Exclusive: From IPO debut to global profits: CEO Kapil Makhija on Unicommerce’s breakout year

One year ago, Unicommerce Esolutions, India’s leading e-commerce and retail enablement SaaS platform, made a strong stock market debut with its blockbuster initial public offering (IPO). Since then, the company has sustained its momentum, broadened its scope, and expanded overseas, with its international business turning operationally profitable.

In an exclusive interaction with Fortune India, Kapil Makhija, CEO & MD of Unicommerce, reflects on the year with quite confidence. “Contrary to advice that we should settle down for a while after listing, we went ahead with an acquisition within six months. It was a strategic fit and aligned perfectly with our vision of becoming a one-stop shop for e-commerce enablement,” he says.

After its IPO listing in August 2024, Unicommerce acquired a 100% stake in the shipping automation company Shipway in March 2025. The buyout, which was done through a cash and stock deal, was intended to strengthen Unicommerce's e-commerce solutions portfolio.

The numbers tell the story

In the recently concluded June quarter of the current financial year, Unicommerce posted a robust 63.6% year-on-year (YoY) rise in operating revenue, though net profit remained largely unchanged due to higher expenses and non-cash charge from the recent acquisition of Shipway.

Revenue rose to ₹44.9 crore in Q1 FY26, from ₹27.4 crore in the same period last year. For Q1 FY26, the SoftBank-backed company saw a 10.8% increase in net profit to ₹3.89 crore compared to ₹3.51 crore the previous year. EBITDA more than doubled, rising 112%, and operating profit grew 81.50% during the quarter under review.

This was attributed to the inherent strength of Uniware, Unicommerce’s flagship order and inventory management platform, which enjoys strong operating leverage as a market leader.

Makhija said the growth was not limited to the core. New product launches, disciplined execution, and carefully chosen acquisitions have created additional layers of growth, he added. “The engine is firing on multiple cylinders.”

In terms of stock performance, Unicommerce shares have had a volatile journey since their debut on the domestic bourses at ₹108, valuing the company at ₹1,106 crore. Within weeks of listing, the stock surged to a 52-week high of ₹250.70, more than doubling investors’ money. However, the rally proved short-lived, with the counter slipping to its 52-week low of ₹96.03 on March 3, 2025.

Currently trading at ₹137.40, Unicommerce shares are up about 27% from the listing price, commanding a market capitalisation of around ₹1,423 crore.

Key growth drivers

Unicommerce’s CEO said that the company’s expansion rests on four distinct growth drivers - ecosystem growth, new client acquisitions, product innovation, and overseas expansion.

The first driver, ecosystem growth, comes naturally as existing clients scale. Every incremental transaction on their platforms translates into higher revenues for Unicommerce, Makhija explained. Unicommerce’s Uniware recorded an annualised transaction run rate of one billion order items in Q1 FY26, he added.

The second, new client acquisition, remains a steady engine. The company onboards 350-400 enterprise customers annually and today counts nearly 1,000 enterprises with an overall client count of more than 7,100 across sectors. Enterprise clients account for over 90% of Uniware’s revenue.

The third, product innovation, has widened its solutions suite. The company recently rolled out Unireco, a reconciliation tool, and Convertway, a marketing automation product, while also integrating Shipway into its offerings.

The fourth is international expansion. Unicommerce is now active in six overseas markets, with UAE, the Philippines, and Malaysia as focus geographies where it has already achieved operational profitability, he said.

On artificial intelligence (AI) integration, he said this has become a backbone of Unicommerce’s innovation strategy. It is not only embedded in products but also streamlining operations and reducing product development timelines.

Among its AI-driven solutions are ShipSense, an intelligent logistics allocation engine; Loca, Shipway’s AI chatbot for handling customer queries; and AI-led automation in Convertway for marketing campaigns. Inventory tools that automate barcoding and reconciliation are also AI-powered, boosting accuracy and efficiency.

“AI has helped us accelerate development, improve efficiency, and directly strengthen profitability,” Makhija said.

Unicommerce serves a wide range of brands, from established players like FabIndia, Lenskart, Marico, Timex, Mamaearth, Sugar, Emami, Urban Company, Healthkart, boAt, Portronics, Landmark Group and digital-first challengers like SuperYou, Kiwi Kisan, Beastlife and Neemans among many more.

Unicommerce’s logistics platform, Shipway enables brands, small and medium businesses access a range of courier services at competitive prices through its courier aggregation and automated courier allocation solutions.

M&A and market potential

Unicommerce continues to keep M&A on its agenda, actively scouting for opportunities in white spaces that can add meaningful value to its portfolio. “Our ambition of becoming a one-stop shop makes acquisitions a natural part of our growth journey,” says Makhija.

As for the broader industry, he acknowledges that growth slowed in FY24–25 to mid-single digits after the pandemic boom. But the long-term outlook is bright. India processed about 4 billion shipments last year, compared with 130 billion in China. The gap highlights the enormous headroom for growth.

“India has just scratched the surface. With models like omni-channel and quick commerce gaining momentum, the opportunity is vast. We believe e-commerce in India will continue to expand strongly, and Unicommerce will be at the center of that journey,” he said.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)