Snapdeal Parent AceVector Raises Rs 189 Crore from Anchor Investors Ahead of Its Rs 420 Crore IPO
SoftBank-backed AceVector, the parent company of Snapdeal, Unicommerce and Stellaro Brands, has raised Rs 189 crore from 14 anchor investors at Rs 32 per share, ahead of its Rs 420 crore public issue that opened on September 25 and closes September 29, with listing scheduled for October 5.
Here's who backed the anchor round. Negen Undiscovered Value Fund led the allocation with nearly Rs 40 crore, while domestic mutual funds Helios Mutual Fund and Taurus Mutual Fund participated across three schemes, together picking up shares worth around Rs 30 crore. In total, 5.91 crore shares went to 14 anchor investors, with domestic mutual funds accounting for roughly 16% of the total anchor allocation.
Here's how the IPO itself is structured. The Rs 420 crore issue combines a fresh issue of shares worth Rs 287 crore with an offer-for-sale of Rs 133 crore, where existing investors including SoftBank, Nexus Venture Partners and Foxconn are selling a small part of their holding. Co-founders Kunal Bahl and Rohit Bansal, who together hold a 33.99% stake through direct ownership and their jointly held entity B2 Professional Services LLP, are not selling any shares in this round, signalling continued founder commitment even as early backers take some money off the table.
The company's financials show real momentum. AceVector's operating revenue rose 29% to Rs 510.38 crore in FY26, up from Rs 395.02 crore in FY25, though the company continues to post adjusted EBITDA losses, making disciplined execution the key thing to watch post-listing. The fresh IPO proceeds are earmarked specifically, Rs 132 crore for marketing, Rs 50 crore for technology infrastructure, and the remainder for general corporate purposes, essentially a rebuild plan for the Snapdeal marketplace business.
The bigger picture makes this listing genuinely significant. This follows Unicommerce's own 2024 listing, which was subscribed over 168 times, making AceVector's public debut an important test of whether India's e-commerce sector, still dominated by much larger players, has real appetite for a legacy player betting on a comeback.
From a marketplace pioneer to a public company chasing its next chapter, AceVector's anchor round is the first real signal of how investors are pricing Snapdeal's turnaround story.
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— Sandeep Raiza