Snapdeal parent AceVector: loss down 64%, IPO set
AceVector goes public with a sharply smaller loss, positive free cash flow and a marketplace that is now the smaller half of its own parent.
- Restated FY26 net loss fell to Rs 45.5 Cr from Rs 126.3 Cr, and the headline rounds that to Rs 46 Cr.
- Unicommerce made an adjusted EBITDA profit of Rs 41.3 Cr, larger than the whole group EBITDA loss.
- Snapdeal NMV was Rs 1,093.1 Cr across 2.6 crore units, roughly Rs 420 a unit on our own arithmetic.
- Entrackr and Inc42 disagree on the OFS size, 4.12 crore shares against 4.16 crore, and neither has corrected.
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.
Zane’s analysis draws on original reporting by Inc42. Read the original report.