Under the agreement, Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech (owner of Snapdeal) valued upto INR 120 crore (approximately US$18 million), subject to shareholders’ approval.
Founded in 2012, Unicommerce is an e-commerce enabler, providing solutions such as warehouse management, multi-channel order fulfilment, e-commerce order processing, catalogue management, inventory management, and omni-channel management to both brands and online sellers. The firm caters to manufacturers, wholesalers, distributors, retail chains, and individual store owners.
The firm has over 10,000 registered vendors across over 220 cities in India.
With this acquisition, Infibeam will further expand and strengthen its e-commerce web service offerings and capabilities.
Vishal Mehta, Managing Director, Infibeam, said: “Unicommerce is a valuable addition to the Infibeam family. Through Unicommerce, we plan to boost our e-commerce enablement capabilities and expand the product offerings for existing clients. Unicommerce fits perfectly with Infibeam’s vision of creating India’s largest e-commerce enablement and payments ecosystem for businesses, including web-front, web domain, logistics and payment solutions. This acquisition would help us further create a comprehensive e-commerce solution by offering extended capabilities to transact with other leading online marketplaces. It will also be pivotal for the growth of our fast growing government e-marketplace business.”
Jason Kothari, Chief Strategy and Investment Officer, Snapdeal, said: “Selling Unicommerce to Infibeam is a continuation of the Snapdeal 2.0 plan to divest and focus on our core consumer e-commerce business. We believe Infibeam is the best partner for Unicommerce due to its multiple business synergies. As one example, Unicommerce is set to gain from Infibeam’s growing large merchant base enabled by Infibeam Web Services and creating more comprehensive e-commerce solutions for its clients. Moreover, I am confident Unicommerce will flourish under the guidance of Vishal, who has experience in scaling B2B technology businesses very successfully.”
Infibeam is a provider of e-commerce services to small and large merchants, enterprises and government. Infibeam offers web services including SaaS-based ERP platform for building online stores; digital payment services; logistics solution and also offers many value-added services on the platform like data analytics, social media marketing, advertisement portals, domain services, among others on a customized (web-based) platform for transitioning and transforming the business effortlessly using technology for enabling business online.
Infibeam also owns and operates a multi-category (mobiles, cameras, computers & accessories, electronics, apparels, grocery, books, and many more) and multi-channel (website, mobile app) online shopping website, called infibeam.com. It allows listing products and conducting purchase and sales online.
SoftBank-backed Snapdeal, which was once second largest e-commerce firm in India after Flipkart, is currently in the doldrums, thanks to mismanagement. The company tried to merge with Flipkart, but had to call of the deal over the valuation.