© Reuters.
Unicommerce, an e-commerce management software subsidiary of Snapdeal, is laying the groundwork for an initial public offering (IPO) slated for late 2024. Investment banking firm CLSA is set to manage the book-building process. The company has recently reported a significant fiscal revenue of $900 million, alongside substantial transaction volumes. This announcement follows close on the heels of the company’s reveal on November 7 that it is exploring funding options and preparing for a potential IPO.
The SaaS platform, known for its utilization of artificial intelligence to provide customer behavior insights and optimize inventory management, has been profitable for five years. Unicommerce’s CEO Kunal Bahl highlighted the firm’s impressive revenue growth of approximately 50% for the fiscal year 2023. The company’s reach extends globally, with a strong presence in markets like the UAE and Saudi Arabia, catering to direct-to-consumer brands among other clients.
On November 21, Unicommerce announced its collaboration with Aditya Birla Fashion and Retail Limited’s (ABFRL) brand Tasva, launching “Pack-Fast,” a solution designed to enhance warehouse operations. Additionally, Unicommerce has been refining its Unireco platform, aimed at streamlining payment reconciliations across various marketplaces.
Founded by IIT Delhi alumni including Karun Singla, Unicommerce was acquired by Snapdeal in 2015. The parent company’s own planned $152 million IPO was postponed in the previous year due to fiscal challenges. However, with Unicommerce’s current performance and strategic partnerships, such as with notable clients Myntra and Lenskart, it continues to expand across Indian tier-2/3 cities and West Asia, indicating a positive trajectory leading up to its anticipated public offering.
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