Macro-economic and Industry Outlook
Global Economy
The global economy during the past few years has witnessed select economic uncertainty, shaped by a mix of geopolitical developments, monetary policy actions, and supply chain realignments across major economies. While major developed markets have experienced pressures from inflation and tighter financial conditions, global trade and investment flows have shown signs of adjustment and stabilisation. Many economies are now focusing on recalibrating global trade relationships and leveraging technology-led gains to maintain momentum.
Emerging markets, meanwhile, have displayed resilience, supported by strong domestic demand and favourable demographics. Despite external headwinds, several emerging economies continue to post steady growth, underpinned by structural drivers such as urbanisation, rising consumption, and digital adoption.
Within this context, India has remained relatively insulated from global volatility. Its consumption-led economy, diversified trade links, and ongoing structural reforms have cushioned the impact of external shocks, reinforcing its position as one of the worlds fastest-growing major economies and setting the stage for sustained expansion in the years ahead.
| 2019 | 2024 | 2030 (P) | |
GDP (US$ trillion) |
2.7 | 3.9 | 6.8 |
PFCE (US$ trillion) |
1.5 | 2.4 | 3.5-3.6 |
Retail Market (US$ trillion) |
0.7 | 1.0 | 1.6-1.8 |
E-commerce (US$ billion) |
22 | 70 | 210-268 |
Source(s): Ministry of Statistics and Programme Implementation (MOSPI); Redseer report on "Powering Indias Digital Transaction Economy: The Evolution of the Digital Payments and Issuing (June 2025)"; Redseer report on "Building Indias Home Story: Opportunity Landscape in Mattresses, Furniture, and Furnishings & D?cor (June 2025)".
Indian Economy
Indias economy has remained robust amid global volatility. A large domestic consumption base, a young workforce, and sustained structural reforms have helped cushion external headwinds. Strong household demand, expanding digital adoption, and continued infrastructure investments have supported growth momentum, reinforcing Indias position as one of the worlds fastest-growing major economies.
Key macro-economic indicators point to a steady trajectory. Gross Domestic Product (GDP) is expected to grow steadily, driven by rising Private Final Consumption
Expenditure (PFCE) and the continued expansion of the retail sector. By 2030, India is projected to become the worlds third-largest economy, supported by demographic advantages and ongoing formalisation of the economy. Initiatives in digital payments, financial inclusion, and productivity-led reforms are expected to further strengthen long-term growth prospects.
This combination of structural strengths and policy-driven initiatives provides India with a stable foundation to navigate near-term challenges and capitalise on opportunities across consumption, retail, and e-commerce.
Retail and E-commerce
Indias retail sector has continued to expand steadily, supported by large household consumption and rising urbanisation. The sectors long-term outlook remains strong, driven by structural tailwinds such as increasing disposable incomes, a young consumer base, and expanding access to modern retail formats. Even as global uncertainties created short-term moderation in spending, Indias underlying consumption story has remained intact, with consumers displaying a steady shift toward organised and digital retail channels.
E-commerce, in particular, is positioned for sustained growth. While the industry experienced a period of subdued performance in the last couple of years, the fundamentals of digital commerce remain compelling. Wider smartphone penetration, affordable data access, and rapid adoption of digital payments have created a large addressable base of online shoppers. As this user base matures, transaction frequency is expected to rise, unlocking further growth.
Growth Drivers
Expanding internet and smartphone penetration, with increasing participation from Tier 2 and Tier 3 cities.
Rising adoption of digital payments, enabling smoother and safer online transactions.
Growing base of online shoppers, with higher transaction frequency among mature users.
Emergence of quick commerce and hyper-local delivery formats.
Shifting consumer preferences toward organised and digital retail channels.
Indicator |
2024 | 2030 (P) |
| Households (million) | ~342 | ~379 |
| Internet Users (million) | 810–840 | 1,018–1,190 |
| Smartphone Penetration (%) | 58% | 68–79% |
| Online Transactor Penetration (%) | 30% | 63–73% |
| Online Commerce Transactor | 17% | 23–28% |
| Penetration (%) |
Source(s): Redseer report on "Powering Indias Digital Transaction Economy: The Evolution of the Digital Payments and Issuing (June 2025)"; Redseer report on "Building Indias Home Story: Opportunity Landscape in Mattresses, Furniture, and Furnishings & D?cor (June 2025)".
