IPO closes on 29 Sep'26
AceVector Limited
Minimum Investment
₹ 14,976 / 468 shares
Our Verdict:
Avoid
- AceVector remains loss-making but losses are narrowing meaningfully — net loss of ₹45.51cr in FY26 versus ₹126.31cr in FY25 and ₹51.30cr in FY24 — while revenue grew from ₹384.74cr (FY24) to ₹537.67cr (FY26), so the trajectory is improving even though the core business is not yet profitable.
- The SaaS segment (Unicommerce and related e-commerce enablement tools) is doing a lot of the heavy lifting, growing from ₹103.58cr (FY24) to ₹204.34cr (FY26) and now accounting for roughly 40% of total revenue — a meaningfully higher-margin business mixed in with the lower-margin Snapdeal marketplace and the newer Stellaro consumer brands.
- Snapdeal's own marketplace operates in the price-sensitive, Tier 2+ city segment on a zero-inventory model, which structurally means thin margins, ongoing customer-acquisition cost pressure and negative operating cash flow (–₹17.97cr in FY26) even as the topline grows — this segment's economics, not the SaaS business, will determine when the group as a whole turns sustainably profitable.
About the company
Founded in
12 Sep'22
Managing director
Kunal Bahl
- AceVector Limited (originally incorporated as Jasper Infotech Private Limited) operates a three-segment digital commerce ecosystem comprising the Snapdeal marketplace, SaaS-based e-commerce enablement tools (including Unicommerce, Convertway and Shipway), and the Stellaro Brands consumer-brand portfolio.
- Snapdeal serves value-conscious shoppers across 18,972 pin codes as of FY2026, primarily targeting Tier 2 and smaller cities through an asset-light, zero-inventory marketplace model.
- The company's SaaS segment has scaled from ₹103.58 crore (FY24) to ₹204.34 crore (FY26) in revenue, now contributing roughly 40% of the group's total revenue.
- Promoters: Kunal Bahl (Joint Managing Director), Rohit Kumar Bansal (Joint Managing Director) and Starfish I Pte. Ltd. (a SoftBank-linked entity)
STRENGTHS
- Narrowing Losses: Net loss reduced from ₹126.31 crore (FY25) to ₹45.51 crore (FY26), a meaningful improvement in the path toward profitability.
- Fast-Growing, Higher-Margin SaaS Segment: SaaS/e-commerce enablement revenue grew from ₹103.58 crore (FY24) to ₹204.34 crore (FY26), now approximately 40% of total revenue and diversifying the business beyond the marketplace.
- Established Niche in Value E-Commerce: Snapdeal has an established position in the value-conscious, Tier 2+ city segment, reaching 18,972 pin codes as of FY2026.
- Asset-Light Marketplace Model: The zero-inventory marketplace structure limits inventory-holding capital requirements relative to inventory-led e-commerce models.
- Diversified Revenue Base: Operating across marketplace, SaaS and consumer-brand segments spreads the business across different revenue models and growth stages rather than relying on one
RISK FACTORS
- Continued Consolidated Losses: The company remains loss-making, with a net loss of ₹45.51 crore in FY26, despite the improving trend versus prior years.
- Negative Operating Cash Flow: Operating cash flow was negative ₹17.97 crore in FY26, meaning the business is still consuming cash from operations even as reported losses narrow.
- Thin Marketplace Economics: Snapdeal's value/Tier 2+ city positioning brings structurally thin margins, high price sensitivity and significant customer-acquisition costs (₹84.40 crore in FY26 marketing spend).
- Competitive and Consolidation Risk: The e-commerce and SaaS segments the company operates in are highly competitive, with larger, better-capitalized players in adjacent categories.
- Newer, Less-Established Consumer Brands Segment: The Stellaro Brands portfolio is a comparatively newer part of the business, with a shorter operating and profitability track record than the core marketplace and SaaS segments.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ 420 crore
Fresh Issue
₹ 287 crore
OFS
₹ 133 crore
Price range
₹ 30 - 32
Lot size
468 shares
Issue Objective
- Net proceeds from the Fresh Issue of ₹287 crore are proposed to be used for marketing and business promotion (~₹132 crore), technology infrastructure (~₹50 crore), and inorganic growth/acquisitions plus general corporate purposes for the remainder. The Offer for Sale of ₹133 crore accrues to the selling shareholders, not the company.
Dates
Bidding open
25 Sep'26
Bidding close
29 Sep'26
Allotment date
30 Sep'26
Refund date
1 Oct'26
Listing
5 Oct'26
IPO Reservations
Qualified institutional buyers
>75%
Non-institutional investors
<15%
Retail individual investors
<10%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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