AceVector files updated IPO papers, targets ₹300 crore fresh issue

AceVector has filed an updated DRHP with Sebi to raise Rs 300 crore via a fresh issue and an OFS of up to 63.87 million shares. Founders won't sell; SoftBank, Nexus and Foxconn may

Digital commerce ecosystem AceVector, the parent of value-focused e-commerce marketplace Snapdeal, e-commerce SaaS platform Unicommerce, and consumer brands arm Stellaro Brands, has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi). The move follows a confidential filing made in July 2025 and an in-principle approval from Sebi in November 2025.

 

According to the updated draft, AceVector plans to raise Rs 300 crore through a fresh issue, alongside an offer for sale (OFS) of up to 63.87 million shares by existing shareholders.

 

Who will sell shares in AceVector’s OFS? 

AceVector’s co-founders Kunal Bahl and Rohit Bansal, who together hold 34.63 per cent of the company, are its largest shareholders, alongside SoftBank (30.68 per cent) and Nexus Venture Partners (9.7 per cent). Other long-term backers include Foxconn, Temasek, eBay, Premji Invest and RNT Associates.

 

 

Bahl and Bansal, who have steadily increased their stake in the company in recent years, will not sell any shares in the OFS. SoftBank, Nexus Venture Partners and Foxconn are expected to sell a portion of their holdings.

 

How has AceVector performed financially? 

In FY25, AceVector reported Rs 395 crore in operating revenue and an adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) loss of Rs 39 crore. For the first half of FY26, operating revenue increased to Rs 244 crore, up 34 per cent from Rs 181 crore in H1 FY25. The company’s adjusted Ebitda loss narrowed to Rs 9.2 crore, a 67 per cent reduction from Rs 28 crore in H1 FY25. It also generated a positive net cash flow from operations of Rs 5.07 crore in the first half of FY26.

 

What are the key businesses under AceVector? 

Founded in 2012, Snapdeal operates as a value-focused, pure-play online marketplace with an asset-light, zero-inventory model. In H1 FY26, the platform delivered 13 million units, marking a 46 per cent jump from 8.9 million units in H1 FY25.

 

Unicommerce, now a listed entity after its August 2024 initial public offering (IPO), one of the most oversubscribed that year, offers e-commerce enablement solutions through its Uniware, Shipway and Convertway platforms. It serves 7,572 clients across marketing, order processing, shipping and post-delivery operations.

 

Stellaro Brands, AceVector’s consumer brands business, operates the women’s ethnic wear label Rangita across online channels and 12 omnichannel stores, primarily in Telangana and Andhra Pradesh.

 

What risks and strategy has AceVector flagged in the filing? 

Key risks cited in the UDRHP include a highly competitive market, historical operating losses and significant revenue dependence on its marketplace business. The filing also notes risks relating to reliance on external digital traffic sources, third-party technology infrastructure and evolving user behaviour on digital platforms.

 

IPO proceeds are earmarked for technology and marketing investments for Snapdeal’s marketplace, inorganic growth through acquisitions, and general corporate purposes.

 

The filing highlights the company’s three independent yet strategically aligned businesses with diversified revenue streams, each operating with a distinct market focus and execution strategy. They are benefiting from shared capabilities, infrastructure, and central strategic support.

 

IIFL and CLSA are the book running lead managers for this issue.