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IPO-bound Unicommerce on overseas expansion spree

Economic TimesEconomic Times ยท 1y ago
IPO-bound Unicommerce on overseas expansion spree
Medial

IPO-bound SaaS platform Unicommerce is expanding its overseas operations by adding more clients in Singapore, the Philippines, Indonesia, UAE, and Saudi Arabia. The company already serves 46 clients in these markets, including Redtag, Edamama, and RSA Global. Unicommerce offers e-commerce enablement solutions and its product portfolio includes order management, warehouse and inventory management, and omnichannel retail management systems. It provides local taxation support, language-specific invoices, and shipping label generation for international clients. Unicommerce is the only profitable company among the top five players in its segment in India. The IPO is expected to raise around Rs 500 crore.

IPO-bound Swiggy appoints Suparna Mitra as an independent director

EntrackrEntrackr ยท 1y ago
IPO-bound Swiggy appoints Suparna Mitra as an independent director
Medial

Swiggy has announced the appointment of Suparna Mitra as an independent director to its board. The move comes at a time when the Prosus-backed foodtech company is readying itself for public listing. Mitra, who was the CEO of Titan Company Limitedโ€™s Watches and Wearables Division, brings over 30 years of experience in lifestyle and retail. Mitra has joined Swiggyโ€™s distinguished list of independent directors that includes Anand Kripalu, MD & Global CEO at EPL Limited and Chairperson of the Swiggy board, Shailesh Haribhakti, chairman of Shailesh Haribhakti & Associates, and Sahil Barua, MD and CEO at Delhivery. Swiggy has seen a few key executivesโ€™ departures at the management of late. Some of the notable executives who have left the firm since April last year are Karan Arora (VP and head of supply chain management), Nishad Kenkre (VP and head of revenue and growth at Instamart), Ashish Lingamneni (VP and head of brand and product marketing), Dale Vaz, chief technology officer, and senior VP Karthik Gurumurthy. Meanwhile, it has also announced new appointments such as Ashwath Swaminathan as its chief growth & marketing officer and Anirban Roy and Dipak Krishnamani as VP of Growth and VP of Swiggy Mall, respectively. As mentioned above, the foodtech firm is in the process to file its IPO papers soon. According to Entrackrโ€˜s exclusive report, Swiggy booked Rs 5,476 crore in revenue from operations during the first three quarters of financial year FY23. The company recorded $200 million (approximately Rs 1,600 crore) loss for the nine months.

SoftBank-backed Unicommerce secures $15 Mn from anchor investors

EntrackrEntrackr ยท 11m ago
SoftBank-backed Unicommerce secures $15 Mn from anchor investors
Medial

Unicommerce, an e-commerce SaaS platform, has allocated shares worth Rs 124.4 crore (around $15 million) to anchor investors ahead of its initial public offering (IPO). The board at Unicommerce has passed a resolution to offer 11,523,831 equity shares at an issue price of Rs 18 each (upper-band) to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange shows. SBI, ICICI, Morgan Stanley, Nippon, Kotak, Aditya Birla, HDFC, and Franklin India are some key anchor investors for Unicommerce. Out of the total issue, 75.75% of the total allocation was made to 8 domestic mutual funds through 10 schemes, the filing further added. Unicommerce initiated its public offering today (06th August โ€“ 08th August) at a price band of (Rs 102-108) with a minimum bid quantity of 138 equity shares. Before the anchor round, AceVector Limited held a 34.91% of Unicommerce followed by SoftBank and B2 Capital Partners own 29.09% and 9.91%, respectively. Madhuri Madhusudan Kela (1.65%), Dilip Vellodi (3.44%), and Anchorage Capital (7.73%) also command significant stakes in the Gurugram-based company. Notably, AceVectorโ€™s co-founders, Kunal Bahl and Rohit Bansal, wonโ€™t be selling any shares in the OFS. This is probably the only IPO from the internet sector where the founders/promoters arenโ€™t selling any shares. For the fiscal year ending March 2024, Unicommerce reported Rs 103.5 crore in operating revenue against Rs 90 crore in FY23. The companyโ€™s profits surged more than two-fold to Rs 13 crore in FY24 from Rs 6.4 crore in the previous fiscal year.

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