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Unicommerce eSolutions Limited is a SaaS platform that manages e-commerce operations for brands, sellers, and logistics providers Unicommerce eSolutions IPO plans to raise Rs 276.57 crores. The issue is entirely an offer for sale of 2.56 crore share

Unicommerce eSolutions IPO : About The Company

• Company was incorporated in 2012 as ‘Unicommerce eSolutions Pvt. Ltd.
• Unicommerce is an Integrated eCommerce Enablement SaaS Platform that enables end-to-end management of e-commerce operations for D2C brands, brand aggregators, traditionally offline brands, retailers, marketplaces, logistics players, SMBs through a comprehensive suite of SaaS products as a part of the transaction processing or nerve centre layer.
• Unicommerce eSolutions empowers the enterprise clients, as well as small and medium businesses, to efficiently manage their entire post-purchase e-commerce operations through a comprehensive suite of SaaS products. These include
  • Warehouse and inventory management system
  • multi-channel order management system
  • omni-channel retail management system
  • seller management panel for marketplaces,
  • Post-order services related to logistics tracking and courier allocation
  • payment reconciliation.
• AceVector Ltd (formerly – Snapdeal Ltd), Starfish I Pte. Ltd., Kunal Bahl and Rohit Kumar Bansal are the Promoters of the Company.

Unicommerce eSolutions IPO: Financials

Anchor Book: Unicommerce eSolutions IPO

• Unicommerce raised INR 124.4 Cr from 14 anchor investors ahead of its IPO.
• Out of the total allocation, 87.29 Lakh equity shares (75.75% of the total allocation) were allocated to eight domestic mutual funds through a total of 10 schemes..
• Morgan Stanley India Investment Fund was allocated INR 9 Cr worth of Unicommerce shares for an anchor investor portion of 7.23%.
• Other Investors include The Prudential Assurance Company, Franklin India Technology Fund, DSP Multicap Fund, HDFC Mutual Fund, Aditya Birla, SBI Technology Opportunities Fund, Nippon India Mutual Fund, and ICICI Prudential Technology, etc.

Salient Points: Unicommerce eSolutions IPO

• The growth of the eCommerce enablement SaaS industry is linked with eCommerce.
• As e-commerce industry grows, e-commerce businesses and retailers face challenges to scale their operations efficiently. and prefer comprehensive end-to-end transaction processing layer SaaS products
• AceVector Limited held a 34.91% stake, while 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%) have stake in the company.
• AceVector 38% stake to reduce to 3). Promoter holding of 77% will drop to 59% post IPO.    
• B2 Capital Partners, had plans to offload equity shares in the IPO. However, B2 Capital is now not selling shares as part of the OFS anymore. 
• it ranks #1 among e-commerce SaaS players.

• Unicommerce has been able to create a large number of marquee clients across the retail and e-commerce sectors.
•  Clients include Lenskart, Mamaearth, Zivame, Paragon, Boat, PharmEasy, XpressBees, Shiprocket, Sugar Cosmetics, Cello etc.
• They have a comprehensive and modular suite of products with a wide range of plug-and-play integrations. Products and solutions are flexible and configurable, rending them suitable for different needs for clients based on their business requirements.
• They have been consistently onboarding new clients iin domestic & n international geographies. 
• Compared to listed peers :No peers in the true sense, but compared to some similar platforms in Travels and payment card business, issue is fully priced and even expensive.
• Largest e-commerce enablement SaaS products platform, acting as the nerve centre for business operations of clients
• In contrast to two other IPO- startups, FirstCry and Ola Electric, Unicommerce is a profit making entity. Its net profit has doubled to INR 13.1 Cr in FY24 from INR 6.5 Cr in the previous year.
• I am quite likely to apply in Unicommerce eSolutions IPO. Despite quite hefty price being demanded, Im may still apply in the IPO of company as it has consistently delivered robust growth over the past few years and backing of some good investors. It however comes in the risk category. It is a cash generating and profitable company and looks a good story for long term.
• GMP as reported on social media has been 35 (32.4%).
• This post is exploratory and educational purposes only. Please do your own diligence before investing in SME IPOs like this.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.