Acevector Limited is launching its Initial Public Offering (IPO) to raise funds for marketing and business promotion expenses, technology infrastructure costs, and general corporate purposes. The IPO totals up to Rs. 420 crore, which includes the fresh offer of 8.97 crore equity shares for Rs. 287 crore and an Offer for Sale of up to 4.16 crore equity shares worth around Rs. 133 crore.
The price band for the Acevector Limited IPO is fixed at Rs. 30 to Rs. 32 per share. The IPO will open for subscription on September 25, 2026, and close on September 29, 2026. The shares are proposed to be listed on the NSE and BSE on Monday, October 05, 2026.
GMP of Acevector Limited IPO
As of September 24, 2026, Acevector Limited shares were reportedly trading at Rs. 0 in the grey market, indicating no GMP (Grey Market Premium). Based on the current GMP, the estimated listing price is Rs. 32 per share, which is the issue price. If a GMP emerges, we will update this information accordingly.
Also Read: 5 Auto Ancillary Stocks Powering India’s Electric Two-Wheeler Supply Chain
Overview of Acevector Limited
AceVector Limited operates an asset-light digital commerce ecosystem built around three businesses: Snapdeal, Unicommerce and Stellaro Brands. The company describes its model as a combination of value-focused e-commerce, e-commerce enablement SaaS and consumer brands, covering both B2C and B2B opportunities across the digital commerce value chain.
Snapdeal is the group’s value-focused e-commerce marketplace, offering products across categories such as fashion, home and general merchandise, beauty and personal care. The platform follows an asset-light, zero-inventory marketplace model and primarily targets value-conscious consumers, particularly in Tier 2 and smaller cities. According to the report, Snapdeal served customers across 18,972 pin codes in FY2026.
Unicommerce is AceVector’s e-commerce enablement SaaS business. Its products include Uniware, Shipway and Convertway, which provide solutions covering order management, inventory, warehouse management, logistics, deliveries, returns and customer engagement. Uniware had 4,615 clients in FY2026, comprising 1,126 enterprise clients and 3,489 SMB clients.
Stellaro Brands is the group’s consumer brands business, operating an omnichannel model. Stellaro had 17 stores as of March 31, 2026, and currently operates 19 omnichannel stores. The business is still relatively small compared with the group’s marketplace and SaaS
Promoters of AceVector:
The promoters of AceVector Limited are Kunal Bahl, Rohit Kumar Bansal and Starfish I Pte. Ltd. Kunal Bahl and Rohit Kumar Bansal are the individual promoters and Starfish I Pte. Ltd. is the corporate promoter.
As of the report, the promoters collectively held 248.73 million equity shares, equivalent to 53.24 percent of the issued, subscribed and paid-up equity share capital on a fully diluted basis. Kunal Bahl and Rohit Kumar Bansal are also the Joint Managing Directors of the company.
Selling Shareholders of AceVector
In the AceVector Limited IPO, the promoter and investor shareholders are selling shares through the Offer for Sale. Starfish I Pte. Ltd., the promoter selling shareholder, will sell up to 2.76 crore equity shares. Nexus India Direct Investments II will sell up to 73.91 lakh equity shares. FIH Business Global Pte. Ltd. (formerly known as Wonderful Star Pte. Ltd.) will sell up to 17.41 lakh equity shares.
Among the individual selling shareholders, Kenneth Stuart Glass will sell up to 13.21 lakh equity shares, while Jason Ashok Kothari will sell up to 11.12 lakh equity shares. Nexus Opportunity Fund Ltd will sell up to 8.40 lakh equity shares, and Nexus Ventures III, Ltd. will sell up to 4.66 lakh equity shares.
Rupen Investment and Industries Private Limited and Centaurus Trading and Investments Private Limited will each sell up to 2.69 lakh equity shares. Laurent Bernard Amouyal will sell up to 2.25 lakh equity shares. Together, these selling shareholders are offering up to 4.16 crore equity shares of face value Rs. 1 each through the Offer for Sale.
Lead Managers of AceVector IPO
The Book Running Lead Managers to the AceVector IPO are IIFL Capital Services Limited, CLSA India Private Limited and Systematix Corporate Services Limited. MUFG Intime India Private Limited is the registrar to the offer.
Objectives of the IPO Offer
AceVector Limited proposes to use the net proceeds from the fresh issue for three broad purposes. Around Rs. 132 crore is proposed to be used for marketing and business promotion expenses of the marketplace business, while around Rs. 50 crore is earmarked for technology infrastructure costs of the marketplace business. The remaining proceeds are proposed to be used for inorganic growth through acquisitions and general corporate purposes.
Financial Analysis of AceVector Limited
Coming to the financial performance, AceVector Limited reported revenue from operations of Rs. 379.76 crore in FY2024, which increased to Rs. 395.02 crore in FY2025 and further to Rs. 510.38 crore in FY2026. Revenue from operations grew by 29.20 percent in FY2026, supported by growth across its marketplace and SaaS businesses.
