At Unicommerce, AI is becoming the operating layer of e-commerce

Artificial intelligence is fundamentally transforming the software industry, and Unicommerce is betting that the next winners in SaaS will not be companies building standalone AI tools, but platforms that already sit at the centre of business operations and own years of transaction data.

The Gurugram-based SaaS company, which powers e-commerce operations for over 8,000 merchants, is embedding AI across fulfillment, logistics, marketing automation and post-purchase workflows as it looks to accelerate growth while maintaining profitability.

“For a system of record like us, AI is actually a boon,” Kapil Makhija, MD and CEO of Unicommerce, told Fortune India. “We’ve built this over a decade. Billions of transactions have flowed through our platform. That data now allows us to build intelligence layers and create much more value for brands.”

The broader SaaS industry is grappling with concerns that generative AI could disrupt traditional software models. But companies like Unicommerce believe the biggest AI advantage may increasingly sit with platforms that already function as operational systems of record, managing orders, warehousing, shipping, customer engagement and supply chain workflows at scale.

Because these systems sit on continuous streams of operational and transactional data, AI becomes more contextual and commercially relevant. Unicommerce, which says it processes nearly 30% of India’s e-commerce dropship volumes, is betting heavily on that advantage. Makhija also expects the dropship model, now nearly half the e-commerce market, to remain the fastest-growing segment.

The company has rolled out AI-native products across its commerce stack. Its marketing automation platform Convertway now offers an AI voice agent called Catalyst that engages shoppers who abandon carts. In warehouse management, UniBot acts as an e-commerce supply chain co-pilot, helping businesses with inventory planning and automated order processing. Meanwhile, Shipway’s AI-powered ShipSense allocates couriers based on historical delivery and return-to-origin data.

Makhija said the company has already started seeing benefits internally. “In the last 18 months, we have launched three new products. Earlier, it took us 10 years to launch two products,” he said. “And we haven’t increased our product and technology team. In fact, we have reduced that size.”

What is the operating leverage?

Unicommerce has delivered nearly five-fold revenue growth over the last five years, with revenue rising from ₹40 crore in FY21 to ₹204.3 crore in FY26. Its FY26 adjusted EBITDA crossed ₹43 crore, higher than the company’s entire FY21 revenue.

The company remains confident of sustaining strong double-digit growth despite near-term investments in AI, sales and marketing.

“We have committed that profits for FY27 will continue to be higher than FY26,” Makhija said. “The confidence comes from the operating leverage we demonstrated in FY26 and the strong adoption we are seeing for new products.”

The company, which has remained profitable for nine years barring a single year impacted by ESOP expenses, says AI adoption is helping improve efficiency across product development, marketing and customer engagement.

The company’s profitability moderated in FY26 as it stepped up investments in AI, research and development, and sales and marketing, particularly within Shipway. But Makhija said the company remains confident of improving profitability while sustaining double-digit growth.

“We have committed that profits for FY27 will continue to be higher than FY26,” Makhija said. “The confidence comes from the operating leverage we demonstrated in FY26 and the strong adoption we are seeing for new products.”

He added that the company’s AI adoption is already improving efficiency internally, particularly across product development and customer engagement functions, helping it scale without materially increasing headcount.

Alongside, attach rates for newer offerings are already showing traction. UniReco, launched less than a year ago, has seen a 5-6% attach rate among customers, while UniCapture has achieved 1-2%.

The company is also actively scouting acquisitions. “The products we acquire need to be relevant for our customer base and have AI relevance,” Makhija said.

International markets are also emerging as a faster-growing business for the company. Unicommerce currently operates across six countries, with focus markets including Dubai, Malaysia and the Philippines. International business now contributes 5-6% of revenue, up from 3-4% at the time of listing.

Shipway becomes a key growth engine

Within the Unicommerce ecosystem, logistics-tech platform Shipway is emerging as a major growth driver. Makhija estimates the logistics-tech opportunity at nearly ₹4,000 crore and said Shipway still remains a relatively small player in a large underpenetrated market.

Shipway was loss-making when acquired by Unicommerce, but turned profitable for three consecutive quarters before the company began a fresh investment cycle in Q4 FY26. Those investments, focused on AI, research and development, and sales and marketing, temporarily pushed the business below breakeven again.

“Before we started incremental investments, Shipway itself was operating profitably. That showed the health of the underlying operating model,” Makhija said.

The integration with Unicommerce’s broader merchant ecosystem has helped improve customer acquisition efficiency and platform stickiness through cross-selling opportunities. Shipway also benefits from being part of an end-to-end commerce stack that spans marketing automation, fulfillment and logistics.

The company reported nearly 18% growth in Shipway during the fourth quarter. Shipway, which was loss-making at the time of acquisition, had turned profitable for three consecutive quarters in FY26 before Unicommerce stepped up investments in AI, R&D, sales and marketing in Q4, pushing the business temporarily below breakeven.