Unicommerce’s Company Secretary & KMP Ajinkya Jain Quits

SUMMARY

The SaaS company said Jain’s resignation came into effect immediately and it is in the process of filling the vacancy

A qualified company secretary from ICSI, Jain previously worked with companies such as PharmEasy, Games24x7, and Pantomath Capital Advisors

Unicommerce’s net profit rose 21% YoY to INR 4.47 Cr in Q2 FY25, while operating revenue jumped 13% to INR 29.30 Cr

Listed SaaS platform Unicommerce’s company secretary and key managerial personnel (KMP) Ajinkya Jain has quit the company citing “personal reasons and commitments”.

In a filing with the BSE, the SaaS company said that Jain stepped down from his role effective immediately from closing of business hours on December 6. Unicommerce said it is in the “process of filling” the vacancy and will inform the bourses when a new appointment is made. 

The Securities and Exchange Board of India’s (SEBI) rules mandate listed companies to inform about the resignation of KMPs to the stock exchanges within seven days of the resignation taking effect. 

An alumnus of Nagpur University, Jain is a certified company secretary from the Institute of Company Secretaries of India (ICSI). He has over 13 years of experience under his belt, and previously worked with companies such as PharmEasy, Games24x7, Future Generali India Insurance Company, and Pantomath Capital Advisors. 

Jain joined Snapdeal and Unicommerce parent AceVector Group in 2022. 

Founded in 2012 by Karun Singla, Ankit Pruthi and Vibhu Garg, and later joined by Manish Gupta, Unicommerce is an ecommerce SaaS company that helps sellers manage their inventory across all online marketplaces. It offers integrations with all major Indian ecommerce platforms.

The company was acquired by Snapdeal in 2015 for an undisclosed amount. Unicommerce filed its draft red herring prospectus (DRHP) with markets watchdog SEBI in January this year for INR 276 Cr IPO and received regulatory approval in July. 

Subsequently, Unicommerce made a stellar debut on the bourses on August 13 as the shares of the enterprise tech startup listed at INR 235 apiece on the NSE, a premium of 117.59% over its issue price of INR 108. The shares debuted at INR 230, a premium of 112.96% to the issue price, on the BSE.

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

Shares of Unicommerce ended the final trading session of the week 1.04% higher at INR 194.15 on the BSE.