AceVector Ltd IPO
E-Commerce/App based Aggregator
Price Band
₹30 – ₹32
Lot Size
468
Minimum Bid Quantity
468
Minimum Investment
₹14976
Issue Size
₹420Cr
Opens
2026-09-25
Closes
2026-09-29
Listing
05-10-2026
Subscription Status
Qualified Institutional Buyers
0 x
Non-Institutional Investor
0.08 x
Retail Individual Investor
0.37 x
Total
0.09 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE580P01029
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
AceVector is a digital commerce company operating businesses across value e-commerce, e-commerce enablement software and consumer brands. Its businesses include Snapdeal, a value-focused e-commerce marketplace offering products across fashion, home and general merchandise, and beauty and personal care; Unicommerce, which provides SaaS products for managing e-commerce operations through its Uniware, Shipway, and Convertway platforms; and Stellaro Brands, a consumer brands business operating online channels and omnichannel retail stores. Unicommerce’s products cover order processing, inventory, warehouse and store management, shipping, logistics, and marketing automation. Stellaro Brands currently operates the Rangita women’s ethnic wear brand through online channels and 19 omnichannel single-brand retail stores. AceVector operates through its subsidiaries, including Unicommerce eSolutions Limited and Stellaro Brands Private Limited, and uses shared functions covering technology, finance, legal, human resources and other corporate activities.
Pros
- • AceVector operates across three businesses covering value-focused e-commerce, e-commerce enablement SaaS and consumer brands. Its businesses span B2C and B2B segments and benefit from shared technology, supply chain capabilities, data and corporate functions.
- • Snapdeal served customers across 18,972 pin codes in FY26 and generated marketplace revenue of Rs 293.67 crore. The company claims that Snapdeal is among the top two pure-play value marketplace platforms in India by revenue, based on the 1Lattice Report.
- • Snapdeal operates without holding inventory and uses third-party logistics providers for fulfilment. Its logistics allocation engine selects courier partners based on cost, delivery speed, and historical performance at the pin-code level, while the platform processed an average of 63.82 million shipment-related data points per month as of March 31, 2026.
Cons
- • The company has incurred restated losses of Rs 45.51 crore, Rs 126.31 crore, and Rs 51.30 crore in FY26, FY25, and FY24, respectively. In addition, Snapdeal’s marketplace marketing and business promotion expenses stood at Rs 84.40 crore, Rs 63.18 crore, and Rs 58.55 crore, representing 14.67%, 13.92%, and 13.69% of total expenses in FY26, FY25, and FY24, respectively. It is vital for the company to attain critical sales volumes and turn profitable. Without that, it would depend on fresh cash infusions to run its day-to-day operations and fund its growth plans. Failure to generate sufficient revenue, increase delivered units or NMV, acquire users cost-effectively, or control marketing and other operating expenses could result in continued losses, adversely affecting the company’s financial condition and cash flows.
- • The company recorded net negative cash flows in operating activities of Rs 54.84 crore, Rs 27.35 crore, and Rs 1.80 crore in FY24, FY25, and FY26, respectively, primarily due to working capital adjustments. Its adjusted free cash flow was also negative at Rs 55.66 crore and Rs 34.83 crore in FY24 and FY25, respectively, before turning positive at Rs 10.82 crore in FY26. The company also recorded net negative cash flows in financing activities of Rs 6.04 crore in FY26, primarily due to payment of the principal of lease liabilities of Rs 3.98 crore, payment of the interest on lease liabilities of Rs 2.06 crore, and interest payment on bank overdraft, while the outflows were partially offset by proceeds from the issue of share capital. Sustained net cash outflows could adversely affect its results of operations, financial condition and cash flows.
- • A significant portion of the company’s revenue from operations is generated through its Snapdeal marketplace, which contributed Rs 293.67 crore, Rs 249.87 crore, and Rs 252.89 crore, or 57.54%, 63.25%, and 66.59% of revenue from operations in FY26, FY25, and FY24, respectively. Snapdeal also relies heavily on user acquisition and engagement in Tier 2+ cities, which accounted for 65.24%, 66.37%, and 66.48% of delivered units in FY26, FY25, and FY24, respectively. At the same time, marketplace marketing and business promotion expenses stood at Rs 84.40 crore, Rs 63.18 crore, and Rs 58.55 crore in the same periods. Inability to acquire and retain users cost-effectively, maintain product quality, adapt to changing preferences in Tier 2+ cities, or generate adequate returns from marketing expenditure could adversely affect the company’s revenue and financial performance.
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