Unicommerce completes 100% acquisition of Shipway

E-commerce SaaS company Unicommerce has approved the 100% acquisition of Shipway. The Ace Vector owned company had acquired over 42% stake in the shipping solution firm late last year.

According to a preferential issue filing, Unicommerce eSolutions will issue 60,33,189 equity shares to acquire 7,610 equity shares of Shipway from its shareholders Vikas Garg, Gaurav Gupta, and Puneet Gupta through a share swap approved by SEBI.

Earlier in November last year, Unicommerce acquired a 42.7% stake in Shipway for Rs 68.4 crore to expand its product suite.

Shipway will become its wholly owned subsidiary after the proposed acquisition.

Founded in 2015 by Gaurav Gupta and Vikas Garg, Shipway provides post-purchase automation solutions for D2C brands. In 2021, IndiaMART InterMESH acquired a 26% stake in the company for Rs 18.2 crore.

Unicommerce collaborates with India’s leading brands, marketplaces, and logistics providers to enable end-to-end management of e-commerce operations. Beyond India, it also has a presence in the Middle East and SEA.

According to TheKredible, Unicommece’s revenue from operations rose to Rs 32.7 crore from Rs 26 crore in the corresponding quarter of the previous fiscal year. The firm reported a 61.5% spike in its profit to Rs 6.3 crore in the same period.