| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 379.76 | 395.02 | 510.38 |
| Expenses | 427.67 | 453.75 | 575.22 |
| Other Income | 4.98 | 11.75 | 27.28 |
| Total Revenue | 384.74 | 406.77 | 537.66 |
| Profit Before Tax | -45.76 | -120.59 | -37.55 |
| Net Profit | -51.30 | -126.31 | -45.51 |
AceVector
AceVector IPO
₹14,040
0.18 xOver-subscribedBidding Dates 25 Sept, 26 -29 Sept, 26
Min Investment ₹14,040
Lot Size468
Price Range ₹30 – ₹32
Issue Size ₹420.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.46 x
Non-Institutional Buyers (sHNI)
0.51 x
Non-Institutional Buyers (bHNI)
0.26 x
Qualified Institutional Buyers (QIB)
0 x
Total0.18 x
0.18 x IPO Timeline
IPO Offer Start
25 Sept,26
IPO Offer Ends
29 Sept,26
Allotment Finalisation
30 Sept,26
Refund Initiation
01 Oct,26
Listing of Shares
05 Oct,26
IPO Analysis
Strengths
The company operates five proprietary platforms across three businesses (Snapdeal, Unicommerce, Stellaro Brands) spanning the entire e-commerce value chain, benefiting from India's e-commerce market projected to grow at 19.6% CAGR to reach US$ 234.4 billion by Financial Year 2030. Shared infrastructure, centralised governance, and cross-platform synergies drive operating leverage and cost efficiency.
Snapdeal is ranked among the top two pure-play value marketplace platforms in India with revenue of ₹2,936.75 million in Financial Year 2026, serving 18,972 pin codes and 12.16 million annual transacting customers, with 83.75% of delivered units priced below ₹599 and 82.22% from non-metro cities.
The company maintains positive unit economics with logistics expense per delivered unit optimised to ₹70.90 in Financial Year 2026, marketing expense per delivered unit at ₹32.49, and technology/fixed expense per delivered unit reduced by 65.22% from ₹83.38 in Financial Year 2024 to ₹28.99 in Financial Year 2026, demonstrating strong cost discipline.
Risks
The company has incurred restated losses of ₹455.06 million, ₹1,263.06 million, and ₹512.97 million in Financial Years 2026, 2025, and 2024 respectively, driven by high marketing, logistics, and employee expenses. Net cash flows from operating activities have been negative across all three financial years, raising concerns about long-term financial sustainability.
The company operates in a highly competitive e-commerce industry characterized by rapid technological change and evolving consumer sentiment, facing rivals with greater financial resources, stronger brand recognition, and established supply relationships. Competitors' ability to offer lower prices, higher incentives, and faster innovation could erode the company's market position and margins.
The company's technology infrastructure is susceptible to cyberattacks, security breaches, ransomware, phishing, and unauthorized data access, which could disrupt operations and expose sensitive user data. Non-compliance with the Digital Personal Data Protection Act, 2023 and other data privacy regulations could result in significant financial penalties and reputational damage.
Objectives
The company intends to utilize a portion of the Net Proceeds for funding marketing and business promotion activities, primarily targeting digital marketing through social media platforms, to attract new users, drive platform engagement, and serve value-conscious customers in Tier 2+ and smaller cities.
The company proposes to deploy a portion of the Net Proceeds towards technology infrastructure costs, including cloud services, hosting charges, and software expenses, to enhance platform performance, AI-driven personalization, and scalable data-driven capabilities.
The company intends to utilize the balance Net Proceeds for unidentified acquisitions to expand market presence, enter adjacent markets, and strengthen capabilities, along with general corporate purposes such as rental, administrative expenses, and R&D, subject to regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 410.50 | 558.09 | 575.28 |
| Current Assets | 216.58 | 257.81 | 260.68 |
| Fixed Assets | 193.92 | 300.28 | 314.60 |
| Total Equity & Liabilities | 410.50 | 558.09 | 575.28 |
| Total Liabilities | 532.86 | 369.69 | 314.93 |
| Current Liabilities | 201.19 | 337.58 | 280.76 |
| Non Current Liabilities | 331.67 | 32.11 | 34.17 |
| Total Equity | -122.37 | 188.40 | 260.35 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -18.22 | -3.46 | 9.77 |
| Investing Activities | -32.68 | -103.03 | 17.60 |
| Operating Activities | -54.85 | -27.35 | -1.80 |
| Financing Activities | 69.30 | 126.93 | -6.04 |
About AceVector
AceVector operates an asset-light digital commerce ecosystem comprising three businesses: Snapdeal, a value-focused lifestyle e-commerce marketplace ranked among India's top two pure-play value platforms with FY2026 revenue of ₹2,936.75 million; Unicommerce (via Unicommerce eSolutions Limited), India's largest e-commerce enablement SaaS platform offering Uniware, Shipway, and Convertway with FY2026 SaaS revenue...more
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Managing DirectorKunal Bahl
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