Acevector (Snapdeal) IPO (25 Sep-29 Sep) Analysis
Updated: Oct 4
IPO Analysis | Mainboard (BSE and NSE) | Book Built Issue (Fresh Issue and Offer for Sale) | Regulation 6(2)
Based on Red Herring Prospectus dated September 21, 2026 | E Commerce Marketplace, SaaS and Consumer Brands | New Delhi, National Capital Territory of Delhi
STATUS: RHP FILED | Fresh Issue and Offer for Sale | Regulation 6(2), SEBI ICDR | Mainboard, BSE and NSE | Price Band: [TBD] | Regulation 6(2) applies because the company did not meet the Regulation 6(1) profitability
AceVector Limited was incorporated on September 12, 2007 as Jasper Infotech Private Limited. It was renamed Snapdeal Private Limited in 2019, converted to a public company and renamed Snapdeal Limited in 2021, and renamed AceVector Limited in January 2023. The registered office is at Mezzanine Floor, A 83, Okhla Industrial Area, Ph II, New Delhi 110020, with a corporate office in Gurgaon, Haryana.
The company website is www.acevector.com and the CIN is U72300DL2007PLC168097. The promoters are Kunal Bahl, Rohit Kumar Bansal and Starfish I Pte. Ltd. Prabhas Singh is Company Secretary and Compliance Officer. The statutory auditor is S.R. Batliboi and Associates LLP, Chartered Accountants.
AceVector runs three businesses under one holding structure. Snapdeal is a value focused e commerce marketplace for lifestyle, home and beauty products, run on an asset light, zero inventory model.
Unicommerce, run through the listed subsidiary Unicommerce eSolutions Limited, sells e commerce enablement SaaS products under the Uniware, Shipway and Convertway brands to sellers, brands and logistics providers. Stellaro Brands Private Limited runs an omnichannel consumer brands retail business with 17 stores as of March 31, 2026.
In FY2026, the Snapdeal marketplace contributed 57.54% of revenue from operations, Unicommerce SaaS contributed 40.04%, and Stellaro Brands the remainder. 65.24% of Snapdeal's delivered units in FY2026 went to customers in Tier 2 and smaller cities, and 83.75% of delivered units were priced below Rs.599. The company's financial year ends March 31.
Key Basics
This is a mainboard book built issue on the BSE and NSE, with NSE as the designated exchange, made under Regulation 6(2) of the SEBI ICDR Regulations because the company did not meet the net worth and profitability tests under Regulation 6(1)(a), (b) and (c). The RHP is dated September 21, 2026. The Offer Price, Price Band and lot size are undetermined at this stage.
Field | Value |
Document Type | Red Herring Prospectus dated September 21, 2026. Price Band, Offer Price and lot size are [TBD]. |
Platform | Mainboard, BSE and NSE. Designated Stock Exchange: NSE. |
Issue Structure | Fresh Issue of Rs.28,700.00 Lakhs plus an Offer for Sale of up to 4,15,62,500 Equity Shares by 13 selling shareholders. Includes a completed Pre IPO Placement of Rs.1,300.00 Lakhs, already deducted from the Fresh Issue. |
Face Value | Rs.1 per Equity Share |
Pre issue Equity | 45,44,99,270 Equity Shares |
Selling Shareholders | Starfish I Pte. Ltd. (Promoter), Nexus India Direct Investments II, FIH Business Global Pte. Ltd., Nexus Opportunity Fund Ltd, Nexus Ventures III Ltd, Rupen Investment and Industries Private Limited, Centaurus Trading and Investments Private Limited, Kenneth Stuart Glass, Jason Ashok Kothari, Misha Kohli, Laurent Bernard Amouyal, Radhika Gupta, Nalin Luis Moniz |
BRLMs | IIFL Capital Services Limited, CLSA India Private Limited, Systematix Corporate Services Limited |
Registrar | MUFG Intime India Private Limited |
Monitoring Agency | CARE Ratings Limited |
Bid Dates | Anchor September 24, 2026. Bidding opens September 25, 2026 and closes September 29, 2026. |
What distinguishes this issue is the company's structure rather than its size. AceVector does not operate a single business; it holds a controlling stake in a listed subsidiary, Unicommerce eSolutions Limited, alongside its own loss making Snapdeal marketplace and an early stage consumer brands business. The parent has had a restated loss in each of the last three fiscal years, and total equity was negative as recently as FY2024.
How Will the IPO Money Be Used?
This is a Fresh Issue plus an Offer for Sale. The company receives no proceeds from the Offer for Sale; those proceeds go to the 13 selling shareholders.