E-commerce Enablement Market
The expansion of retail and e-commerce has created a parallel demand for enablement solutions that allow businessestoscaleefficientlywhilemanagingoperational complexity. Today, platforms offering warehouse and inventory management, order and returns processing, logistics automation, courier aggregation, and data-driven analytics form critical infrastructure for digital commerce. For both large enterprises and small businesses, these tools are no longer optional but essential to sustaining growth, managing costs, and delivering consistent customer experiences.
The total addressable market for e-commerce enablement in India in 2023 is estimated at US$ 1.15 billion. This includes about US$ 260 million from core products such as warehouse, order, and omni-channel management systems, and other; around US$ 420 million from complementary offerings such as payments reconciliation, advanced logistics management, and other emerging adjacencies; and nearly US$ 470 million from courier aggregation solution.
Source(s): As per the Redseer report on "Market for E-commerce Enablement SaaS (July 2024)", commissioned by the Company. The market size figures are for the calendar year 2023 as per the latest available data. Estimates for courier aggregation are based on the Companys internal analysis.
Growth Drivers
Rising number of brands and SMBs engaging in consumer space and adopting online sales channels as primary destinations for sale.
Increasing number of online marketplaces, including quick commerce platforms.
Increasing operational complexity requiring integrated and automated solutions.
Focus on profitability driving adoption of cost-efficient, scalable tools.
Rising demand for analytics and insight-driven decision-making.
Company Overview
Unicommerce is Indias largest e-commerce enablement SaaS platform in the transaction processing layer. Established in 2012 and now a listed company, Unicommerce was purpose-built to simplify and automate the growing complexity of e-commerce. Over the years, Unicommerce has evolved into trusted infrastructure for e-commerce operations in India and select international markets. Today, more than 7,000 clients – including marquee enterprises, leading retailers, D2C brands, and SMB sellers – rely on our platform, which operates at an annual transactions run-rate of 1 billion order items.
During the financial year, we acquired Shipway and Convertway to augment Uniware in our portfolio of products. This step aligns with our long-term vision to be a one-stop destination for all e-commerce automation needs, expanding our ability to deliver a comprehensive suite of products across the value-chain.
Our business model is designed to scale with our clients growth. We earn revenue through subscription fees with defined transaction quotas and additional usage-linked charges. For certain products, such as courier aggregation, clients are only charged on a usage-based model. This structure has allowed us to demonstrate consistent financial performance, with growing revenues, while disciplined cost management and strong operating leverage contribute to improving profitability.
Our Platform Offerings
Our strength lies in our comprehensive suite of three complementary platforms that enable brands to manage their e-commerce operations efficiently across the entire order lifecycle:
An AI-enabled marketing automation platform designed to increase website conversion rates and customer engagement. It helps businesses interact with consumers on WhatsApp, SMS, and RCS through personalised campaigns, behavioural nudges, and automated workflows.
Our operations management platform that serves as the nerve centre for businesses, Uniware offers warehouse and inventory management, multi-channel order management and processing, omni-channel retail management, and payment reconciliation. It enables businesses to manage scale, ensure accuracy, and maintain operational efficiency across marketplaces, D2C websites and, offline stores.
A courier aggregation and logistics automation platform that simplifies shipping, tracking, and returns. It connects businesses with multiple courier partners through a single interface, providing cost-effective delivery options, branded tracking pages, return automation, and advanced analytics to optimise logistics performance.
Together, these platforms create an end-to-end suite of products for e-commerce enablement. By providing clients with a modular yet integrated stack, we create long-term customer relationships, enhance operational reliability, and position ourselves as a one-stop destination for businesses navigating the fast-evolving e-commerce market.
Our Strengths
Indias leading e-commerce enablement platform
Comprehensive suite of three platforms offeringend-to-ende-commerceenablement
Scalable technology built For reliability and cost-efficient growth
Large, diverse and growing clientele across retail categories
Consistent financial performance
Multiple levers for continued growth
Our Growth Levers
Indias large and underpenetrated e-commerce market
Large and growing total addressable market of over US$ 1.15 billion
Consistent new client acquisitions
Cross-sell and upsell opportunities
Product innovation
International expansion
For more information about our strengths and our growth levers, please see section "Building for Sustained Growth and Profitability" on page 18.
