Snapdeal IPO

• Valued at USD 1,120.4 billion in FY25, the overall retail sector is projected to expand at a CAGR of 10.4% between FY25 and FY30 to reach USD 1,837.7 billion, with e-commerce market share within total retail rising from 8.6% in FY25 to 12.8% in FY30. 

• India’s e-commerce market grew from USD 32.5 billion in FY20 to USD 95.8 billion in FY25 (CAGR of 24.1%) and is projected to expand at a CAGR of 19.6% from FY25 to reach USD 234.4 billion by FY30. 

• India's online shopper base is projected to increase from 280–300 million users in FY25 to 675–700 million shoppers by the end of FY30, supported by total internet penetration expanding to 1.1–1.2 billion users by FY29. 

• The value lifestyle retail segment is valued at USD 128.6 billion in FY25 and is projected to grow at a CAGR of 10.0% to reach USD 206.7 billion by FY30, representing a 1.6x expansion driven primarily by Tier 2+ consumption. 

• The value lifestyle e-commerce sector is estimated at USD 25.0 billion in FY25 and is projected to hit USD 75.3 billion by FY30 at a CAGR of 24.7%, with online penetration within value lifestyle retail advancing from 19.4% to 36.4% 

• The Indian D2C market is forecast to surge from USD 31.5 billion in FY25 to USD 164.1 billion in FY30 at an estimated CAGR of 39.1%. Within this, the D2C fashion segment is expected to rise from USD 7.8 billion in FY25 to USD 36.0 billion by FY30 at a CAGR of 35.9%. 

• Total e-commerce shipment volumes reached 5.9 billion units in FY25 (growing at a 33.1% CAGR from FY20). Dropship e-commerce shipment volumes are projected to scale from 3.2 billion in FY25 to 8.2 billion by FY30 at a CAGR of 20.7%, while non-dropship volumes are anticipated to grow from 3.6 billion to 6.6 billion at a 12.9% CAGR. 

• To fund digital marketing campaigns, performance marketing, and customer acquisition across core platforms for Snapdeal over Fiscal 2027–2029.  

• To fund potential strategic acquisitions and business alliances.

• To meet general corporate expenses and fulfill regular business requirements. 

1. Acevector operates three strategically aligned, complementary engines: Snapdeal (value B2C marketplace), Unicommerce (e-commerce enablement SaaS), and Stellaro Brands (consumer lifestyle brands), benefiting from a centralized shared-services infrastructure (finance, legal, HR, technology) that drives cost efficiency and operational leverage. 

2. Snapdeal ranks among the top two pure-play value marketplace platforms in India by revenue (FY24–FY26). It serves consumers across 18,972 pin-codes, with 82.22% of delivered units originating from non-metro cities and 83.75% of delivered units priced below ₹599 in FY26. 

3. Delivered units ordered via the Snapdeal mobile application reached 89.83% in FY26. Snapdeal has recorded over 376.25 million Google Play downloads with a 4.4/5 rating (across 2.56 million user reviews). In FY26, repeat customers accounted for 82.91% of delivered units and 69.65% of total customers served (8.47 million repeat customers out of 12.16 million total). 

4. Unicommerce is the largest e-commerce enablement SaaS platform in India’s transaction processing layer. As of March 31, 2026, it serviced 8,261 unique clients (Uniware, Shipway, Convertway) with 353 integrations and an annual run-rate of processing 1.15+ billion order items. SaaS revenue reached ₹2,043.38 million in FY26 with an Adjusted EBITDA of ₹412.77 million (20.20% margin), successfully meeting the SaaS "Rule of 40" metric for five consecutive financial years. 

5. Snapdeal operates an asset-light, zero-inventory marketplace utilizing third-party logistics (3PL) partners, keeping fixed working capital risk low. Marketplace contribution margin as a percentage of Net Merchandise Value (NMV) was 10.01% in FY26 (NMV of ₹10,931.10 million). 

6. India’s value lifestyle e-commerce sector is projected to expand from USD 25.0 billion in FY25 to USD 75.3 billion by FY30 at a CAGR of 24.7%, expanding 3.0x over five years. 

7. India’s D2C market is forecast to jump from USD 31.5 billion in FY25 to USD 164.1 billion by FY30 at a CAGR of 39.1%. D2C fashion specifically is projected to grow from USD 7.8 billion to USD 36.0 billion (35.9% CAGR), presenting a significant growth runway for Stellaro Brands' Rangita and Unicommerce's client acquisition. 

8. E-commerce shipments stood at 5.9 billion in FY25. Dropship e-commerce shipment volumes are projected to rise from 3.2 billion in FY25 to 8.2 billion by FY30 (20.7% CAGR), increasing direct enterprise reliance on automated OMS and multi-courier aggregation platforms. 

1. Acevector has incurred restated losses across the last three financial years, reporting a net loss of ₹455.06 million in FY26, ₹1,263.06 million in FY25, and ₹512.97 million in FY24, with total expenses (₹5,752.20 million in FY26) continuing to exceed total income (₹5,376.65 million in FY26). 

2. The company has reported persistent net cash outflows from operating activities across recent periods, recording ₹ (17.97) million in FY26, ₹ (273.47) million in FY25, and ₹ (548.45) million in FY24. 

3. Most of the company's revenue from operations is tied to its marketplace segment, which accounted for 57.54% (₹2,936.75 million) in FY26, 63.25% (₹2,498.67 million) in FY25, and 66.59% (₹2,528.87 million) in FY24. 

4. Acevector holds only a 26.13% equity stake in its material subsidiary, Unicommerce eSolutions Limited. Line-by-line financial consolidation under Ind AS 110 relies strictly on-board appointment rights and effective management control; any alteration or loss of these rights would prevent Acevector from consolidating Unicommerce's revenue (which stood at ₹2,043.38 million in FY26) and profit. 

5. The company and its management face multiple legal proceedings, including claims against the company aggregating ₹611.06 million across 12 tax proceedings, 4 statutory/regulatory matters, and 3 criminal proceedings, alongside ₹77.60 million involved in actions against Promoters/Directors. 

6. The company has been unable to trace certain historical secretarial and statutory records, such as offer letters for past equity/preference allotments and the divestment valuation report for Vulcan Express. It also experienced past procedural delays and late submission fees regarding Reserve Bank of India (RBI) Form FC-TRS filings. 

7. Acevector faces aggressive competition across e-commerce marketplaces (from larger, highly capitalized players and quick-commerce platforms), vertical retail chains, and alternative SaaS software providers, which exerts downward pricing pressure and increases client acquisition costs. 

8. As products are listed by independent third-party merchants, the platform is exposed to trademark infringement claims, counterfeit product allegations, and delisting notices issued by regulatory authorities and courts. 

• Snapdeal IPO RHP 

Snapdeal IPO Registrar and Lead Managers 

• IFL Capital Services Limited  

• CLSA India Private Limited 

• Systematix Corporate Services Limited 

• Contact Number: +91 810 811 4949 

• Email Address: acevector.ipo@in.mpms.mufg.com 

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