AceVector IPO: Snapdeal and Unicommerce Parent Company Files RHP
AceVector, the parent entity of Snapdeal and Unicommerce, is making a significant move by filing its red herring prospectus with SEBI for an initial public offering (IPO) aimed at raising Rs 287 crore. This includes a fresh issue of equity and an offer for sale by current shareholders.
Details of the IPO
As part of the IPO strategy, AceVector intends to generate Rs 287 crore through new stock issuance. Concurrently, existing shareholders will sell up to 4.12 crore shares via an offer for sale. The major shareholder in this offering is Starfish I Pte. Ltd., which will contribute approximately 2.76 crore shares, representing 66.9% of the total shares available for sale. Additionally, three entities from Nexus—Nexus India Direct Investments II, Nexus Opportunity Fund, and Nexus Ventures III—will collectively offer about 86.96 lakh shares or roughly 21% of the overall offer.
The co-founders, Kunal Bahl and Rohit Bansal, who have a combined stake of 33.99% directly and through associated entities, have opted not to engage in the offer for sale. Notably, existing investors like SoftBank and Foxconn will also offload a minor percentage of their stakes.
Financial Performance Highlights
AceVector’s IPO is particularly timely, as the company has demonstrated advancements in its financial performance, achieving free cash flow positivity in FY26. The firm’s adjusted free cash flow from operations amounted to Rs 10.82 crore in FY26, a significant turnaround from the negative cash flow recorded the previous year. Additionally, operating revenues increased by 29%, reaching Rs 510.38 crore in FY26 compared to Rs 395.02 crore in FY25.
Reduced Operating Losses
Throughout FY26, AceVector substantially decreased its operating losses. The adjusted EBITDA loss reduced by 59% to Rs 15.94 crore as compared to Rs 39.16 crore in FY25. Consequently, the adjusted EBITDA margin improved to -3.12%, a significant improvement from -9.91% in the same timeframe.
Business Operations
AceVector manages two primary business segments: Snapdeal, which serves as a value-oriented e-commerce marketplace, and Unicommerce, a SaaS platform designed to enable e-commerce. Snapdeal generates more than 62% of its revenue from fashion-related products, with a majority priced under Rs 599. Furthermore, around 82% of Snapdeal’s orders originate from non-metro locations.
Unicommerce’s Client Base
Unicommerce currently caters to over 8,100 clients across India, Southeast Asia, and the Middle East, leveraging its advanced e-commerce technology platforms.
Use of IPO Proceeds
The funds raised from the fresh issue will be allocated towards enhancing the technological infrastructure of Snapdeal, boosting marketing and business development efforts, exploring inorganic growth avenues, and addressing general corporate needs.
IPO Timeline
The IPO is set to commence for subscription on September 25 and will conclude on September 29. The anchor book will open a day prior, on September 24. The book-running lead managers overseeing this IPO process include IIFL, CLSA, and Systematix Group.