Snapdeal Parent AceVector Files Confidential Draft Papers, Likely to Raise ₹500 Crore in IPO

E-commerce firm Snapdeal’s parent company, AceVector, has confidentially filed draft papers with markets regulator the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The Gurugram-based company also operates the software-as-a-service (SaaS) platform Unicommerce and consumer brand-building firm Stellar Brands. Unicommerce was listed on the BSE and NSE in 2024.

"The pre-filed draft red herring prospectus with Sebi and the stock exchanges … in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges," AceVector said in an announcement on Saturday, according to PTI.

Earlier, online news portal Entrackr reported that AceVector Limited is expected to raise around ₹500 crore through the IPO, with the proposed issue comprising primarily fresh capital. CLSA and IIFL are likely to be the lead bankers for the offering.

Founded in 2010 as Snapdeal, AceVector counts Kunal Bahl, Rohit Bansal, Nexus Venture Partners, and SoftBank among its key shareholders. The company now focuses on value-driven e-commerce, catering largely to price-sensitive customers outside major metros. Over 80% of its orders come from non-urban areas, with most products priced under ₹600. Its core categories include fashion, home essentials, and personal care.

AceVector’s publicly listed subsidiary, Unicommerce eSolutions, offers a suite of technology solutions for online retail—spanning order and inventory management, omnichannel retail integration, courier automation, and AI-enabled marketing. The company’s IPO in 2024 received strong investor interest, being oversubscribed by 168 times. Soon after listing, Unicommerce expanded its services by acquiring shipping aggregator Shipway through a part-cash, part-stock transaction.

AceVector also operates Stellaro Brands, which focuses on building affordable lifestyle labels. Its flagship brand, Rangita, specialises in budget-friendly ethnic wear for women. Available both online and through physical stores in southern India, Rangita plans to expand its omnichannel footprint nationwide.

Elsewhere in India’s tech ecosystem, companies like Eternal—which includes Zomato, Blinkit, Hyperpure, and District—and Info Edge, which runs Naukri, Jeevansathi, 99acres, and Shiksha, have also evolved into diversified digital platforms and gone public.

Several Indian companies have recently opted for confidential IPO filings. These include INOX Clean Energy, Shadowfax Technologies, Groww, Gaja Capital, Shiprocket, Tata Capital, PhysicsWallah, and Imagine Marketing—the parent company of the wearables brand boAt.

Following this trend, both Swiggy and Vishal Mega Mart proceeded with their public offers in 2024 after initially filing confidentially.