Snapdeal-owned SaaS startup Unicommerce, which on Saturday filed its draft red herring prospectus (DRHP), posted nearly as much profit in the first six months of FY24 as it did in the entire FY23.
Unicommerce’s net profit stood at INR 6.3 Cr in H1 FY24. In FY23, the startup’s net profit grew 8% to INR 6.4 Cr from INR 6 Cr in the previous fiscal year.
Unicommerce’s operating revenue stood at INR 51 Cr in H1 FY24. In FY23, the startup’s operating revenue rose 52% to INR 90 Cr from INR 59 Cr in FY22.
Acquired by Snapdeal in 2015, Unicommerce provides a suite of SaaS products that it claims enables enterprises and small and medium businesses (SMBs) to efficiently manage their entire journey of post-purchase ecommerce operations.
Including other income, Unicommerce reported a total income of INR 54 Cr in the six-month period ending September 2023.
Where Did Unicommerce Spend?
The startup reported a total expenditure of INR 45.5 Cr in the first six months of FY24. In FY23, overall expenses zoomed 55% to INR 84.1 Cr from INR 54.4 Cr in FY22.
Employee Benefit Expenses: Being a SaaS startup, Unicommerce’s biggest expenditure is its employee costs. In H1 FY24, the startup’s employee costs stood at INR 34.5 Cr. In FY23, Unicommerce’s employee benefit expenses increased 47% to INR 62 Cr from INR 42.3 Cr in FY22.
Server Cost: The startup spent INR 2.4 Cr on server cost in the first half of FY24. This number stood at INR 5.4 Cr in FY23 and INR 3.28 Cr in FY22.
The year 2024 is expected to be a busy year for investors in startup IPOs as Unicommerce became the fifth Indian startup, after Ola Electric, FirstCry, Awfis, and MobiKwik, to file DRHP in the last three weeks.
The SoftBank-backed startup’s IPO will only have an offer for sale of shares and no fresh issuance of shares. As per the DRHP, its investors are looking to sell up to 2.98 Cr shares during the IPO.
SoftBank, which owns 29.23% stake in the startup, will sell the highest number of shares in the IPO, 1.6 Cr. AceVector Limited, the promoter and parent entity of Snapdeal, will be selling up to 1.14 Cr shares of Unicommerce. AceVector currently owns a 38.18% stake in Unicommerce.
The post IPO-Bound Unicommerce Equals FY23 Profit In First Half Of FY24, Posts INR 6.3 Cr PAT appeared first on Inc42 Media.
