The planned acquisition by Infibeam from Snapdeal on unicommerce was called off. This came into effect after both parties decided to walk away from their deal signed in May 2018. At the time of the deal, Infibeam had plans to upgrade its e-commerce capabilities and expand Gem and Buildabazaar through Unicommerce.
New Delhi: Before going into the details of this deal we need to know about Unicommerce. Unicommerce is a 3-year-old Nexus funded startup. They offer a cloud-based solution for e-commerce merchants and marketplaces to handle their business. Uniware was the first product of Unicommerce. It was a SaaS-based application for managing fulfilment in companies. The company was founded by Ankit Pruthi and Vibhu Garg. Currently, Unicommerce provides its services to over 15% of Indian e-commerce companies transactions. Its presence is spreading in the middle east and south Asia as well.
Both parties have mutually decided not to give effect to the said agreement. There will be no change in the shareholding structure of Unicommerce, which will continue to operate as a profitable and independently managed company.
The past three months had been rough for Infibeam. The firm’s 71% of business in India was wiped out in a single day; after a Whatsapp message raised some allegations on the firm. It lost around ₹9200 crores in 24 hours. Infibeam has signed a MoU selling its online marketplace to Suvidhaa Infoserve, a Mumbai based firm.
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For Snapdeal the Unicommerce deal was its phase 2 of plans to divest and focus on its core consumer e-commerce business. Following the changes in management and plans, Snapdeal called off the deal.