Unicommerce, an e-commerce software provider, has authorized Shipway's 100% takeover. Late last year, the Ace Vector-owned business purchased a more than 42 percent share in the transportation solutions company.
Through a share swap authorized by SEBI, Unicommerce eSolutions would issue 60,33,189 equity shares in order to purchase 7,610 equity shares of Shipway from its shareholders Vikas Garg, Gaurav Gupta, and Puneet Gupta.
In order to broaden its product line, Unicommerce paid Rs. 68.4 crore to purchase a 42.7% interest in Shipway earlier in November of last year.
Following the planned acquisition, Shipway will become a fully owned subsidiary of it.
Shipway was established in 2015 by Vikas Garg and Gaurav Gupta to offer post-purchase automation solutions to direct-to-consumer firms. For Rs. 18.2 crore in 2021, IndiaMART InterMESH purchased a 26% share in the business.
To facilitate end-to-end management of e-commerce operations, Unicommerce partners with top Indian brands, marketplaces, and logistics companies. It is present in the Middle East and the SEA in addition to India.
After going public in August of last year, Unicommerce recorded sales of Rs. 29.3 crore and profit after tax of Rs. 4.4 crore for the second quarter of FY25.
