AceVector Files RHP for Rs 287 Crore Fresh Issue as Snapdeal Parent Turns Cash Flow Positive

AceVector Limited, the parent entity behind value marketplace Snapdeal and supply chain SaaS provider Unicommerce, has formally submitted its Red Herring Prospectus (RHP) to the Securities and Exchange Board of India (SEBI). The proposed initial public offering (IPO) features a primary equity raise of Rs 287 crore, complemented by an offer for sale (OFS) of up to 4.12 crore equity shares by existing investors.

The issue provides a partial liquidity avenue for several early and institutional backers while leaving the founders' holdings untouched.

Details of the Offer for Sale:

• Starfish I Pte. Ltd., a key selling shareholder, will offload up to 2.76 crore shares, accounting for approximately 66.9% of the secondary share pool.
• Three entities affiliated with Nexus Venture Partners—Nexus India Direct Investments II, Nexus Opportunity Fund, and Nexus Ventures III—will collectively divest 86.96 lakh shares, representing roughly 21% of the OFS.
• Other institutional shareholders, including Japanese investment giant SoftBank and contract manufacturing heavyweight Foxconn, will liquidate a portion of their stakes.
• Co-founders Kunal Bahl and Rohit Bansal, who jointly hold a 33.99% stake directly and through related entities, will not participate in the OFS and are retaining their entire holding.

Financial Turnaround and Improving Metrics

The move to hit the capital markets coincides with an operational turnaround across AceVector's consolidated portfolio. For the financial year ended March 31, 2026 (FY26), the company generated positive adjusted free cash flow from operations amounting to Rs 10.82 crore, reversing negative cash burn recorded in previous fiscal periods.

The top line demonstrated resilient expansion, with revenue from operations growing 29% year-on-year to Rs 510.38 crore in FY26, compared to Rs 395.02 crore clocked in FY25.

Operational discipline also helped compress AceVector's burn rate. The company's adjusted EBITDA loss narrowed sharply by 59% to Rs 15.94 crore in FY26, down from Rs 39.16 crore in FY25. Consequently, its adjusted EBITDA margin improved to -3.12% during the fiscal year, compared to -9.91% in the prior year.

Ecosystem Strategy: Value Retail and SaaS Synergies

AceVector operates an asset-light corporate structure built on two core pillars: consumer commerce via Snapdeal and enterprise commerce software via Unicommerce.

Snapdeal has repositioned itself to capture value-conscious shoppers across Tier 2, Tier 3, and beyond, with over 62% of its business driven by lifestyle and apparel categories where the bulk of items are priced under Rs 599. Its software arm, Unicommerce—which already executed a domestic listing on Indian exchanges—continues to power order orchestration, warehouse management, and omnichannel operations for merchants across the country.

The primary capital raised via the fresh issue of Rs 287 crore is earmarked to strengthen tech stack infrastructure, bolster marketing initiatives, and pursue prospective inorganic growth routes. The impending launch on the National Stock Exchange (NSE) and BSE will offer domestic institutional and retail market participants direct exposure to the restructured digital commerce holding group.

Tags: AceVector Snapdeal Unicommerce SEBI IPO Indian E-commerce