Snapdeal Parent AceVector Files Updated DRHP to Raise Rs 300 Cr, SoftBank, Nexus to Sell Shares in IPO

AceVector Ltd, the holding company of Snapdeal, Unicommerce and Stellaro Brands, filed an updated draft red herring prospectus (UDRHP) with market regulator SEBI on Saturday, moving a step closer to its long-planned initial public offering (IPO).

The public issue comprises a fresh issue of up to ₹300 crore alongside an offer-for-sale (OFS) of roughly 6.38–6.39 crore shares by existing investors, according to the UDRHP filings and media reports.

Prominent existing shareholders including SoftBank-backed Starfish I Pte. Ltd. and funds managed by Nexus Venture Partners are among sellers in the OFS; Starfish is reported to plan the largest offload. AceVector said it will deploy a portion of the fresh-issue proceeds, about ₹125 crore, for marketing and business promotion of the Snapdeal marketplace, with additional allocations for technology infrastructure, inorganic growth (acquisitions) and general corporate purposes.

Capital Structure

Promoters, including co-founders Kunal Bahl and Rohit Bansal and promoter entity Starfish, continue to hold a majority stake, estimated at over 60%. The rest is owned by institutional and strategic investors such as Nexus Ventures and eBay Singapore, several of whom are part of the OFS.

AceVector initially filed draft IPO papers through the confidential route in July and secured SEBI’s go-ahead in November. The updated filing enables the company to firm up its issue size and the balance between primary and secondary components before the final RHP and book-building. IIFL Capital and CLSA India are advising the issue as merchant bankers.

Company Financials

AceVector’s recent financials show improving top-line momentum and shrinking losses that the company is pitching to investors.

For H1 FY26 the group reported revenue of roughly ₹244 crore, up about 35% year-on-year, and a materially reduced loss versus the prior period; full-year FY25 revenue was reported near ₹395 crore with a widened annual loss but signs of operating improvement cited in filings. Management is positioning these trends as evidence of stabilising unit economics ahead of a public debut.