SaaS Startup Unicommerce’s Sees Managerial Exit, Secretary & KMP Ajinkya Jain Resigns

Manvendra HadaDecember 10, 2024

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Three points you will get to know in this article:

The SaaS startup said Jain’s departure took effect immediately, and it is in the process of filling the vacancy.
Jain, an ICSI-qualified company secretary, has previously worked with PharmEasy, Games24x7, and Pantomath Capital Advisors.
Unicommerce’s net profit rose 21% YoY to INR 4.47 Cr in Q2 FY25, while operational revenue increased 13% to INR 29.30 Cr.

Unicommerce Gets a Management Shock, Ajinkya Jain (Company Secretary) Leaves The Startup

Ajinkya Jain, the company secretary and key managerial people (KMP) of listed SaaS platform Unicommerce, has left the firm for “personal reasons and commitments”.

Unicommerce, founded in 2012 by Karun Singla, Ankit Pruthi, and Vibhu Garg, was later joined by Manish Gupta. It is an ecommerce SaaS startup that helps sellers manage their inventory across all online marketplaces. It integrates with all the main Indian ecommerce platforms.

In a filing with the BSE, the SaaS company stated that Jain stood down from his position effective immediately after business hours on December 6. Unicommerce stated that it is in the “process of filling” the position and will notify the stock exchanges when a new appointment is made.

The Securities and Exchange Board of India’s (SEBI) guidelines require listed businesses to notify stock exchanges of KMP resignations within seven days of the resignation becoming effective.

Ajinkya Jain’s Experience and His Journey Through Startups

Jain, a Nagpur University alumnus, is a certified company secretary with the Institute of Company Secretaries of India. He has almost 13 years of experience, having previously worked with PharmEasy, Games24x7, Future Generali India Insurance Company, and Pantomath Capital Advisors.

In 2022, Jain joined Snapdeal and AceVector Group, the parent company of Unicommerce.

Unicommerce’s Acquisition by Snapdeal, Unicommerce’s IPO Debut

Snapdeal paid an unknown amount to acquire the company in 2015. Unicommerce submitted a draft red herring prospectus (DRHP) with market watchdog SEBI in January of this year for an INR 276 crore IPO, which gained regulatory approval in July.

Unicommerce made a great debut on the bourses on August 13, when its shares were offered on the NSE at INR 235 each, a premium of 117.59% over its issue price of INR 108. On the BSE, the shares debuted at INR 230, representing a 112.96% premium to the issue price.

Unicommerce's Profit, Revenue, Unicommerce Share Price

Unicommerce’s net profit increased 21% to INR 4.47 crore in the second quarter (Q2) of the fiscal year 2024-25 (FY25), up from INR 3.69 crore in the previous fiscal year. Operating revenue increased 13% to INR 29.30 Cr during the quarter under review, from INR 25.93 Cr in Q2 FY24.

Unicommerce shares closed the week’s last trading session 1.04% higher at INR 194.15 on the BSE.