Opportunities
• Expanding E-commerce Market in India: Indias e-commerce sector continues to grow as consumers increasingly embed online retail into their shopping habits. This growth is supported by rising digital payments adoption, improving internet penetration, and increasing participation from Tier 2 and Tier 3 cities. These trends, coupled with advancing technologies and rising operational complexities, are expected to drive sustained demand for e-commerce enablement products.
• Growing Role in B2B and Quick Commerce: The diversification of brands business into B2B channels, including modern and general trade and rise of quick commerce is creating new opportunities. Unicommerces integrations with leading quick commerce platforms enable it to participate in the growthofultra-fastdeliverymodelsinurbanmarkets.
• Integrated Platform Synergies: Following the acquisitions of Shipway and Convertway, Unicommerce now operates a more diversified portfolio across e-commerce and retail operations, courier aggregation, and logistics automation, and marketing automation. This broader offering creates opportunities for cross-sell and upsell, while also reducing dependence on any single segment of the value chain.
• Rising Demand for Automation and AI-Led Solutions: E-commerce operations are becoming more complex, spanning multiple channels and need for an integrated supply chain. This is expected to continue driving demand for automation and technology-led solutions. With AI-enabled enhancements in areas such as order management, courier allocation, and customer engagement, Unicommerce is positioned to address these evolving client needs.
• International Expansion: Unicommerces presence in South East Asia and the Middle East provides additional avenues for growth beyond India. Both regions are experiencing increasing adoption of digital retail, offering long-term opportunities as the Company continues its engagement in these markets.
Threats
• Competition: The e-commerce enablement space remains competitive, with several SaaS and logistics automation providers operating in the market. This competitive intensity may put pressure on pricing, client retention, and customer acquisition.
• Dependence on Clients Business Performance: As Unicommerces revenue model is linked to transaction and order volumes, periods of weaker e-commerce growth or broader macroeconomic slowdown could impact the Companys revenue momentum.
• AI and Technology Development: Rapid shifts in technology and customer preferences require continuous product innovation. Any delay in upgrading systems or adapting to new technologies could impact our competitiveness.
• Integration Risks from Acquisitions: Following the acquisitions of Shipway Technology Private Limited, successful integration is critical to realising expected synergies. Any challenges in long-term integration, product alignment, or cultural fit can lead to dilution of the intended benefits.
Key Financial Highlights
Our results of operations for the financial year ended March 31, 2025 demonstrate consistent revenue growth, expanding profitability, and disciplined cost management. The performance was supported by continued client acquisition, higher platform usage, and incremental contribution from Shipway Technology Private Limited, leading to improved operating leverage and margins.
Particulars |
F.Y. 2024-25 (1) | F.Y. 2023-24 |
| Revenue from Contract with Customers ( million) (2) | 1,347.90 | 1,035.81 |
| Adjusted EBITDA ( million) (3) | 283.90 | 181.62 |
| Adjusted EBITDA Margin (%) (4) | 21.06% | 17.53% |
| Profit Before Tax ( million) | 241.09 | 174.79 |
| Profit Before Tax Margin (%) (5) | 17.89% | 16.87% |
Particulars |
F.Y. 2024-25 (1) | F.Y. 2023-24 |
| Profit After Tax ( million) (6) | 176.21 | 131.17 |
| Profit After Tax Margin (%) (7) | 13.07% | 12.66% |
| Earnings Per Share ( ) (8) | 1.58 | 1.17 |
| Net Worth ( million) (9) | 701.49 | 689.14 |
Note(s):
1.
The Company has prepared consolidated financial statements for the first time for the financial year ended March 31, 2025, pursuant to the acquisition of Shipway Technology Private Limited effective December 17, 2024. Accordingly, the figures for the financial year ended March 31, 2025 are not directly comparable with previous periods.2.
Revenue from contract with customers is total revenue generated by our Company from SaaS income and shipping service income, excluding other income sources.3.
