Unicommerce, a Software as a Service (SaaS) platform backed by Softbank, has reported a significant 50% growth in revenue for the financial year 2023. Kapil Makhija, CEO of Unicommerce, stated that this growth was primarily fueled by the acquisition of new clients and the platform’s expansion into international markets. According to Makhija, Unicommerce has achieved an annual run rate of processing over 600 million transactions, totaling more than $7 billion in gross merchandise value annually.
Consistent Growth Trajectory
Makhija highlighted that Unicommerce has maintained consistent growth over the past three years, and he anticipates this trend to continue in line with the expansion of the e-commerce industry in India. He reported a notable increase in the number of enterprise clients, with a 45% rise in FY23 and a remarkable 68% growth in FY22.
Financial Performance
While specific financial details for FY23 were not disclosed, the company’s RoC (Registrar of Companies) filing for FY22 revealed a 47.5% surge in operating revenue to ₹59 crore. Additionally, the profit after tax saw a 32.5% increase, reaching ₹5.98 crore in 2022 compared to ₹4.5 crore in 2021. Extrapolating from the 50% growth over FY22 revenue, Unicommerce’s revenue for FY23 is estimated to be around ₹90 crore.
International Expansion and Market Diversification
Makhija emphasized Unicommerce’s strategic initiatives, including international expansion into six geographies. Despite macroeconomic challenges, he noted that the company’s diversified portfolio, catering to over 45 product categories, has mitigated the impact of market fluctuations. While certain categories may experience fluctuations, the overall resilience of the platform has ensured stability.
Future Outlook
Looking ahead, Makhija stated that Unicommerce is well-positioned to support its expansion plans with internal accruals. However, the company remains open to evaluating fundraising options to facilitate further growth. He expressed confidence in Unicommerce’s ability to navigate challenges and capitalize on emerging opportunities in the dynamic e-commerce landscape.
