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Unicommerce, a listed e-commerce SaaS platform, has approved the remaining 57.24% stake in shipping solutions startup Shipway through a share swap deal.
As per its exchange filing, Unicommerce will issue 60.3 lakh shares to Shipway’s co-founders, Vikas Garg and Gaurav Gupta, along with shareholder Puneet Gupta, in exchange for 7,610 equity shares of Shipway.
In November last year, Unicommerce bought a 42.7% stake in Shipway for Rs 68.4 crore to expand its product offerings.
With this acquisition, Shipway will become a wholly owned subsidiary of Unicommerce.
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“The Board of Directors… have approved issuance of equity shares of the Company on a preferential basis for consideration other than cash wherein Unicommerce… is acquiring 7,610 Equity Shares of Shipway… held by Mr. Vikas Garg, Mr. Gaurav Gupta and Mr. Puneet Gupta… in lieu of issuance of 60,33,189 Equity Shares of the Company by way of swap of shares…,” said Unicommerce.
“Issue of shares for consideration other than cash i.e., Share swap. The Company will issue and allot 60,33,189 equity shares (the swap ratio being 1:8.9),” read the filing.
Once the deal is finalized, Shipway, which was previously a subsidiary, will become fully owned by Unicommerce. The transaction is pending regulatory approvals and is expected to be completed within 15 days.
About Shipway
Founded in 2015 by Gaurav Gupta and Vikas Garg, Shipway provides automated shipping software that helps businesses choose the best courier service. It also runs ConvertWay, an AI-powered marketing platform that helps brands target customers more effectively.
Unicommerce works with top brands, marketplaces, and logistics providers in India to manage e-commerce operations. It also operates in the Middle East and Southeast Asia.
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