Unicommerce Lists Snapdeal Founders and SoftBank's Starfish as Promoters
- Unicommerce eSoutions added Starfish I Pte Ltd and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal as promoters in its IPO documents submitted to SEBI.
- Softbank-owned Starfish signed an indemnity agreement to protect against claims as a new promoter of Unicommerce.
Unicommerce eSoutions, an Indian SaaS startup, has listed Starfish I Pte Ltd and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal as promoters in the documents to the Securities and Exchange Board of India (SEBI) for the IPO. The recent addendum agreed that the trio would be awarded promoters from the 29th of May.
Starfish, a Japan-based investment holding company owned entirely by SoftBank, did not hold any shares in Unicommerce until May 29. SoftBank, however, maintained a presence in Unicommerce through its subsidiary SB Investments Holdings (UK) Ltd.
In the draft red herring prospectus (DRHP) filed by Unicommerce in January of this year, only AceVector Ltd (formerly Snapdeal) was mentioned as a promoter.
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Before the new names were added to the list of promoters, Starfish signed an agreement with AceVector, Bahl, and Bansal on May 17 to shield itself and its employees from any claims related to being labeled as a promoter of the startup.
“The Indemnity Agreement was executed for the purposes of indemnifying Starfish (Softbank entity) against any Claim or Loss, in its capacity as one of the Corporate Promoters of our Company (Unicommerce), by the Individual Promoters (Kunal Bahl and Rohit Bansal) and AceVector,” read the filings made with SEBI.
In March this year, House of Chikankari partnered with Unicommerce to strengthen e-commerce operations and enhance the post-purchase experience for its customers. In February, it was reported that Piramal Health and wellness D2C platform Wellify was using Unicommerce’s solutions for a similar purpose.
Edited by Harshajit Sarmah
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