Snapdeal-owned retail and e-commerce enablement SaaS platform, Unicommerce Isolutions Limited, has received approval from the Securities and Exchange Board of India (SEBI) for its primary public offering (IPO).

According to a regulatory filing, the firm plans to launch an offer for sale (OFS) of up to 2.98 crore (2,98,40, 486) equity shares with a face value of Re 1 per share. The Delhi-based firm had submitted its draft red herring prospectus (DRHP) for the IPO to Sebi in January this year.

1.14 crore (1,14,59, 840) shares from AceVector Limited (formerly Snapdeal) 22.1 lakh (22,10,406) equity shares from B2 Capital Partners and 1.61 crore (1,240,70) shares from SB Investment Holdings (UK)
Also included in the offer.

IFL Securities and CLSA India have been appointed as merchant bankers to the IPO. Founded in 2012, Unicommerce provides SaaS solutions to streamline end-to-end eCommerce operations management for brands, retailers, marketplaces, and logistics service providers. The company's clients include Lenskart, TCNS, Fabindia, Zivame, Mamaearth, SUGAR Cosmetics, and Boat Lifestyle.

In addition to India, Unicommerce is expanding its services to six other countries, primarily focusing on Southeast Asia and the Middle East. For the quarter ended September 30, 2023, the company achieved an annual run-rate of processing 763.82 million order items, serving 743 enterprise clients and 2,830 SMB clients.

According to RedSeer, Unicommerce managed 20-25% of India's e-commerce dropship volume in FY2022.