AceVector Limited, a New Delhi-based digital commerce holding company operating Snapdeal, Unicommerce, and Stellaro Brands, has filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering. The company reported consolidated revenue from operations of ₹510.38 crore for FY2026, representing a 29.20% growth over the previous year, while narrowing its net losses to ₹45.51 crore.

About the Company

Founded in 2007, AceVector operates an asset-light ecosystem across three distinct but synergistic businesses. Its primary marketplace, Snapdeal, targets value-conscious consumers in Tier 2+ cities and serves 12.16 million annual transacting customers across 18,972 pin codes. In FY2026, 82.22% of delivered units originated from non-metro cities, and 83.75% of units were priced below ₹599.

The company’s second pillar is Unicommerce eSolutions Limited, India’s largest e-commerce enablement SaaS platform, which was acquired in 2015 and listed publicly in 2024. Unicommerce contributes high-margin recurring revenue through its Uniware, Shipway, and Convertway products. The third segment, Stellaro Brands, operates the Rangita women’s ethnic wear label through 19 physical stores, representing the company’s omnichannel retail presence.

Financial Performance

AceVector has demonstrated strong top-line growth, with revenue from operations rising from ₹379.76 crore in FY2024 to ₹510.38 crore in FY2026. Despite this growth, the company has not achieved profitability across the reported financial years. However, the trajectory of losses has improved significantly, with net losses reducing from ₹126.31 crore in FY2025 to ₹45.51 crore in FY2026.

Operating cash flows have remained negative across all three years but have improved substantially, moving from -₹54.85 crore in FY2024 to -₹1.80 crore in FY2026. Net cash flow turned positive in FY2026 at ₹9.77 crore, supported by investing activities. Total equity recovered from a negative position of ₹122.37 crore in FY2024 to ₹260.35 crore in FY2026.

Why the Company Is Raising Funds

The proceeds from the fresh issue are intended for several strategic purposes. A significant portion, approximately ₹13.20 crore, is allocated to funding marketing and business promotion expenses for the Snapdeal marketplace to drive user acquisition in Tier 2+ cities. Another ₹5.00 crore is designated for technology infrastructure costs, including cloud services and AI-driven personalization enhancements.

Additional funds will be utilized for general corporate purposes, including rental and administrative expenses, as well as for potential inorganic growth through acquisitions. Proceeds from the Pre-IPO Placement, amounting to ₹1.30 crore, are also earmarked for general corporate purposes.

Business Strengths

AceVector highlights its diversified ecosystem as a key strength, leveraging shared infrastructure across its marketplace, SaaS, and consumer brand segments. Snapdeal’s focus on value segmentation is evidenced by its unit economics, where technology and fixed expenses per delivered unit dropped by 65.22% from FY2024 to FY2026. The company also cites its proprietary AI-driven personalization engine, which enabled 72.69% of orders to be placed without a search query in FY2026.

The inclusion of Unicommerce provides exposure to the high-margin SaaS sector, contributing ₹204.34 crore in revenue with an Adjusted EBITDA of ₹41.28 crore in FY2026. The company is backed by institutional investors including eBay, BlackRock, and RNT Associates.

Key Risks

A material risk disclosed is the sustained financial losses and negative operating cash flows over the past three years. The company faces intense competition in the e-commerce sector from players with greater financial resources. Additionally, there is a structural risk regarding its subsidiary Unicommerce; AceVector holds only 26.13% of Unicommerce’s equity but consolidates it based on management control, meaning any change in governance arrangements could impact reported financials.

The company also faces risks related to cybersecurity threats, compliance with the Digital Personal Data Protection Act, 2023, and pending litigations with aggregate claims of approximately ₹611.06 million. Brand reputation remains a concern due to past media coverage and listings on counterfeiting watchlists.

Important IPO Dates

• IPO Opening Date: 25-Sep-2026
• IPO Closing Date: 29-Sep-2026
• Allotment Date: 30-Sep-2026
• Listing Date: 05-Oct-2026

Bottom Line

AceVector presents a complex investment proposition characterized by strong revenue growth and improving unit economics, balanced against persistent losses and a unique consolidation structure for its SaaS subsidiary. The filing indicates a path toward reduced burn rates, with FY2026 showing the narrowest losses and first positive net cash flow among the reported periods.