited), up to 22,10,406 shares by B2 Capital Partners, and up to 1,61,70,240 shares by SB Investment Holdings (UK) Limited.

There will be no new issue of equity shares in this public offering. The company has recently seen investments from various investors, such as Anchorage Capital Fund, Madhuri Madhusudan Kela, Rizwan Koita & Jagdish Moorjani, Dilip Vellodi, and others. IIFL Securities Limited and CLSA India Private Limited manage the IPO as book-running lead managers.

Unicommerce, which follows other companies like Ola Electric, Brainbees (FirstCry’s parent company), and Mobikwik in filing IPO papers recently, reported a significant 53 percent growth in revenue in FY23, reaching ₹90 crore. Its profits also increased by 8 percent to ₹6 crore. The company is expected to achieve revenue of ₹120 to 150 crore in the current fiscal year.

For other IPO details, visit the Alice Blue IPO Page.   

The company also experienced an 86 percent increase in free cash flows, rising from ₹7.82 crore in FY22 to ₹14.57 crore in FY23. This was amid rising operating costs, which went up from ₹54.4 to ₹84.1 crore, mainly due to higher employee benefits, server costs, and other office expenses.

Unicommerce serves a wide range of clients, including Lenskart, Fabindia, Zivame, TCNS, Mamaearth, Emami, Sugar, BoAt, Portronics, Pharmeasy, GNC, Cello, Urban Company, Mensa, GOAT, Shiprocket, and Xpressbees. As of September 30, 2023, the company processed 763.82 million order items annually for 743 enterprise clients and 2,830 SMB clients, handling about 20–25% of India’s e-commerce dropship volume in fiscal 2022, according to the Redseer Report.

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