AceVector’s Ascent: From Snapdeal Startup to SEBI-Approved IPO – A Deep Dive into the AceVector Group Journey
AceVector, the parent company of Snapdeal, has received SEBI approval for its IPO after filing confidentially in July 2025. This approval allows the Gurugram-based company, which also runs Unicommerce and Stellaro Brands, to move forward with its public market debut.
The confidential filing route offers greater flexibility and an extended window to launch the IPO.
AceVector Limited — once known simply as Snapdeal — is gearing up for a landmark Initial Public Offering (IPO) after receiving the green light from the Securities and Exchange Board of India (SEBI). This moment marks not just a financial milestone, but also the culmination of a strategic transformation from a pure-play marketplace to a diversified group owning Snapdeal, Unicommerce, and Stellaro Brands.
Here we explore AceVector’s journey from its startup roots to its IPO ambition, its evolving business model, growth drivers, and the strategic importance of its upcoming public issue.
The Genesis: Snapdeal’s Humble Beginnings
1. Founding Story
Snapdeal was founded in February 2010 by Kunal Bahl and Rohit Bansal, originally as a daily deals platform.
Over time, it evolved into a full fledged online marketplace, focusing on value e-commerce , particularly catering to price-conscious consumers.
2. Early Funding and Growth
Snapdeal’s early funding rounds included investments from Nexus Venture Partners, Bessemer Venture Partners, eBay, Temasek, SoftBank, among others.
These funds powered Snapdeal’s expansion, logistics, technology scale, and customer acquisition during its high-growth years.
3. Challenges and Strategic Reset
Over the years, Snapdeal faced fierce competition from giants like Amazon, Flipkart, and newer entrants in value e-commerce.
In December 2022, Snapdeal withdrew a previously filed DRHP (Draft Red Herring Prospectus) for IPO.
At this juncture, Bahl and Bansal reorganized their business under a broader umbrella: AceVector Group — consolidating Snapdeal, Unicommerce, and Stellaro Brands.
Building the AceVector Group: Diversification & Strategic Focus
The transition from Snapdeal to AceVector was more than a rebranding , it represented a shift to a group structure with three key verticals:
1. Snapdeal
Continues as the marketplace arm, primarily targeting tier-2 and tier-3 cities and value-conscious shoppers.
In FY24, Snapdeal reported revenue of approximately ₹380 crore, with its losses narrowing significantly (~43% reduction).
2. Unicommerce
A software-as-a-service (SaaS) platform that helps brands, retailers, and marketplaces with inventory management, order management, warehousing, and multi-channel e-commerce operations.
Unicommerce went public in 2024, delivering strong investor demand: its IPO was oversubscribed by 168.32×.
For FY 2025 (ended March), Unicommerce posted ₹135 crore in revenue (30% YoY growth) and ₹18 crore in net profit (34% growth).
AceVector holds a 28.19% stake in Unicommerce.
3. Stellaro Brands
The consumer brands arm (often referred to as Stellaro / Stellar Brands) focused on affordable fashion, home décor, and other private-label categories.
This vertical helps AceVector capture the D2C (direct-to-consumer) value segment, leveraging its marketplace insight and SaaS capabilities.
Leadership: Founders & Investors
Founders:
Kunal Bahl and Rohit Bansal remain at the helm. Under their leadership, the company shifted from being a pure marketplace to a diversified group.
Bahl’s background includes a stint at Microsoft and an executive marketing program at Kellogg.
Major Investors:
SoftBank and Nexus Venture Partners are among the largest backers.
These investors have seen the potential in both Snapdeal’s marketplace resurgence and Unicommerce’s scalable SaaS model.
IPO Journey: From Confidential Filing to SEBI Approval
1. Confidential Pre-Filing Route
In July 2025, AceVector filed a Draft Red Herring Prospectus (DRHP) with SEBI through the confidential filing route.
This route, introduced by SEBI in 2022, gives companies greater flexibility: issuers can delay public disclosure and adjust the issue size by up to 50% till they file an updated DRHP.
It also extends the IPO window: instead of the usual 12 months, companies now have up to 18 months after SEBI’s final comments to launch.