Adjusted EBITDA represents adjusted earnings before interest, taxes, depreciation and amortisation which has been arrived at by adding share-based payment expenses (part of employee benefits expenses) to EBITDA. EBITDA refers to earning before interest, taxes, depreciation and amortisation which has been arrived at by adding total tax expense, finance cost, depreciation and amortisation expense and reducing other income to the profit for the year.4.
Adjusted EBITDA Margin % represents Adjusted EBITDA as a % of revenue from contract with customers for the respective year.5.
Profit Before Tax Margin % represents Profit Before Tax as a % of revenue from contract with customers for the year.6.
Profit After Tax refers to profit for the year.7.
Profit After Tax Margin % represents Profit After Tax as a % of revenue from contract with customers for the year.8.
Earnings per share refers to diluted earnings per share.9.
Net worth refers to the aggregate value of equity share capital and other equity.Revenue
Particulars ( million) |
F.Y. 2024-25 (1) | F.Y. 2023-24 |
| Revenue from Contract with Customers | 1,347.90 | 1,035.81 |
| Other income | 54.05 | 58.53 |
Total Income |
1,401.95 | 1,094.34 |
Note(s):
1.
The Company has prepared consolidated financial statements for the first time for the financial year ended March 31, 2025, pursuant to the acquisition of Shipway Technology Private Limited effective December 17, 2024. Accordingly, the figures for the financial year ended March 31, 2025 are not directly comparable with previous periods.The Companys consolidated revenue from contract with customers increased by 312.09 million or 30.13%, from 1,035.81 million for F.Y. 2023-24, to 1,347.90 million for F.Y. 2024-25. This growth was supported by expansion in the enterprise client base, higher usage by existing clients, and incremental contribution from Shipway Technology Private
Limited, whose financials were consolidated with effect from December 17, 2024. Other income decreased by 4.48 million, from 58.53 million for F.Y. 2023-24 to 54.05 million for F.Y. 2024-25, primarily on account of decrease in interest income.
As a result, the Companys total income increased by 307.61 million or 28.11%, from 1,094.34 million for F.Y. 2023-24 to 1,401.95 million for F.Y. 2024-25.
Expenses
Note(s):
1.
The Company has prepared consolidated financial statements for the first time for the financial year ended March 31, 2025, pursuant to the acquisition of Shipway Technology Private Limited effective December 17, 2024. Accordingly, the figures for the financial year ended March 31, 2025 are not directly comparable with previous periods.The Companys total expenses increased by 241.31 million or 26.2%, to 1,160.86 million for F.Y. 2024-25, from 919.55 million for F.Y. 2023-24. The key changes are set out below:
Employee benefits expense decreased by 38.09 million or 5.86%, to 611.48 million in F.Y. 2024-25 from 649.57 million in F.Y. 2023-24. The reduction was mainly due to optimisation of operations needs due to internal automation and other efficiencies, particularly driven through AI, during the year and capitalisation of spends relating to the development of new technology products UniReco and UniShip.
The consolidated expense for F.Y. 2024-25 also includes employee costs of Shipway Technology Private Limited post-acquisition.
Server hosting expense increased by 6.47 million or 11.97%, to 60.53 million in F.Y. 2024-25 from 54.06 million in F.Y. 2023-24. While increasing in absolute terms, server hosting expense reduced as a percentage of revenue to 4.49% in F.Y. 2024-25 from 5.22% in F.Y. 2023-24, reflecting improved operating leverage.
Depreciation and amortisation expense increased by 47.95 million or 199.56%, to 71.97 million in F.Y. 2024-25 from 24.02 million in F.Y. 2023-24. This increase was primarily on account of non-cash amortisation of intangible assets recognised as part of the Shipway Technology Private Limited acquisition. Post the acquisition, UniShip was subsequently transferred to Shipway Technology Private Limited, aligning with its enterprise-focused business.
Other expenses increased by 223.10 million or 118.66%, to 411.11 million in F.Y. 2024-25 from 188.01 million in F.Y. 2023-24. The increase was primarily driven by the inclusion of 142.96 million of freight and shipping expense during the consolidation period relating to the Shipway business. Excluding this, other expenses increased by 80.14 million or
42.63%, mainly due to higher legal and professional charges ( 56.50 million vs. 39.30 million) related to increase in directors sitting fee and other post-IPO compliances, advertisement and publicity ( 49.88 million vs. 38.01 million) and communication charges ( 11.15 million vs. 1.70 million) related to ongoing business activities.