Object | Amount (Rs. Lakhs) | Details |
Marketing and business promotion, Marketplace | 13,200.00 | To be spent over Fiscal 2027 to 2029 (Rs.4,000.00, Rs.5,500.00 and Rs.3,700.00 Lakhs respectively). |
Technology infrastructure, Marketplace | 5,000.00 | Rs.1,000.00, Rs.2,000.00 and Rs.2,000.00 Lakhs over the same three years. |
Inorganic growth through acquisitions and general corporate purposes | [TBD] | Capped in aggregate at 35% of Gross Proceeds, including the Pre IPO Placement amount. Within that, unidentified acquisitions and general corporate purposes are each separately capped at 25% of Gross Proceeds. |
Total Net Proceeds | [TBD] | To be finalised once the Offer Price is set. |
Rs.18,200.00 Lakhs of the Rs.28,700.00 Lakhs Fresh Issue, about 63%, goes to marketing and technology spend on the Snapdeal marketplace, the one segment that has never turned a profit at the consolidated level. The acquisition and general corporate purposes bucket is not yet quantified, and no acquisition target has been identified. None of the objects have been appraised by a bank or financial institution.
Financial Performance
Figures are Rs. Lakhs, converted from the RHP's Rs. Millions. AceVector has restated a loss in each of the last three fiscal years. Total equity was negative in FY2024 and has since turned positive, largely on non controlling interest from the listed Unicommerce subsidiary and from a rights issue in Stellaro Brands.
Revenue, EBITDA, and Profitability
Consolidated (Rs. Lakhs) | FY2026 | FY2025 | FY2024 |
Revenue from Operations | 51,038.10 | 39,501.90 | 37,976.10 |
Adjusted EBITDA | (1,594.20) | (3,915.50) | (2,652.10) |
Loss before Tax | (3,755.50) | (12,058.80) | (4,575.70) |
Loss for the Year | (4,550.60) | (12,630.60) | (5,129.70) |
Loss per Share, Basic and Diluted (Rs.) | (1.32) | (3.04) | (1.26) |
Revenue grew 29.20% in FY2026 to Rs.51,038.10 Lakhs, and the loss for the year narrowed to Rs.4,550.60 Lakhs from Rs.12,630.60 Lakhs in FY2025, which itself included a Rs.7,360.50 Lakhs exceptional charge. Adjusted EBITDA stayed negative in all three years but improved each year. The Snapdeal marketplace segment alone posted a wider Adjusted EBITDA loss of Rs.5,025.10 Lakhs in FY2026, meaning the SaaS segment's profit is what is narrowing the group's overall loss.
Segment revenue split, FY2026: Marketplace (Snapdeal) Rs.29,367.50 Lakhs, 57.54%; SaaS (Unicommerce) Rs.20,433.80 Lakhs, 40.04%; Consumer Brands (Stellaro) Rs.1,280.70 Lakhs, 2.51%. Marketing and business promotion spend for the Marketplace segment alone was Rs.8,439.80 Lakhs in FY2026, 14.67% of total consolidated expense.
Balance Sheet and Cash Flow
Consolidated (Rs. Lakhs) | FY2026 | FY2025 | FY2024 |
Total Assets | 57,528.00 | 55,808.80 | 41,049.70 |
Total Equity | 26,035.10 | 18,840.20 | (12,236.50) |
Net Cash from Operating Activities | (179.70) | (2,734.70) | (5,484.50) |
Net Cash from Investing Activities | 1,760.20 | (10,303.50) | (3,267.80) |
Net Cash from Financing Activities | (603.90) | 12,692.70 | 6,930.40 |
Total equity moved from negative Rs.12,236.50 Lakhs in FY2024 to positive Rs.26,035.10 Lakhs in FY2026, but this improvement rests substantially on a source outside the core business: Rs.13,493.40 Lakhs raised in FY2025, and Rs.7,493.80 Lakhs in FY2024, by selling shares of subsidiaries to non controlling interests.
Operating cash flow has been negative every year, though the outflow narrowed from Rs.5,484.50 Lakhs in FY2024 to Rs.179.70 Lakhs in FY2026. NAV per share as of March 31, 2026 was Rs.2.21.
How Does It Compare to Peers?
The RHP names FSN E Commerce Ventures Limited (Nykaa), Brainbees Solutions Limited (FirstCry) and Meesho Limited as listed industry peers, based on closing prices on NSE as of September 17, 2026. AceVector's own P/E cannot be shown until the Price Band is set.
Company | EPS (Rs.) | P/E (x) | NAV (Rs.) | RoNW (%) |
AceVector Limited | (1.32) | [TBD] | 2.21 | (59.54%) |
FSN E Commerce Ventures (Nykaa) | 0.70 | 462.50 | 5.00 | 13.87% |
Brainbees Solutions (FirstCry) | (2.90) | NA, loss making | 90.71 | (2.91%) |
Meesho Limited | (3.11) | NA, loss making | 9.25 | (30.95%) |
Two of the three named peers, Brainbees Solutions and Meesho, posted a negative diluted EPS for FY2026 and so have no P/E ratio. The RHP's own industry P/E of 462.50, described as the highest, lowest and average, is therefore a single data point from Nykaa alone, not a peer average in the usual sense.
