AceVector Group, the Gurugram-based parent company of Snapdeal, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its Initial Public Offering (IPO). The milestone follows the confidential Draft Red Herring Prospectus (DRHP) filing in July 2025. Alongside Snapdeal, the group runs two other key businesses — Unicommerce, a SaaS platform powering e-commerce operations, and Stellar Brands, focusing on consumer brand building.
Financial Performance Overview
- In FY24, AceVector reported consolidated revenue of ₹380 crore, with an adjusted EBITDA loss reduced to ₹16 crore.
- The company’s Annual Recurring Revenue (ARR) rose 75% to around ₹200 crore by Q2 FY26, showing strong SaaS growth.
- Unicommerce alone serves over 7,500 merchants across India and international markets, with its ARR contributing a significant share.
- Marketplace has evolved into a value-focused platform, hosting over 40 million monthly active users and generating more than 550 million monthly page views.
- Around 95% of products sold on Snapdeel are priced below ₹599, catering to price-sensitive consumers primarily outside metro areas.
- The platform saw 60% jump in festive sales in September-October 2025, driven by strong demand for value fashion and general merchandise.
Snapdeal’s Strategic Leadership and Expansion
Co-founders Kunal Bahl and Rohit Bansal have been instrumental in steering Snapdeal’s transformation from a generalist e-commerce player to a value ecommerce marketplace focused on affordability, trust, and user experience. Their leadership emphasizes investing in technology, enhancing customer experience, and deepening penetration in Tier-2 and Tier-3 markets, which constitute the bulk of Snapdeal’s growth.
The company has streamlined its focus by divesting non-core businesses like Freecharge while investing in brand partnerships and omnichannel distribution models. It is also leveraging AI-driven insights to personalize user feeds and improve discoverability.
Read this: Kunal Bahl led Snapdeal’s parent firm files for Rs 500 crore IPO
Recent Developments and IPO Roadmap
- The IPO draft is being managed by IIFL Securities and CLSA India.
- AceVector’s IPO is expected to raise around ₹500-700 crore, primarily through a fresh issue to fund expansion, technology upgrades, and working capital requirements.
- SoftBank, Nexus Venture Partners, and promoters Kunal Bahl and Rohit Bansal remain major shareholders.
- Analysts view Snapdeal as a compelling IPO story capitalizing on India’s growing middle class and increased digital adoption in non-metros.
Summary Table: AceVector Key Financials
| Metric | FY24 | Q2 FY26 | Key Highlights |
|---|---|---|---|
| Consolidated Revenue | ₹380 crore | — | Focus on SaaS and marketplace |
| Arr (Annual Recurring Revenue) | — | ₹200 crore (est.) | Strong SaaS growth with Unicommerce |
| Net Profit / Loss | Adjusted EBITDA loss ₹16 Cr | — | Moving toward profitability |
| Market Cap (post-IPO) | — | — | Expected ₹9,500 crore+ valu |
Kunal Bahl continues as the part of AceVector’s founding leadership team. His vision stresses marketplace resilience, innovation in value commerce, and investing steadily in talent and technology to capture India’s emerging consumer segments. Kunal has also been vocal about managing sustainable growth and maintaining shareholder value ahead of the IPO.
Conclusion
This IPO approval marks a critical inflection point for Snapdeal and its broader group companies. With a sharpened focus on value e-commerce, SaaS-powered merchant services, and deepening reach in non-metro India, it’s is well positioned to capitalize on the expanding digital consumption wave. Backed by strong leadership and growing financial traction, the company’s upcoming public listing invites investors to participate in the growth story of India’s thriving digital marketplace ecosystemystem.
