Unicommerce's DRHP Shows Strong Financial Performance

By siliconindia  |  Monday, 08 January 2024, 15:41 IST

Unicommerce's DRHP Shows Strong Financial Performance
Unicommerce, a SaaS startup under Snapdeal's ownership, has submitted its draft red herring prospectus (DRHP) and highlighted impressive financial results, revealing substantial growth and profitability. During the initial half of FY24, Unicommerce recorded a net profit of INR 6.3 Cr, nearly aligning with its complete FY23 net profit of INR 6.4 Cr, showcasing exceptional performance within a shorter period. The startup's operational revenue for H1 FY24 amounted to INR 51 Cr, indicating a consistent upward growth trend. Moreover, in FY23, its operational revenue surged by 52%, rising from INR 59 Cr in FY22 to INR 90 Cr.
Unicommerce, acquired by Snapdeal in 2015, specializes in providing a suite of tailored SaaS products aimed at managing post-purchase ecommerce operations for both enterprises and small to medium businesses (SMBs). The startup recorded a total income of INR 54 Cr in the six-month period ending September 2023. However, its total expenditure during H1 FY24 stood at INR 45.5 Cr. This included notable expenses, particularly employee benefit expenses, which amounted to INR 34.5 Cr in H1 FY24. In FY23, these expenses witnessed a 47% increase, rising from INR 42.3 Cr in FY22 to INR 62 Cr.
In addition, one of Unicommerce's significant expenditures was on server costs, totaling INR 2.4 Cr in H1 FY24. This marked a slight decline compared to the amounts spent in FY23 (INR 5.4 Cr) and FY22 (INR 3.28 Cr). Unicommerce's IPO filing is being launched amidst heightened activity in the Indian startup IPO market. The IPO will involve an offer for sale of shares, with no plans for fresh issuance. As per the DRHP, investors aim to sell up to 2.98 Cr shares during the IPO.

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