Finance costs increased marginally by 1.88 million, to 5.77 million in F.Y. 2024-25 from 3.89 million in F.Y. 2023-24, primarily due to higher interest expenses arising from Ind AS 116 – leases as per accounting practices.
Operating Profits and Margins
The Companys operating performance strengthened during the year, driven by revenue growth, improved cost efficiencies, and operating leverage. Adjusted EBITDA for
F.Y. 2024-25 stood at 283.90 million as against 181.62 million in F.Y. 2023-24, registering a growth of 102.28 million or 56.32%. The Adjusted EBITDA margin increased from 17.53% in F.Y. 2023-24 to 21.06% in F.Y. 2024-25, reflecting improved operating profitability.
Profit Before Tax increased by 37.93%, from 174.79 million in F.Y. 2023-24 to 241.09 million in F.Y. 2024-25, with the
Profit Before Tax Margin improving from 16.87% to 17.89%.
Profit After Tax increased by 34.34%, from 131.17 million in F.Y. 2023-24 to 176.21 million in F.Y. 2024-25, with the
Profit After Tax Margin increasing from 12.66% to 13.07%.
Earnings per Share
The Companys earnings per share increased by 35.04%, from 1.17 in F.Y. 2023-24 to 1.58 in F.Y. 2024-25, reflecting the growth in profitability driven by strong financial and operational performance.
Cash Flow Position
Particulars ( million) |
F.Y. 2024-25 (1) | F.Y. 2023-24 |
Net cash generated from /(used in) |
||
| A. Operating activities | 279.60 | 61.68 |
| B. Investing activities | (219.81) | (296.85) |
| C. Financing activities | (52.80) | (19.65) |
Net change in cash and cash equivalent (A+B+C) |
6.99 | (254.82) |
Cash and cash equivalent as at the beginning of year |
12.73 | 267.55 |
Total cash and cash equivalent as at the end of year (excluding Other bank balance) |
19.72 | 12.73 |
Note(s):
1.
The Company has prepared consolidated financial statements for the first time for the financial year ended March 31, 2025, pursuant to the acquisition of Shipway Technology Private Limited effective December 17, 2024. Accordingly, the figures for the financial year ended March 31, 2025 are not directly comparable with previous periods.The Company generated positive net cash flows during the year, supported by stronger operating performance, while continuing to invest in strategic growth initiatives.
Operating activities: Net cash generated from operating activities was 279.60 million for the financial year ended March 31, 2025, compared to 61.68 million for the financial year ended March 31, 2024. The increase was primarily driven by higher Profit Before Tax (adjusted for non-cash items such as depreciation and amortisation) and changes in working capital.
Investing activities: Net cash used in investing activities was 219.81 million for the financial year ended March 31, 2025, compared to 296.85 million in the previous year. The outflow during the year was mainly on account of the acquisition of Shipway Technology Private Limited (net of cash acquired) amounting to 672.29 million, partially offset by redemption of bank deposits and mutual funds of 469.98 million.
Financing activities: Net cash used in financing activities was 52.80 million for the financial year ended March 31, 2025, compared to 19.65 million for the financial year ended March 31, 2024. The outflow in the current year primarily comprised payments of 22.35 million towards cancellation/settlement of options and 30.43 million towards interest and lease liabilities.
As a result, total cash and cash equivalents stood at 19.72 million as of March 31, 2025, compared to 12.73 million as of March 31, 2024, reflecting an overall increase of 6.99 million during the year. Our cash position, which includes cash and cash equivalents, bank balances other than cash and cash equivalents, and investments in mutual funds, stood at 353.05 million as of March 31, 2025, compared to 690.05 million as of March 31, 2024. This was lower primarily due to an outlay of 684.09 million for the acquisition of Shipway Technology Private Limited.
