24 August 2017, India:
The founders, Ankit Pruthi, Karun Singla, Vibhu Garg and Manish Gupta of Snapdeal-owned Unicommerce have quit the company after working for two years post the acquisition.
Founded in 2012 by IIT Delhi alumni Ankit Pruthi, Karun Singla and Vibhu Garg, Manish Gupta joined Unicommerce in 2013. Unicommerce’s flagship product Uniware is a software as a service (SaaS)-based application for end-to-end management of order fulfillment. The application helps manage vendors, procurement, inventory and warehouse, VCCircle reported.
“As part of the sale transaction in April 2015, it was mutually agreed that we would continue to work at Unicommerce for another two years and steer the company to further growth. In August 2017, this period comes to a successful close and we are happy to note that Unicommerce has grown and become a dominant force in the e-commerce space,” Ankit Pruthi, co-founder and former chief executive of Unicommerce, wrote in a statement to ET.
Related read- Snapdeal to Layoff 1,000 Employees; 80% of the Workforce!
Snapdeal had acquired Unicommerce in a cash-and-stock transaction in April 2015, for about $40 million. However, unlike its other acquisitions, the online marketplace, however, had never publicly announced this particular transaction.
Last month, Snapdeal had rejigged Unicommerce’s operations and elevated Kapil Makhija as the chief executive officer. It had also named Ankit Khandelwal as the chief operating officer of Unicommerce, The Mint reported.
“We have had a profitable first quarter and the Unicommerce platform is now used for nearly 20 per cent of the e-commerce transactions in the country,” Unicommerce CEO Kapil Makhija said. He added that the company continues to see healthy growth in India. “We are also exploring select overseas markets where sellers have expressed interest in adopting the Unicommerce technology solutions,” he said.
Meanwhile, after calling off the merger with Flipkart, Snapdeal is going through a major change. The company plans to lay off 1,000 employees, that is equal to 80% of the total workforce.
Also read- Early Backer Foxconn Writes Down 80% Investment in Snapdeal
