This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
AceVector Limited operates a triple-engine digital commerce model providing e-commerce marketplace platforms, e-commerce enablement SaaS solutions, and consumer brands. Its flagship B2C marketplace, Snapdeal, targets value-conscious 'Bharat' shoppers primarily located in Tier 2+ and smaller cities across India, offering curated lifestyle products in fashion, home and general merchandise, and beauty and personal care at value price points (with 83.75% of delivered units priced below ₹ 599). Its B2B SaaS subsidiary, Unicommerce eSolutions Limited, provides end-to-end e-commerce enablement software (Uniware, Shipway, Convertway) managing order processing, inventory, shipping, and post-purchase workflows across 8,261 clients. Stellaro Brands incubates omnichannel consumer brands, currently retailing women's ethnic wear under the brand name Rangita across D2C channels and 19 single-brand stores. AceVector operates a zero-inventory, asset-light supply chain relying on 3PL logistics networks and a seller ecosystem of MSME merchants. On scale, in Fiscal 2026, Snapdeal delivered 25.98 million units with a Net Merchandise Value (NMV) of ₹ 1,093.11 crore, while Unicommerce's Uniware processed an annual transaction run-rate of 1,155.79 million order items. Total consolidated revenue from operations reached ₹ 510.38 crore in Fiscal 2026.
Synergistic triple-engine ecosystem covering the entire e-commerce value chain, proprietary AI/ML-driven discovery and personalisation UI on Snapdeal, deep system integrations across 353 e-commerce platforms/3PLs via Unicommerce, and centralized supply chain/shared services cost efficiencies.
AceVector Limited is a digital commerce ecosystem operating an asset-light model across e-commerce marketplaces, e-commerce enablement Software-as-a-Service (SaaS), and consumer brands. The company operates through three primary business engines: Snapdeal (a pure-play value e-commerce marketplace), Unicommerce (an e-commerce enablement SaaS suite), and Stellaro Brands (an omnichannel value consumer brands business).
Source: p.214, p.220, p.225, p.230
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Revenue from operations - Marketplace | 57.54 | p.73, p.214, p.273 |
| Revenue from operations - SaaS | 40.04 | p.73, p.214, p.273 |
| Revenue from operations - Consumer Brands | 2.51 | p.73, p.214, p.273 |
| Revenue from operations - Inter segment eliminations | -0.09 | p.73, p.214, p.273 |
According to the 1Lattice Report, India's e-commerce market grew from USD 32.5 billion in FY20 to USD 95.8 billion in FY25 and is projected to reach USD 234.4 billion by FY30 at a CAGR of 19.6%. The value lifestyle e-commerce sector represents a major growth driver, projected to expand from USD 25.0 billion in FY25 to USD 75.3 billion by FY30 at a CAGR of 24.7%, fueled by an expanding value shopper base growing from 190-210 million in FY25 to 540-560 million by FY30. Additionally, the Indian e-commerce enablement SaaS market is expected to expand from USD 1.0 billion in FY25 to USD 3.81 billion by FY30 at a 30.7% CAGR. AceVector's Snapdeal ranks among India's top two pure-play value lifestyle marketplaces by revenue.
Sector slug: value-lifestyle-ecommerce-and-saas
Source: p.173, p.180, p.207
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| FSN E-Commerce Ventures Limited | 462.5 | 13.87 | p.151 | ||
| Brainbees Solutions Limited | -2.91 | p.151 | |||
| Meesho Limited | p.151 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 0 | -45.51 | -8.92% | 510.38 | yes | -6.04 |
| consolidated | FY25 | 0 | -126.31 | -31.98% | 395.02 | yes | 126.93 |
| consolidated | FY24 | 0 | -51.3 | -13.51% | 379.76 | yes | 69.3 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 287.00 crore fresh issue proceeds be deployed to drive business growth?
AceVector is allocating ₹ 132.00 crore toward marketing and customer acquisition for Snapdeal, ₹ 50.00 crore for cloud and tech infrastructure enhancements, and the remaining proceeds toward strategic acquisitions and general corporate purposes.
p.140, p.141
What is AceVector's concentration on key app store distribution channels?
Snapdeal derived 89.83% of its FY26 delivered order units from mobile app downloads via Google Play Store and Apple App Store, highlighting dependency on mobile operating system ecosystems.
p.57, p.198
What trajectory is AceVector following toward consolidated net profitability?
Consolidated restated net loss narrowed by 63.97% from ₹ 126.31 crore in FY25 to ₹ 45.51 crore in FY26, driven by 29.20% top-line growth, improved marketplace unit economics, and strong EBITDA growth in Unicommerce SaaS.
p.309, p.404, p.432
What caused the large exceptional item in Fiscal 2025?
In FY25, AceVector recognized an exceptional charge of ₹ 57.89 crore due to an expected credit loss provision on an unutilized advertisement security deposit under commercial dispute, along with ₹ 15.71 crore in Unicommerce IPO listing expenses.
p.459, p.460
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2007-09-12 | Nitin Bahl and Kunal Bahl | 10000 | 10 | Subscription to MOA | p.92 |
| 2007-11-16 | Rohit Kumar Bansal | 6667 | 10 | Preferential Allotment | p.92 |
| 2021-12-02 | Bonus Issue (159:1) | 397305920 | 0 | Bonus Issue | p.94 |
| 2025-06-25 | Kunal Bahl and Rohit Kumar Bansal | 43497920 | 1 | ESOP Allotment | p.95 |
| 2026-05-25 | Ajay Kumar Aggarwal and Singularity Growth Opportunities Fund II | 3611110 | 36 | Pre-IPO Placement | p.94, p.262 |
Ceo: Kunal Bahl
₹ 5.21 crore total material litigation across direct tax (₹ 3.12 crore), indirect tax (₹ 1.45 crore), and civil proceedings (₹ 0.64 crore).
Auditor name: S.R. Batliboi & Associates LLP
Skin in game: Promoters hold 53.24% (24,20,00,000 Equity Shares) of pre-issue paid-up equity share capital.
Statutory Auditor CARO reports for FY26, FY25, and FY24 noted minor modifications regarding daily backup of electronic accounting books on Indian physical servers and audit trail database logging features.
Auditor changed last 3y: No; S.R. Batliboi & Associates LLP has served as statutory auditor throughout the three-year reporting period.
Source: p.2, p.98, p.109, p.114, p.373, p.385
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Kunal Bahl | 12.45 | Short-term employee benefits and share-based payment expense | Promoter, Executive Director & CEO | Strategic direction, executive management, and growth execution | p.112, p.370 |
| Rohit Kumar Bansal | 12.45 | Short-term employee benefits and share-based payment expense | Promoter & Executive Director | Technology, operations, and platform management | p.112, p.370 |
CARO disclosures note minor statutory due payment delays in undisputed dues such as Provident Fund, ESIC, Profession Tax, and Goods and Services Tax during Fiscal 2026, Fiscal 2025, and Fiscal 2024, all subsequently deposited.
Defaults disclosed: Yes
Source: p.42, p.318, p.375
A change between the two filings is a disclosure in itself.
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Read using the Consumer discretionary and retail framework (from the listed sector). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.