Softbank-backed Unicommerce records 50% growth in revenue in FY23

Softbank-backed Saas platform Unicommerce has registered a 50 per cent growth in revenue driven by onboarding of new clients and international expansion, a senior company official said.

Unicommerce CEO Kapil Makhija told PTI that the company has achieved an annual run rate of processing over 600 million transactions amounting to over USD 7 billion in annual gross merchandise value.

He said that the company's growth has been consistent over the past three years and expects it to remain aligned to the expansion of the e-commerce industry in India.

"Unicommerce's platform has demonstrated remarkable performance with around 50 per cent revenue growth in the financial year 2023. The number of enterprise clients has grown significantly, with a 45 per cent increase in FY'23 and a 68 per cent growth in FY'22," Makhija said.

In its RoC (Registrar of Companies) filing for FY'22, the company reported a 47.5 per cent increase in operating revenue to Rs 59 crore in FY 22.

Its profit after tax increased by 32.5 per cent to Rs 5.98 crore in 2022, from Rs 4.5 crore in 2021.

Makhija did not divulge financial details for FY'23. A 50 per cent growth over FY22 revenue would amount to around Rs 90 crore in FY23.

"From sellers and brands perspective, we have seen newer brands continue to emerge. We have embarked upon international expansion in six geographies. While we have seen good initial traction and 200 per cent growth, we want to continue to grow deeper," Makhija said.

He said macro-economic challenges have had less impact on the company's business because of stability in the offerings.

"We cater to over 45 product categories. There may be some ups and downs in certain categories. Sometimes fashion works well, sometimes it's beauty and personal care. But given that we are a fairly well diversified player, we are able to absorb some of the shocks and at an aggregate level we don't see as much of an impact," Makhija said.

He said that the company has sufficient internal accruals to support the expansion plan but simultaneously it will continue to evaluate fundraising options.