Key Financial Ratios
Particulars |
F.Y. 2024-25 (1) | F.Y. 2023-24 | % Change | Remarks for Variance > 25% |
| Current ratio (Times) | 0.41 | 3.01 | (86.55%) | Refer Note 4 |
| Return on equity (%) | 25.12% | 19.03% | 31.97% | Refer Note 5 |
| Trade receivables turnover ratio (Times) | 10.01 | 8.24 | 21.48% | NA |
| Return on investment (%) | 7.39% | 6.79% | 8.75% | NA |
| Trade payable turnover ratio (Times) | 3.49 | 4.26 | (18.26%) | NA |
| Net capital turnover ratio (Times) | (1.61) | 1.68 | (195.56%) | Refer Note 6 |
| Net profit ratio (%) | 13.07% | 12.66% | 3.23% | NA |
| Return on capital employed (%) | 27.49% | 17.44% | 57.64% | Refer Note 7 |
| Days sales outstanding (Days) | 36.47 | 44.30 | (17.67%) | NA |
Note(s):
1.
The Company has prepared consolidated financial statements for the first time for the financial year ended March 31, 2025, pursuant to the acquisition of Shipway Technology Private Limited effective December 17, 2024. Accordingly, the figures for the financial year ended March 31, 2025 are not directly comparable with previous periods.2.
The Company did not have any debt outstanding as at March 31, 2025 and March 31, 2024. Accordingly, the debt-equity ratio and the debt service coverage ratio are not applicable.3.
The nature of business of the Company is software related hence there is no inventory. Accordingly, the inventory turnover ratio is not applicable. 4.The Company made an investment in Shipway Technology Private Limited and paid cash, resulting in a decrease in current assets. Current liabilities increased due to deferred consideration payable to the shareholders of Shipway Technology Private Limited as of March 31, 2025, leading to a decline in the current ratio.5.
Profit after tax increased during the financial year ended March 31, 2025, leading to an improvement in return on equity.6.
Revenue for the year ended March 31, 2025 increased. Current assets decreased as the Company utilised cash to acquire Shipway Technology Private Limited, while current liabilities increased due to deferred consideration payable to the shareholders of Shipway Technology Private Limited as of March 31, 2025. Consequently, the net capital turnover ratio declined.7.
Earnings before interest and tax increased during the financial year ended March 31, 2025, resulting in a higher return on capital employed. Return on equity = Profit After Tax / Shareholders Equity.Return on capital employed = Earnings Before Interest and Tax / Capital Employed. Earnings Before Interest and Tax represents the Companys operating profit. Capital Employed is calculated by adding Equity and Long-Term Debt.
Management Outlook
Looking ahead, we remain optimistic about the long-term growth prospects of the e-commerce sector. While the past two years have witnessed subdued consumption trends, we believe that the e-commerce market performance is expected to remain robust in the long run, supported by macro-economic developments and policy developments, such as GST reforms. These factors are expected to create a more conducive environment for growth, enabling businesses across the retail and e-commerce ecosystem to expand their operations with greater efficiency and confidence.
Our focus continues to be on strengthening drivers that help us deliver sustained growth and profitability. We aim to deepen penetration through the acquisition of new enterprise clients for Uniware, while simultaneously expanding revenues from our existing client base through cross-sell and upsell opportunities. Shipway, our courier aggregation product, is a particular area of focus given its high revenue and margin potential per unit. With a reach of over 7,000 clients, we see significant headroom to expand adoption of additional products. Alongside, we will continue to steadily scale our international operations, tapping into new growth pools outside India.
Equally, we are investing in building a future-aligned organisation by strengthening our human capital. Cost management remains a central theme and we are focused on improving productivity across operations. A key enabler in this journey will be the extensive use of artificial intelligence, not only to enhance the capabilities of our product suite but also to optimise internal processes, thereby driving efficiency at scale.
In parallel, we strengthened client engagement through innovation across Uniware, Shipway, and Convertway during the year. Our platforms were enhanced to support emerging models of commerce, deepen automation, and deliver better experience for our clients. These initiatives reflect our ability to adapt quickly to industry changes while keeping our offerings scalable, reliable, and closely aligned with evolving client needs.
By combining disciplined execution with innovation-led growth, we aim to reinforce our leadership position in the e-commerce enablement space and create long-term value for all stakeholders.
Human Resources
OurpeoplearecentraltotheCompanysjourneyofgrowth and innovation. We strive to foster a work environment that is inclusive, collaborative, and performance-driven. During the financial year, we focused on strengthening our teams to meet evolving business needs while investing in career progression and skill development. Our goal is to build a workplace that not only advances business objectives but also helps individuals realise their full potential.
