Investcorp acquires SaaS firm Unilog to step up India play

 Investcorp acquires SaaS firm Unilog to step up India play

Alternative investment firm Investcorp has acquired Unilog Content Solutions Pvt. Ltd, an India- and US-based software-as-a-service (SaaS) company that focuses on the business-to-business e-commerce sector.

The acquisition of Unilog adds to Investcorp’s investments in Indian companies Freshtohome and Xpressbees over the past few months, as the Bahrain-based PE investor expands its portfolio. Investcorp had participated in a $121 million funding round for Freshtohome in November and in a $110 round for Xpressbees the month before.

Investcorp didn’t disclose the value of the latest transaction, saying only that its backing will support Unilog’s platform innovation and customer acquisition.

Unilog was set up more than two decades ago and had raised funding from Indian venture capital firm Kalaari Capital in 2015. The company’s headquarters is in Philadelphia, US, while its international head office is in Bengaluru, India.

It caters to more than 350 small and medium companies, in a market that is estimated to be worth more than $10 billion. Unilog currently has around 700 employees at its offices in Bengaluru and Mysore.

Since 2017-18, Unilog’s SaaS business has grown more than three-fold, Investcorp said in a statement. It didn’t give any details.

“Unilog presents an attractive opportunity, as there is a growing market for e-commerce, with COVID-19 accelerating the pace of digital adoption,” said Mohamed Al Sada, Head of Bahrain and Kuwait for Investcorp’s Private Wealth.

Since its inception, Investcorp has made approximately 200 private equity investments across a range of sectors in the US, Europe, the Middle East and North Africa region, and Asia.

Investcorp invests in lower mid-market technology companies with a specific focus on software, data analytics, cybersecurity, and fintech and payments.

In India, Investcorp invests in mid-market companies across consumption-linked sectors including consumer-tech, healthcare, financial services and technology.

Unilog is Investcorp’s 10th investment in India over the last four years. Its previous investments include non-bank lender InCred, ASG Eye Hospital Ltd, homestay startup Zolo, apparel retail Citykart, food company Intergrow Brands, online apparel startup and dialysis firm NephroPlus, apart from Freshtohome and XpressBees.

“The focus is on targeting first-generation entrepreneurs scaling up businesses with asset-light models and proven unit economics,” Investcorp said.

Aman Malik

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