Unicommerce Achieves INR 6.3 Cr Net Profit in H1 FY24, Equivalent to FY23’s Full-Year Profit
IPO-bound Unicommerce, a SaaS startup owned by Snapdeal, has reported a net profit of INR 6.3 Cr in the first half of FY24, almost matching its full-year profit of INR 6.4 Cr in FY23. The company filed its draft red herring prospectus (DRHP) on Saturday.
Financial Highlights:
- Operating revenue for H1 FY24: INR 51 Cr
- Operating revenue for FY23: INR 90 Cr (52% YoY growth)
- Total income in H1 FY24: INR 54 Cr
Expenditure Breakdown:
- Employee Benefit Expenses: In H1 FY24, Unicommerce spent INR 34.5 Cr on employee costs. In FY23, employee benefit expenses rose to INR 62 Cr, reflecting a 47% increase from INR 42.3 Cr in FY22.
- Server Cost: The startup allocated INR 2.4 Cr for server costs in H1 FY24, compared to INR 5.4 Cr in FY23 and INR 3.28 Cr in FY22.
IPO Plans and Offer for Sale:
- Unicommerce is set to become the fifth Indian startup to file a DRHP in recent weeks, joining Ola Electric, FirstCry, Awfis, and MobiKwik.
- The IPO will consist of an offer for sale (OFS) of shares, with no fresh issuance of shares. Investors plan to sell up to 2.98 Cr shares during the IPO.
Major Sellers in IPO:
- SoftBank: The largest stakeholder with a 29.23% ownership, SoftBank is set to sell 1.6 Cr shares in the IPO.
- AceVector Limited: The promoter and parent entity of Snapdeal, holding a 38.18% stake, will sell up to 1.14 Cr shares of Unicommerce.
The filing of the DRHP marks a significant step for Unicommerce, as it prepares for an IPO amid a surge in IPO activity within the Indian startup ecosystem.