Acevector
Acevector operates an asset-light digital commerce ecosystem through its subsidiaries, spanning data, technology, and AI-driven businesses. Its operations include a value-focused e-commerce marketplace, e-commerce enablement SaaS platforms, and consumer brand businesses.
The ecosystem comprises: (i) Snapdeal, a value-driven lifestyle e-commerce marketplace offering affordable and quality merchandise across lifestyle categorieswith an emphasis on quality (ii) Uniware, Convertway, and Shipway, under the Unicommerce brand, operated by its subsidiary UnicommerceeSolutions Limited, acomprehensive suite of e-commerce enablement SaaS products enabling end-to-end management of e-commerce operations; and (iii) Stellaro Brands, an omnichannel value focused consumer brands retailing business, operated by its subsidiary, Stellaro Brands Private Limited.
In FY2026, Snapdeal contributed 57.5% of revenue, Unicommerce contributed 40% and the balanceby Stellaro Brand.
Together, these businesses cover the entire e-commerce value chain across business to consumer (B2C)and business to business(B2B) segments catering to multiple stakeholders vertically, through both online and offline modes and horizontally: consumers, sellers, brands and logistics providers.
In FY 2026, Snapdeal served customers nation-wide across 18,972 pin codes in India, primarily catering to middle-income, value-conscious consumers in tier 2+ and smaller cities?an important segment of the large untapped value e-commerce market.During the FY2026, 95.45% of the net merchandise value (NMV) on theSnapdeal platform was derived from lifestyle categories, with 83.75% of delivered units at price points below Rs 599, and82.22% of delivered units coming from customers in non-metro cities.
The three platforms,Uniware, Shipway and Convertway, operated by Unicommerce serve a diverse and expandedclientele with 8,261 clients, helping them streamline workflows across the pre-delivery and post-purchase stages of anorder. As of March 31, 2026, its Uniware platform integrations include 151 marketplace and web-store integrations, 129logistics partner integrations, and 11 integrations with ERP, POS, and other operational systems. In addition, its Shipwayand Convertway platforms have 46 and 16 integrations, respectively, to provide flexibility to its clients for their businesses.
Stellar brands currently own and operate online channels and 19 omnichannel single-brand retail stores for the women?sethnic wear brand, Rangita.
Object of the offer
The IPO comprises a fresh issue of up to Rs 287 crore and an offer for sale of shares worth Rs 133 crore at upper price band of Rs 32 per equity share.
Under the OFS, selling shareholders include Starfish and Nexus Venture Partners, FIH Business Global, Kenneth Stuart Glass, Jason Ashok Kothari, Rupen Investment and Industries, Centaurus Trading and Investments, and Laurent Bernard Amouyal.
The funds of Rs 132 crore raised will be used for business promotion expense and Rs 50 crore for the technology infrastructure costs of its marketplace business. The balance funds will be utilised for general corporate purposes.
Strengths
Diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support, sharedcapabilities, and financial efficiency.
Leading value-focused e-commerce marketplace purpose built for value shoppers, offering a wide range of high qualitylifestyle products.
The company operates an asset-light with no inventory supply chain that provides it with a high degree of control for performance and costs, delivering healthy unitare executed by a network of third party logistics (3PLs), who together have a pan-India coverage, ensuring national reach and deep access to tier2+ geographies where its core value-conscious customer base reside.
Proprietary technology stacks powering discovery-led, personalised shopping experience.
Ability to identify, and scale businesses across the e-commerce value chain.
Robust governance practices, experienced management and marquee investors. Co-founders Kunal Bahl and Rohit Bansal are among early promoters of e-commerce in India.
Weaknesses
Remains loss-making and reported a net loss of Rs 60.7 crore for FY26.
Had negative cash flow in the past.
Faces heavy, recurring costs to acquire and retain digital shoppers who possess low brand loyalty.
Despite diversification, Snapdeal?s marketplace segment still generates the lion?s share of consolidated operations revenue and contributed around 58% of the revenues in FY2026,resulting in dependence on marketplace segment.
Operates in a highly competitive industry and its failure to compete effectively could have a negative impact on the success of its business and/or impact its margins.
Failure to effectively respond to changing user behaviour on digital platforms and to grow in tandem with the e-commerce industry could affect the financial condition of the company.
Potential loss of control over Unicommerce could adversely affect the company?s business as it is a material subsidiary of the company.
