- Meenakshi Kumar |
Ahmedabad-based Infibeam Incorporation recently stated that it will acquire Snapdeal’s subsidiary Unicommerce, which offers e-commerce enablement software, in a deal worth up to Rs120 crore.
According to the company under the agreement,Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs120 crore, subject to shareholders’ approval. The transaction is expected to close in three-five months.
Infibeam managing director Vishal Mehta stated that through Unicommerce, it plans to boost the e-commerce enablement capabilities and expand the product offerings for existing clients. This acquisition would help to make a comprehensive e-commerce solution by offering extended capabilities to transact with other leading online marketplaces.
Jason Kothari, chief strategy and investment officer at Snapdeal, says that the sale of Unicommerce is a “continuation of the Snapdeal 2.0 plan to divest and focus on the core consumer e-commerce business.
Last year, Snapdeal dumped a $950-million takeover offer from Flipkart, with Snapdeal founders KunalBahl and Rohit Bansal saying the company will pursue a fresh strategy in the Indian market.
According to Infibeam’s filing, Unicommerce eSolutions had a net worth of Rs24.63 crore and turnover of Rs20.27 crore as on 31 March. Founded in 2012, Unicommerce offers e-commerce enablement software for warehouse management and omni-channel services and has over 10,000 sellers, brands and online retailers as its clients.
Besides, the board has approved change in the name of the company from Infibeam Incorporation to Infibeam Avenues, subject to shareholders’ and other statutory approvals.