Acevector Limited

Incorporated in September 2007, AceVector Limited (formerly known as Jasper Infotech Private Limited and Snapdeal Limited) operates an asset-light, capital-efficient digital commerce ecosystem across the e-commerce value chain in India. The company’s core value proposition centers on delivering "Commerce that Connects Bharat," serving value-conscious shoppers, enabling small and medium enterprise (SME) sellers, and scaling consumer brands. Its underlying business model functions through a synergistic "triple-engine" framework consisting of three distinct business verticals:

Snapdeal: A pure-play, value-focused lifestyle e-commerce marketplace.

Unicommerce: A comprehensive suite of e-commerce enablement SaaS products.

Stellaro Brands: An omnichannel consumer brands business.

The company caters to diverse B2C and B2B client segments. On the consumer side, Snapdeal targets "Bharat Shoppers"—middle-income, value-conscious customers located predominantly in Tier 2+ cities and smaller towns across India. During FY26, 95.45% of Net Merchandise Value (NMV) on Snapdeal was derived from lifestyle categories (fashion, home & general merchandise, beauty & personal care), with 83.75% of delivered units sold at price points below ₹599 and 82.22% originating from non-metro cities. On the B2B side, Unicommerce serves 8,261 enterprise and SMB clients—including D2C brands, traditional retail brands, marketplaces, brand aggregators, and third-party logistics (3PL) providers—across India and seven international countries. Geographically, Snapdeal serves customers nationwide across 18,972 pin codes through a 3PL logistics network covering over 3,000 cities and towns.

As a technology-first digital commerce platform operator, traditional manufacturing infrastructure, factory locations, and physical plant capacity utilization figures are not applicable. AceVector operates with an asset-light, zero-inventory marketplace model for Snapdeal, carrying no owned physical manufacturing plants, warehouses, or delivery vehicles. Order fulfillment and deliveries are handled entirely by third-party logistics partners. The only physical retail footprint consists of 19 leased, omnichannel exclusive brand stores operated under the women's ethnic wear brand Rangita (by subsidiary Stellaro Brands Private Limited) across regional clusters in Andhra Pradesh, Telangana, and Karnataka.

Technology and product innovation form the core foundation of AceVector’s operations. Its proprietary tech stacks are powered by robust data analytics and artificial intelligence (AI) engines. Snapdeal features an AI-driven discovery-led shopping interface, where 72.69% of orders in FY26 were placed without users typing a search query, supported by a proprietary "Smart" courier allocation engine processing over 63 million monthly data points. Unicommerce operates three integrated SaaS platforms—Uniware (order/inventory management), Shipway (courier aggregation), and Convertway (marketing automation)—which launched AI-first tools (UniBot AI, ShipWise AI, Catalyst AI) in FY26. Research, development, and system enhancements are managed in-house by a team of 107 tech, product, and data science professionals.

Based on its historical financial data, AceVector Limited posted total income and net losses of ₹384.74 Cr / ₹(51.30) Cr in FY24, ₹406.77 Cr / ₹(126.31) Cr in FY25, and ₹537.67 Cr / ₹(45.51) Cr in FY26 on a restated consolidated basis. The company has shown top-line expansion, with total income growing at an 18.22% CAGR over the last three fiscals, while operational losses narrowed significantly in FY26. The company carries zero long-term financial debt, with financial liabilities limited strictly to lease liabilities of ₹20.49 Cr. Due to its loss-making status, the company has a negative average EPS of ₹(1.88) and an average RoNW of (79.82)% for the last three fiscals, rendering its P/E ratio Not Applicable (N/A). Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 14.48 against a NAV of ₹2.21 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 4.48. According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by CLSA India Private Limited, IIFL Capital Services Limited, and Systematix Corporate Services Limited. MUFG Intime India Private Limited, which has handled over 50 public issues in the last three fiscal years, is acting as the Registrar to the Offer.

• 1 Kunal Bahl
• 2 Rohit Kumar Bansal
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