Thetechnology infrastructure and the technology infrastructure of its third-party providers (including its cloud infrastructure service providers) are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, users, third-party providers, and its reputation.
The use of open-source software could adversely affect its ability to offer products and services and subject it to possible litigation.
Consolidated sales were up by 29.2% to Rs 510.38 crore in FY2026.Increase in revenues was primarily due to revenue contribution from operations of K-12 assets which stood at Rs 166.8 crore in FY2026 as against nil in FY2025. Souk NLCS UAE and Souk HIS UAE, both K-12 assets, were acquired in FY 2026 which led to revenue contribution in FY2026.Operating profit loss widened to Rs 49.45 crore as against Rs 45.93 crore in FY2025. Other income inclined 132.2% to Rs 27.28crore. Interest cost inclined 27.0%to Rs 2.09 crore and depreciationcostinclined by19.2% to Rs 13.30crore. Loss before EO stood at Rs 37.56 crore as against Rs 46.98 crore. Loss after EO stood at Rs 37.56 crore in FY2026 as against Rs 120.59 crore in FY2025. Exceptional loss was nil in FY2026 as against Rs 73.61 crore in FY2025. Net loss was Rs 45.51 crore in FY2026 as against net loss of Rs 126.31 crore in FY2025.
P/E could not be calculated as the company is incurring losses. At the upper price band of Rs 32, the post-issue EV/FY2026 salesis 3.77x.
There are no similar listed peers in India.
Listed players in the E-commerce platform include Eternal, an online food service platform offering food delivery, dining-out services and loyalty programs; Swiggy offering users an easy-to-use convenience platform, accessible through a unified app;Meeshoan app-based marketplace operated under the brand of Meesho connecting sellers and end consumers;and FSN E-commerce Venture, a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers and has a diverse portfolio of beauty, personal care, and fashion products, including owned brand products manufactured by it.
In comparison Eternal trades at EV/TTM sales of 4.86x,Swiggy trades at 2.85x, Meesho trades at EV/TTM sales of 7.81x,and FSN E-commerce Venture trades at EV/TTM sales of 9.10.
| Acevector: Issue Highlights | |
| Fresh issue (in Rs crore) | 287.0 |
| Offer for sale (in Rs crore) | 124.69-133.0 |
| Offer for sale (in number of shares) |
|
| - in Upper price band | 4,15,62,500 |
| - in Lower price band | 4,15,62,500 |
|
|
|
| Price Band (Rs) | 30-32 |
| For Fresh Issue Offer size (in no of shares) |
|
| - in Upper price band | 89687500 |
| - in Lower price band | 95666667 |
| Post issue capital (Rs crore) |
|
| - in Upper price band | 54.42 |
| - in Lower price band | 55.02 |
|
|
|
| Post issue Promoter and Promoter Group shareholding |
|
| -On higher price band (%) | 49.96% |
| -On lower price band (%) | 49.42% |
| Bid Size (in No. of shares) | 468 |
| Issue open date | 25/09/2026 |
| Issue close date | 29/09/2026 |
| Listing | BSE, NSE |
| Rating | 38/100 |
| Acevector : Consolidated Financials | |||
|
| 2403 (12) | 2503 (12) | 2603 (12) |
| Sales | 379.76 | 395.02 | 510.38 |
| OPM (%) | -9.99 | -11.63 | -9.69 |
| OP | -37.92 | -45.93 | -49.45 |
| Other inc. | 4.98 | 11.75 | 27.28 |
| PBIDT | -32.94 | -34.18 | -22.17 |
| Interest | 2.15 | 1.65 | 2.09 |
| PBDT | -35.10 | -35.83 | -24.26 |
| Dep. | 7.83 | 11.16 | 13.30 |
| PBT Before EO | -42.93 | -46.98 | -37.56 |
| Exceptional items | -2.83 | -73.61 | - |
| PBT | -45.76 | -120.59 | -37.56 |
| Total Tax | 5.54 | 5.72 | 7.95 |
| PAT | -51.30 | -126.31 | -45.51 |
| EPS (Rs)* | -0.9 | -0.9 | -0.84 |
| EPS is on post issue equity capital of Rs 54.42 crore of face value of Rs 1 each | |||
| Figures in Rs crore | |||
| Source: Acevecor Issue Prospectus | |||
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