Ecommerce enabling outfit Unicommerce reports 52.5% jump in operating profit to Rs 90 crore in FY23
Unicommerce saw its operating revenue jump 52.5% to Rs 90 crore in financial year 2023 from Rs 59 crore in FY22. Net profit rose 8% to Rs 6.45 crore from Rs 5.98 crore in FY22, according to its financial statements, filed with the Registrar of Companies (RoC).
Unicommerce’s expenses ballooned to Rs 84.1 crore in FY23 from 54.4 crore in FY22. A significant amount of the expenditure was attributed to an increase in employee benefit expenses, server costs and other expenses.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitThe Gurugram-based company was acquired by ecommerce marketplace Snapdeal in 2015. In 2021, Snapdeal, which earlier went through a corporate restructuring exercise to become part of the AceVector Group, sold a 30% stake in Unicommerce to SoftBank. Currently, Unicommerce operates as a subsidiary of the AceVector Group, which also houses the Snapdeal and Stellaro Brands.
Advertising expenses increased to Rs 3.9 crore from Rs 2.6 crore in FY22. Free cash flows surged 86% to Rs 14.5 crore in FY23, as compared to Rs 7.8 crore in the previous fiscal year.
During the year under review, Unicommerce also increased its focus on the international business, which, while contributing less than 3% of operating revenue, saw its income tripling. The company operates in Indonesia, Philippines, Singapore, Malaysia, the UAE and Saudi Arabia, in addition to India.
On November 20, ET reported that Unicommerce is preparing for an initial public offering (IPO) in the second half of
