AceVector, the parent company of e-commerce marketplace Snapdeal and software-as-a-service (SaaS) firm Unicommerce, has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The filing was made on July 19 under SEBI's pre-filing mechanism, marking AceVector’s second attempt to tap public markets.
The move comes around two and a half years after Snapdeal withdrew its Rs 1,250 crore IPO plans in December 2022, citing adverse market conditions.
This time, AceVector has opted for the confidential route introduced by Sebi in 2022, which allows companies to submit draft red herring prospectuses (DRHPs) without making the details public until closer to the listing. The route gives issuers more flexibility to assess market sentiment before going ahead with an IPO.
AceVector’s renewed push to list comes amid a broader resurgence in India’s startup IPO activity. A total of 12 new-age companies have filed DRHPs with Seebi so far this year, including Meesho, PhysicsWallah, Groww, Pine Labs, Shiprocket, and Urban Company.
At least six of these filings, including those by Meesho, Groww, boAt, Shiprocket, PhysicsWallah and Shadowfax, have been made confidentially.
AceVector’s filing follows the successful public debut of its subsidiary Unicommerce in 2024. The e-commerce enablement SaaS company, which counts leading D2C brands and marketplaces as clients, listed at a stellar 118 percent premium over its issue price. That performance may have set the stage for a renewed push by the group to unlock value from its other verticals.
Founded by Kunal Bahl and Rohit Bansal, AceVector has reportedly roped in CLSA and IIFL Capital as merchant bankers for the offering.
Snapdeal, once among India’s leading e-commerce marketplaces, now operates with a more value-conscious, tier-2 and tier-3 focused strategy, aiming to differentiate itself from deep-pocketed rivals like Amazon, Flipkart and Meesho. The company has also built out Stellaro, a private label portfolio focused on affordable fashion and home categories — a segment that has seen rising competition from fast-fashion and quick-commerce players.
The IPO will likely comprise a mix of fresh issuance and an Offer-for-Sale (OFS) component. While fresh capital adds to a company’s war chest, OFS enables early investors or promoters to partially exit and lock in returns — a key consideration for late-stage startups approaching public markets.
Though the confidential filing doesn't disclose final fundraising amounts or share structures, such details will become public if and when AceVector moves to Sebi’s final approval stage.
The company now joins a growing list of venture-backed firms eyeing public listings in what is shaping up to be another busy year for startup IPOs.
In 2024, 13 new-age companies collectively raised over Rs 29,000 crore via IPOs, including high-profile debuts from Swiggy, Ola Electric and FirstCry — setting the stage for what many see as the second wave of India’s tech listings.
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