2. SEBI Nod
As of November 17, 2025, SEBI has granted approval for AceVector’s IPO.
This regulatory clearance sets the stage for the public offering.
3. IPO Structure & Proposed Plan
The IPO is expected to be a combination of a fresh issue of equity shares (to raise new capital) and an Offer for Sale (OFS) where existing investors (like SoftBank, Nexus, and the founders) will offload some shares.
Book Running Lead Managers: IIFL Capital and CLSA are reportedly working on the issue.
The fresh capital raised could fuel growth across AceVector’s verticals — marketplace, SaaS, and consumer brands.
Strategic Rationale: Why the IPO Matters
1. Unlocking Value Across Verticals
By listing, AceVector can unlock value not just for Snapdeal but for Unicommerce and Stellaro Brands as well.
The IPO provides a valuation benchmark for the group, reflecting the cumulative worth of its diversified businesses.
2. Raising Growth Capital
Fresh funds can be used to scale Stellaro Brands aggressively (expanding private label reach).
Strengthening Unicommerce’s technology, expanding its client base, and possibly investing in product innovation.
Investing in marketplace operations (Snapdeal) — improving logistics, increasing seller base, or marketing to deeper geographies.
3. Partial Liquidity for Early Investors & Founders
With an OFS, early backers like SoftBank, Nexus Venture Partners, and the founders (Kunal Bahl, Rohit Bansal) can realize some returns.
This liquidity event is a natural progression as AceVector matures and consolidates its group structure.
4. Signaling Confidence
A successful IPO sends a strong signal to the market: AceVector is confident in its business model, profitability roadmap, and ability to compete with fellow tech and consumer firms in India’s booming startup ecosystem.
Risks & Challenges to Watch
While the IPO is a major milestone, there are key risks to keep in mind:
Market Sentiment Risk: IPO markets can be volatile. If investor sentiment shifts, the listing may be priced conservatively, or demand may be tepid.
Competition Risk: Snapdeal still competes with deep-pocketed players like Amazon, Flipkart, and fast-growing value players.
Execution Risk for Stellaro Brands: Scaling a private-label consumer brand business is capital-intensive and risky , managing inventory, quality, and customer experience is critical.
SaaS Adoption Risk: Though Unicommerce has shown strong growth, continued momentum depends on winning and retaining large D2C brands, marketplaces, and logistics partners.
Regulatory Risk: As a listed entity, AceVector will face more scrutiny (financial, corporate governance) which may impact decision-making.
Future Outlook: What Could Come Next
1. Post-IPO Growth Strategy
Invest IPO proceeds into Stellaro Brands to scale its private-label offerings, possibly launching new categories.
Accelerate Unicommerce’s SaaS innovation , perhaps via enhanced AI/analytics, or expansion into new geographies or verticals.
Strengthen Snapdeal’s value-market dominance: deepen reach in underserved regions, enhance logistics partnerships, and optimize the buyer-supplier ecosystem.
2. M&A Potential
With a stronger balance sheet post-IPO, AceVector could look at acquiring niche D2C brands for Stellaro.
Strategic acquisitions in the supply chain tech space could boost Unicommerce’s platform capabilities.
3. Sustainability & ESG Focus
As a public company, AceVector may increasingly focus on ESG (Environmental, Social, Governance) — both in its marketplace operations (e.g., sustainable packaging) and in SaaS governance practices.
Conclusion
AceVector’s journey from Snapdeal’s lean startup days to a SEBI-approved IPO candidate is a compelling story of transformation, diversification, and strategic foresight. By consolidating Snapdeal, Unicommerce, and Stellaro under one roof, the company has created a powerful group that spans marketplace commerce, SaaS enablement, and consumer brands.
The proposed IPO — structured as a mix of fresh issue and Offer for Sale — is expected to unlock value for existing investors, fuel growth across verticals, and give AceVector the capital muscle to compete aggressively in India’s evolving e-commerce and technology landscape.
If executed well, this IPO could be a defining moment not only for AceVector but also for India’s new-age public markets, marking the rise of a multi-vertical digital conglomerate.
Team: Credit Money Finance