Unicommerce, operating under AceVector Group which also houses Snapdeal and Stellaro Brands, has emerged as one of the top players in the e-commerce enablement SaaS space. The Gurugram-based firm has neared the Rs 100 crore annual revenue mark while continuing to show a sizable profit in FY23.
Unicommerce’s revenue from operations grew 52.5% to Rs 90 crore in the fiscal year ending March 2023 as compared to Rs 59 crore in FY22, the firm’s financial statement with the Registrar of Companies (RoC) shows.
The SoftBank-backed company also earned Rs 2.9 crore via interest and gains on financial assets (non-operating) which took its total revenue to Rs 92.97 crore during the previous financial year.
Unicommerce offers integrated e-commerce enablement SaaS solutions covering order and inventory, return, and omnichannel management.
Besides India, Unicommerce operates in Indonesia, Philippines, Singapore, Malaysia, UAE & Saudi Arabia, with clients like Edamama, RedTag, RSA Global et al. It generated 97.3% of revenue (Rs 87.6 crore) from the Indian markets while the rest 2.7% (Rs 2.4 crore) came from overseas operations.
Unicommerce has served more than 20,000 brands and marketplaces including boAt, MamaEarth, Lenskart, Myntra, and UrbanCompany.
As per the startup intelligence platform TheKredible, Unicommerce spent 73.7% of its total expenses on employee benefits. This cost went up 46% to Rs 62 crore during FY23 from Rs 42.4 crore in FY22. This cost also includes expense on employee share based payment of Rs 4.3 crore in FY23.
Expenses Breakdown
FY22
Total ₹ 54.4 Cr
FY23
Total ₹ 84.1 Cr
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Employee benefits
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Advertising & promotions
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Rent
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Brokerage & commission
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Software
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Othes
Advertising & promotions cost increased 51.2% to Rs 3.93 crore in FY23 while payments related to rent jumped over 6X to Rs 1.75 crore during the last fiscal. Total expenditure of the company surged 54.6% to Rs 84.1 crore in FY23 from Rs 54.4 crore in FY22.
Complete expense breakdown can be found at TheKredible.
On the lines of scale, the company’s profits also rose 8% to Rs 6.45 crore in FY23 in comparison to Rs 5.98 crore in FY22.
With a control over cash burn, Unicommerce also managed to grow its cash inflows from operations (free cash flows) by 86.3% to Rs 14.57 crore during the last fiscal year. Coming to ratios, its EBITDA margin and ROCE registered at 10.15% and 15.68%, respectively.
FY22-FY23
FY22 | FY23 | |
---|---|---|
Expense/Rupee of ops revenue | ₹0.92 | ₹0.93 |
ROCE | 15.60% | 15.68% |
EBITDA Margin | 12.01% | 10.15% |
On a unit level, Unicommerce spent Re 0.93 to earn a rupee of operating revenue during FY23. As per TheKredible SnapDeal holds 57.7% stakes in the company followed by SoftBank with 32.3 % shares. The company also has an ESOP Pool of 10% shares.