Snapdeal parent AceVector: loss down 64%, IPO set

AceVector Limited, the parent of Snapdeal, cut its restated net loss by nearly 64 per cent in FY26 to Rs 45.5 Cr from Rs 126.3 Cr, Inc42 reported on 22 September 2026 from the red herring prospectus. The headline rounds that to Rs 46 Cr; the body figure is Rs 45.5 Cr.

Operating revenue grew 29 per cent to Rs 510.38 Cr from Rs 395.02 Cr, and the adjusted EBITDA loss narrowed to Rs 15.94 Cr from Rs 39.16 Cr, a margin of minus 3.12 per cent against minus 9.91 per cent. Entrackr, on the same RHP on 21 September 2026, added adjusted free cash flow from operations of Rs 10.82 Cr in FY26 against a negative figure the year before.

Snapdeal is now the smaller half of its parent. The marketplace contributed Rs 293.7 Cr, or 57.5 per cent of revenue. The SaaS arm, Unicommerce, contributed Rs 204.3 Cr, or 40 per cent, and posted an adjusted EBITDA profit of Rs 41.3 Cr, more than the group EBITDA loss. Consumer brands were Rs 12.8 Cr. Marketplace net merchandise value was Rs 1,093.1 Cr across 2.6 crore units and 1.2 crore annual transacting users, which on our arithmetic is about Rs 420 of NMV a unit and 2.2 units a user a year. Entrackr adds that over 62 per cent of Snapdeal revenue is fashion, most items sit below Rs 599, and nearly 82 per cent of orders come from outside the metros.

Two figures do not reconcile. Entrackr puts the offer for sale at up to 4.12 crore shares, Inc42 at 4.16 crore. Each is internally consistent. Entrackr’s 2.76 crore Starfish tranche is 66.9 per cent of 4.12 crore, while the Rs 420 Cr total Inc42 cites only holds at 4.16 crore given a Rs 287 Cr fresh issue and a Rs 32 upper band. Keep the three apart: a Rs 287 Cr fresh issue, the OFS on top, Rs 420 Cr total at the top of a Rs 30 to Rs 32 band. Inc42 puts the implied valuation at Rs 1,741.4 Cr and subscription from 25 to 29 September.

For a seller, this is what a marketplace looks like once it stops buying GMV. A narrow, non-metro, value fashion channel run for contribution, with group profit coming from software rather than retail. Treat it as an incremental cohort with its own pricing, not as a volume engine.

Update, 25 September 2026. The offer for sale figure is resolved in favour of 4.16 crore shares. Entrackr reported on 25 September that AceVector allotted 5.91 crore shares to 14 anchor investors at Rs 32 each, the top of the band, raising Rs 189 Cr, and stated the offer for sale at 4.16 crore shares worth about Rs 133 Cr. That reconciles on our own arithmetic: 4.16 crore shares at Rs 32 is Rs 133.1 Cr, which with the Rs 287 Cr fresh issue gives the Rs 420 Cr total. The 4.12 crore figure recorded above was the earlier reading and should be read as superseded. Everything else in this post stands as originally reported.

Update, 30 September 2026. The issue closed on 29 September, oversubscribed. Entrackr reports it 5.07 times subscribed, with 36.61 crore shares bid against 7.22 crore on offer, and gives 3.42 times from institutions, 8.53 times from non-institutional investors and 4.83 times retail. Inc42 reports 4.93 times on the same 36.61 crore bids against a larger 7.42 crore on offer. The two agree on the bids and differ only on the denominator, and Entrackr’s reconciles. On our own arithmetic, a Rs 287 Cr fresh issue at the Rs 32 upper band is about 8.97 crore shares, plus the 4.16 crore offer for sale gives roughly 13.13 crore, less the 5.91 crore already allotted to anchor investors, which leaves about 7.22 crore for the book. Inc42 puts tentative listing at 5 October.