IPO-bound Unicommerce’s net profit has been noted Rs 13.1 crore in FY24 which is double than Rs 6.5 crore in FY23.
The AceVector (formerly Snapdeal) backed startup’s revenue from operations grew 15% to Rs 103.58 crore in the year under review as against Rs 90.06 crore in FY23. As part of the same, revenue from contracts with international customers grew 54% YoY to Rs 3.8 crore. With that, the company’s total revenue for FY24 was Rs 109.4 crore, 17.6% more than Rs 93 crore in FY23.
“Our pricing and billing model allows us to earn revenue on incremental transactions processed by our clients, allowing us to grow revenues as volumes on our platform increase,” the company said in its red herring prospectus (RHP).
The company’s total expenses jumped 9% to Rs 91.9 crore in FY24 from Rs 84.1 crore in FY23. The employee benefits cost accounted for the largest portion, growing 4.7% to Rs 64.9 crore in FY24 from Rs 62 crore in FY23, accounting for 70.64% and 73.74% of the total in the respective financial years.
Rs 57.4 crore went towards salaries, wages, and bonuses, while Rs 3.7 crore went towards share-based payments in FY23. Its server hosting expense marginally grew by 0.2% YoY to Rs 5.41 crore in FY24 while the YoY increase was 65.84% in FY23 due to the items processed and increasing use of the platform.
The advertising and promotions cost dropped 3.4% YoY to Rs 3.8 crore in FY24 while the company spent Rs 3.9 crore in legal and professional operations in FY24, up against Rs 93 lakh in FY23.
Unicommerce’s ARR experienced a marginal decline of 0.8% YoY in the year under review to Rs 106 crore.
The e-commerce SaaS startup was founded in 2012 by three IIT Delhi classmates- Ankit Pruthi, Karun Singla, and Vibhu Garg. It allows end-to-end management of e-commerce operations for brands, sellers, and logistics providers. Snapdeal acquired it in 2015 but later sold 30% stakes to SoftBank.
The startup’s annual run rate of processing orders was 791.63 million for 795 enterprise clients and 2,707 SMB clients.
Among the top five SaaS platforms, Unicommerce was the only profitable entity in and had the largest revenue in FY21, FY22, and FY23 with the rest four being Increff, Vinculum, Browntape, and Easyecom.
Unicommerce’s IPO only has an offer-for-sale (OFS) component of 2.56 crore equity shares. Its IPO is set to debut on August 6 and close on August 8.