Our people strategy is built on a few key tenets – talent management, learning and development, leadership planning, performance management, employee engagement, diversity and inclusion, and ethics, safety, and respect. We provide career development opportunities across levels, from on-boarding to executive coaching, while programmes such as Step-Up and Action Learning Projects build leadership capability and succession depth. Employees benefit from structured training, mentorship, and cross-functional exposure, with high performers Engagement initiatives such as U-Vibe Honours and the GOAT Award strengthen collaboration and culture. At the same time, equal opportunity policies and inclusive leadership training ensure that diversity and fairness remain central to our workplace.
As on March 31, 2025, the Company had 305 employees, while its subsidiary, Shipway Technology Private Limited, had 152 employees.
We take a holistic approach to employee well-being, supporting mental, physical, and financial health, while keeping client success at the centre of our culture. For more details about our human capital initiatives, please refer to page 30 of this annual report.
Risks and Concerns
The Company has implemented a comprehensive risk management framework for identifying and managing the most significant business risks. The Company formulates strategies to monitor and mitigate identified risks in order to minimise their impact on operational and financial performance through appropriate checks and balances. Though not mandatory, the Company has framed a Risk Assessment and Management Policy and constituted a Risk Management Committee. Regular risk assessments are conducted to proactively address emerging challenges, ensuring business continuity and resilience. Moreover, the framework is continuously refined to align with evolving industry trends, regulatory requirements and technological advancements, reinforcing the Companys commitment to sustainable growth.
Internal Control Systems and their Adequacy
The Company has a robust internal audit system that is continuously monitored and updated to protect assets, ensure regulatory compliance and address issues promptly. BDO India LLP serves as the Internal Auditor of the Company, supporting management and the Board in strengthening the internal control environment. The Board actively reviews internal audit reports, implements corrective measures as needed, and maintains open communication with both statutory and internal auditors to uphold the effectiveness of internal controls framework. This strong audit framework reinforces integrity, transparency, and accountability while mitigating risks and safeguarding stakeholder interests.
Cautionary Statement
This report may contain forward-looking statements regarding potential business and economic developments. While these statements reflect Unicommerce eSolutions Limiteds and assessments for the future, various factors could lead to actual outcomes differing significantly from these projections. The Company assumes no obligation to update any forward-looking statements based on new information or future events. Investors are advised to exercise their discretion when assessing the Companys risks and the effectiveness of its mitigation strategies, as the risks outlined in this report represent only those identified by the Management.
Definitions & Abbreviations
Term |
Description |
| AI | Artificial intelligence |
| API | Application programming interfaces |
| B2B | Business-to-business |
| Blink Mode | A simplified order management mode for SMB sellers, prioritising speed |
| Convertway | Our AI-enabled marketing automation platform |
Courier Aggregation |
Technology product that consolidates multiple courier service providers into one interface for clients |
| D2C | Direct-to-consumer |
Dropship shipments |
Orders processed by the warehouse or other locations of an e-commerce business or its outsourced courier partners; excludes orders processed by marketplace warehouses using their own courier partners |
| ERP | Enterprise resource planning |
| FMCG | Fast moving consumer goods |
| Integration | Connecting systems and platforms to enable seamless operations |
| NASSCOM | National Association of Software and Service Companies |
| NDR | Non-Delivery Report |
| OMS | Multi-channel order management system |
| Omni-RMS | Omni-channel retail management system |
| POS | Point-of-sale |
| Quick Commerce | Hyper-local commerce model focused on fast delivery of products |
| RCS | Rich communication services |
| ROCE | Return on capital employed |
| ROE | Return on equity |
| RTO | Return to origin |
| SaaS | Software-as-a-Service |
| SEBI | Securities and Exchange Board of India constituted under the SEBI Act |
| Shipway | Our courier aggregation and logistics automation platform |
| SMB | Small and medium business |
| SMS | Short message service |
| UniReco | Payment reconciliation product as a part of Uniware |
| Uniware | Our platform for order, inventory, warehouse, and omni-channel retail management |
| WMS | Warehouse and inventory management system |
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