The company’s loss for the year stood at Rs. 51.30 crore in FY2024, which increased significantly to Rs. 126.31 crore in FY2025 before narrowing to Rs. 45.51 crore in FY2026. The improvement in FY2026 was accompanied by a reduction in the loss before exceptional items and tax from Rs. 46.98 crore in FY2025 to Rs. 37.56 crore in FY2026.
AceVector’s Adjusted EBITDA improved from a loss of Rs. 26.52 crore in FY2024 to a loss of Rs. 39.16 crore in FY2025, before narrowing to a loss of Rs. 15.94 crore in FY2026. Accordingly, the Adjusted EBITDA margin improved from negative 6.98 percent in FY2024 to negative 9.91 percent in FY2025 and further to negative 3.12 percent in FY2026.
The company’s basic and diluted EPS stood at negative Rs. 1.32 in FY2026, compared with negative Rs. 3.04 in FY2025 and negative Rs. 1.26 in FY2024. The RHP reports a FY2026 NAV of Rs. 2.21 per share and RoNW of negative 59.54 percent. AceVector Limited’s net worth stood at Rs. 102.08 crore as of March 31, 2026, compared with Rs. 126.33 crore in FY2025 and negative Rs. 142.09 crore in FY2024.
AceVector Limited Vs Peers
AceVector Limited reported revenue from operations of Rs. 510.38 crore and a Return on Net Worth (RoNW) of (59.54) percent. In comparison, FSN E-Commerce Ventures Limited recorded revenue of Rs. 10,022.35 crore with a RoNW of 13.87 percent, while Brainbees Solutions Limited posted Rs. 8,547.94 crore in revenue and a RoNW of (2.91) percent.
Meesho Limited reported revenue from operations of Rs. 12,626.35 crore and a RoNW of (30.95) percent. The peer comparison also shows that AceVector Limited reported a negative EPS of Rs. 1.32, compared with Rs. 0.70 for FSN E-Commerce Ventures, Rs. (2.90) for Brainbees Solutions, and Rs. (3.11) for Meesho.
AceVector Limited’s net asset value per share stands at Rs. 2.21, compared to Rs. 5.00 for FSN E-Commerce Ventures Limited, Rs. 90.71 for Brainbees Solutions Limited, and Rs. 9.25 for Meesho Limited.
Strengths of AceVector Limited
-
Diversified digital commerce ecosystem: AceVector operates across marketplace, SaaS and consumer brands, giving the group exposure to different parts of the e-commerce value chain.
-
Asset-light Snapdeal model: Snapdeal operates as a zero-inventory marketplace, which the company says reduces working-capital requirements and supports a cost-focused operating model.
-
Growing SaaS contribution: Unicommerce’s SaaS revenue increased from Rs. 103.58 crore in FY2024 to Rs. 134.79 crore in FY2025 and Rs. 204.34 crore in FY2026. Its contribution to total revenue also increased from 27.28 percent to 40.04 percent during this period.
-
Cross-business synergies: The company uses common infrastructure, shared services and relationships across its businesses, while Unicommerce’s products are also used within the broader AceVector ecosystem.
Also Read: Action Construction’s Cranes Are Costlier Than Ever. Is Demand the Next Casualty?
-
AI and technology focus: Unicommerce has introduced AI-focused capabilities across Uniware, Shipway and Convertway, covering operational insights, logistics and customer engagement.
Weaknesses of AceVector Limited
-
Continued losses: AceVector reported a consolidated loss of Rs. 45.51 crore in FY2026 and a loss attributable to equity holders of Rs. 60.78 crore. The company has not yet reported consolidated profitability.
-
Negative operating cash flow: Operating cash flow remained negative at Rs. 17.97 crore in FY2026, despite improving substantially from the previous two years.
-
High marketing requirements: The company spent Rs. 84.40 crore on marketplace marketing and business promotion in FY2026. The RHP notes that higher customer-acquisition costs or weaker conversion of marketing spending could adversely affect financial performance.
-
Competitive and margin pressures: The company’s RHP highlights thin margins, price sensitivity, customer acquisition costs, competition, third-party logistics risks and the need to continually adapt to technological changes as challenges for the business.
-
Acquisition and integration risks: AceVector intends to pursue acquisitions, but the RHP notes risks related to identifying suitable targets, valuation, integration, regulatory approvals, potential goodwill impairment, and achieving expected benefits from acquisitions
Conclusion
AceVector Limited’s IPO offers investors an opportunity to participate in a digital commerce ecosystem that spans value-focused e-commerce through Snapdeal, e-commerce enablement SaaS through Unicommerce, and consumer brands through Stellaro Brands. The company has reported strong revenue growth in FY2026, while its consolidated loss and adjusted EBITDA loss narrowed significantly compared with FY2025. Its SaaS business has also emerged as an important contributor to the overall operating performance.
Investors should therefore carefully evaluate the company’s financial performance, valuation, continuing losses, cash flows, dependence on Snapdeal, performance of Unicommerce and Stellaro Brands, marketing expenditure, competitive environment, technology risks and future use of IPO proceeds before making an investment decision. The company’s Red Herring Prospectus should be read in full before subscribing to the IPO.