Wayne-based Unilog acquired by Investcorp

Tom Paine

Unilog, which provides B2B ecommerce websites, was acquired by global private equity investor Investcorp, it was announced today by the Indian press..

Although its US headquarters are in Wayne and its customer base is in the US, most of Unilog’s 700+ employees are in India.

Specifically, Unilog serves hardware wholesalers, distributers and manufacturers who sell to smaller retailers. Finding an underserved niche, Unilog has generated considerable momentum. Annual revenue is said to be at $15 million, growing at a compound annual rate of 40% in last three fiscal years. (though something there doesn’t match – its not clear why it would take 700 employees to produce $15 million revenue). Investcorp sees a potential multi-billion dollar market.

Unilog is led by chief executive officer Suchit Bachalli.

Wayne-based SaaS vendor Unilog appears to have momentum

Tom Paine

One Philly-area SaaS company I hadn’t heard of until recently is Unilog, an Indian-American business with its US headquarters in Wayne, and its Indian headquarters in Bangalore. Its core platform is CIMM2. Unilog’s software is specifically designed for B2B ecommerce, which is fundamentally different from B2C. Its been around for a while, since 1999 in fact. And it experienced some major ups and downs earlier in its history.

Achuta Bachalli is the founder of Unilog. Suchit Bachalli, Unilog’s Pennsylvania-based CEO, is Achuta’s son. In 2015,  it secured $3 million in funding from Kalaari Capital, one of India’s leading VC firms. In late 2018, Unilog received an undisclosed amount of convertible debt financing from Philly-based LLR Partners.

Most of its customers are US-based, and of medium size, although there are. exceptions like Schneider Electric and Themo-Fisher. Unilog has over 700 employees according to LinkedIn, including 46 in the US (almost all in Philly area). The remainder are mostly in India.

The best description of Unilog’s revenue picture comes from the CEO himself in the video interview below.

Unilog says it has “several hundred customers.” The average monthly revenue per customer seems to be around $5,000 per month, and implementation can cost up to a half-million in some cases.

This interview by Nathan Latka with Suchit Bachalli from a year ago is fascinating. Suchit has also been active in Philly-area community causes. He indicates in the interview that he is likely to seek a larger financing round in the future. Wouldn’t be surprised if it came from LLR Partners.