Ecommerce enablement software platform Unicommerce reported a 52.5% jump in its revenue from operations for the financial year through March 2023 to Rs 90.06 crore from Rs 59.03 crore the year before.
Net profit after tax rose 7.7% to Rs 6.45 crore in FY23 from about Rs 5.99 crore the previous year, as per its standalone financial results filed with the Registrar of Companies (RoC).
Unicommerce, which is operated by AceVector Group, which is also the parent of Snapdeal and Stellaro Brands, provides a software-as-a-service-based order management and fulfilment platform to ecommerce and retail businesses.
The company works with brands across diverse segments, including beauty and personal care, fashion and accessories, home decor, health and nutrition, FMCG, electronic peripherals, homeware and kitchenware, among others.
The Gurugram-headquartered company claims that it has helped 3,000 sellers to process their online orders. It also has established an international presence and works with customers in seven countries in the Middle East and Southeast Asia, including the UAE, the Philippines, Malaysia, Singapore, Indonesia, Saudi Arabia, and Nigeria.
For FY23, Unicommerce’s expenses rose 54% to Rs 84.1 crore from Rs 54.4 crore the year before. The jump in its overall expenses comes on account of rising employee benefits expenses, which accounted for nearly three-fourths of total costs at Rs 62 crore in FY23. Its employee benefits expenses stood at Rs 42.3 crore in FY22.
Despite being a part of the AceVector Group, Unicommerce is backed by SoftBank. Previously, it had raised capital from Tiger Global and Nexus Venture Partners. The company, which was founded by three classmates from IIT Delhi – Ankit Pruthi, Karun Singla and Vibhu Garg – was acquired by Snapdeal in 2015. The founding team quit the company in 2017.