On RoNW, AceVector's negative 59.54% is worse than all three peers, including two other loss making ones. AceVector's revenue from operations of Rs.51,038.10 Lakhs is far smaller than Nykaa's Rs.10,02,235.00 Lakhs, FirstCry's Rs.8,54,794.40 Lakhs, or Meesho's Rs.12,62,634.80 Lakhs, all shown at group level, so the comparison is instructive on profitability trend but not on scale.
Key Risks
• AceVector has posted a restated consolidated loss in each of the last three fiscal years, Rs.4,550.60 Lakhs in FY2026, Rs.12,630.60 Lakhs in FY2025 and Rs.5,129.70 Lakhs in FY2024, and total equity was negative as recently as FY2024.
• Operating cash flow has been negative in all three years shown, Rs.179.70 Lakhs used in FY2026, Rs.2,734.70 Lakhs in FY2025 and Rs.5,484.50 Lakhs in FY2024, so the business has not yet funded itself from operations.
• The Snapdeal marketplace, which brought in 57.54% of FY2026 revenue, has a wider Adjusted EBITDA loss, Rs.5,025.10 Lakhs in FY2026, than the consolidated business as a whole, meaning the profitable SaaS segment is subsidising the marketplace.
• Marketing and business promotion expense for the Marketplace segment was Rs.8,439.80 Lakhs in FY2026, and Rs.13,200.00 Lakhs of the Fresh Issue, 46% of the total, is earmarked to expand this same spend, with no certainty that additional marketing converts into profitable growth.
• Rs.5,000.00 Lakhs of the Fresh Issue funds technology infrastructure and an unquantified amount funds unidentified acquisitions, none of which has been appraised by a bank or financial institution, so management has broad discretion over roughly a third of the raise.
• The company did not meet the profitability and net worth tests of Regulation 6(1) of the SEBI ICDR Regulations and is listing instead under Regulation 6(2), which does not require a demonstrated track record of profitability.
• AceVector faces a criminal FIR from 2017 alleging misappropriation of funds, a separate FIR from 2017 alleging cheating of approximately Rs.76.00 Lakhs, and a Supreme Court special leave petition from the State of Karnataka after a High Court quashed proceedings over the alleged sale of a Schedule H drug without a licence.
• A civil suit before the Calcutta High Court seeks Rs.5,000.00 Lakhs in damages plus interest from AceVector and a third party seller over alleged trademark infringement of the Khaitan brand on the Snapdeal platform, and an injunction against selling such products remains in force.
• The Central Consumer Protection Authority has imposed penalties on the company twice, Rs.1.00 Lakh over pressure cooker standards and Rs.5.00 Lakhs over toy standards, both under challenge, and separately the National Green Tribunal has issued notice over single use plastic compliance.
• Two of the three named listed peers, Brainbees Solutions and Meesho, are themselves loss making, so the RHP's single quoted industry P/E of 462.50 from Nykaa alone is not a reliable benchmark for AceVector's own eventual valuation.
• A large share of FY2025's improvement in total equity, Rs.13,493.40 Lakhs, came from selling subsidiary shares to non controlling interests rather than from operating profit, a source of capital that will not necessarily repeat.
• Promoters and promoter group hold 65.90% of pre issue equity, but individually Starfish I Pte. Ltd. holds 30.11%, Kunal Bahl 12.19% and Rohit Kumar Bansal 10.93%, and the Offer for Sale includes shares from the promoter Starfish I Pte. Ltd. as well as multiple financial investors and individuals.
Positives
• Revenue from operations grew 29.20% in FY2026 to Rs.51,038.10 Lakhs, and the consolidated loss narrowed to Rs.4,550.60 Lakhs from Rs.12,630.60 Lakhs in FY2025.
• Adjusted EBITDA loss improved to Rs.1,594.20 Lakhs in FY2026, a smaller loss than either of the two prior years, after having widened to Rs.3,915.50 Lakhs in FY2025 from Rs.2,652.10 Lakhs in FY2024.
• The Unicommerce eSolutions SaaS segment posted a positive Adjusted EBITDA of Rs.4,127.70 Lakhs in FY2026, up from Rs.2,534.70 Lakhs in FY2025 and Rs.1,619.60 Lakhs in FY2024, and is already a separately listed, profitable subsidiary.
• Annual transacting customers on the Snapdeal marketplace rose from 78.5 Lakhs in FY2024 to 121.6 Lakhs in FY2026, and Net Merchandise Value rose from Rs.63,333.70 Lakhs to Rs.1,09,311.00 Lakhs over the same period.
• Net cash used in operating activities narrowed sharply, from Rs.5,484.50 Lakhs in FY2024 to Rs.179.70 Lakhs in FY2026, moving the business close to operating cash breakeven.
• The company operates an asset light, zero inventory marketplace model, holding no inventory risk on the Snapdeal platform, and reported Property, Plant and Equipment of only Rs.536.20 Lakhs against Total Assets of Rs.57,528.00 Lakhs in FY2026.
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