SaaS startup Unicommerce has filed a red herring prospectus (RHP) for its IPO with the market regulator Securities and Exchange Board of India (SEBI).
The IPO only has an offer-for-sale (OFS) component with 2.56 crore equity shares where AceVector Ltd (formerly Snapdeal) and Softbank will be selling 94.38 lakh equity shares and 1.61 crore equity shares respectively.
The SaaS startup had filed a draft red herring prospectus (DRHP) with SEBI back in January with plans to sell nearly 2.98 crore shares in the IPO.
Kunal Bahl and Rohit Bansal, the cofounders of Snapdeal hold a joint stake in Unicommerce through their VC firm B2 Capital Partners and have withdrawn from the OFS as they earlier had plans to offload 22 lakh equity shares.
AceVector is the largest shareholder in Unicommerce with a 38.18% stake followed by SoftBank holding a 29.23% stake in the SaaS startup through its UK-based SB Investments Holdings (UK) Ltd.
Unicommerce was founded in 2012 and helps in the management of inventory across the online marketplace for businesses. In 2015, Snapdeal acquired it, but later sold 30% of its stakes to SoftBank.
In H1 FY24, the Gurugram-headquartered startup’s net profit was Rs 6.3 crore while revenue from operations was Rs 51 crore. Its net profit grew 8% from Rs 6 crore in FY22 to Rs 6 crore in FY23 while revenue from operations went up by 52% from Rs 59 crore to Rs 90 crore in the same period.
