Acevector Ltd.
DRHP · filed 25 Sept 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Acevector Ltd. operates an e-commerce marketplace business that generated Rs 510.38 crore in revenue in the latest financial year with a 15.93% revenue CAGR. The company has incurred restated losses of Rs 455.06 million, Rs 1,263.06 million and Rs 512.97 million in the past three years and has a history of negative operating cash flows. The offer structure consists of a fresh issue of equity shares, and the company faces significant risks related to its inability to generate adequate revenue growth and manage expenses. A material risk is the company's heavy reliance on the Snapdeal marketplace for 57.54% to 66.59% of its revenue and its focus on the value segment in Tier 2+ cities.
What stands out
Risk factor. The company has incurred restated losses of ₹455.06 million, ₹1,263.06 million and ₹512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively, and may continue to incur losses in the future if it is unable to generate adequate revenue growth and manage its expenses and c
Risk factor. The company has had net cash flows used in operating activities for the Financial Years 2026, 2025 and 2024 and net cash flows used in financing activities for the Financial Year 2026, and may continue to have a net used cash position in the future.
How the offer is structured
- Funding a portion of the marketing and business promotion expense of the Marketplace business of our Company₹132 Cr
- Funding the technology infrastructure costs of the Marketplace business of our Company₹50.0 Cr
- Funding inorganic growth through acquisitions and general corporate purposes
Restated financials
Revenue
₹510 Cr
Latest fiscal year
Revenue CAGR
15.9%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹380 Cr | |||
| 2025 | ₹395 Cr | ₹188 Cr | ||
| 2026 | ₹510 Cr | ₹260 Cr |
Promoters, litigation & related parties
Promoter (pre)
53.2%
Except as stated in this section, there are no outstanding (i) criminal proceedings (including FIRs), (ii) actions taken by statutory or regulatory authorities including notices sent by such authorities irrespective of any materiality threshold, (iii) claims relating to direct and indirect taxes, in a consolidated manner, or (iv) other pending litigation as determined to be material by our Board pursuant to the Materiality Policy (as disclosed herein below), in each case, involving our Company, its Subsidiaries, our Directors or our Promoters (the “Relevant Parties”). Additionally, except as disclosed in this section, there are no outstanding criminal proceedings and outstanding actions by regulatory and statutory authorities against our KMPs and SMPs.
Risks the company discloses
The company has incurred restated losses of ₹455.06 million, ₹1,263.06 million and ₹512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively, and may continue to incur losses in the future if it is unable to generate adequate revenue growth and manage its expenses and cash flows.(Financial Position)
The company has had net cash flows used in operating activities for the Financial Years 2026, 2025 and 2024 and net cash flows used in financing activities for the Financial Year 2026, and may continue to have a net used cash position in the future.(Financial Position)
A significant portion of the company's revenue from operations (57.54%, 63.25% and 66.59% in Financial Years 2026, 2025 and 2024 respectively) is generated through its Snapdeal marketplace business.(Business Concentration)
The company focuses on the value segment of the Indian e-commerce market, targeting value-conscious, middle-income users in Tier 2+ cities of India, and a significant number of such users are located in these cities.(Market Concentration)
The company incurs significant marketing and business promotion expenses – marketplace, which stood at ₹843.98 million, ₹631.82 million and ₹585.46 million in Financial Years 2026, 2025 and 2024 respectively, representing 14.67%, 13.92% and 13.69% of total expenses.(Operational)
On a per delivered unit basis, the marketing and business promotion expense – marketplace stood at ₹32.49, ₹31.73 and ₹39.52 in Financial Years 2026, 2025 and 2024 respectively.(Operational)
The company's Adjusted Free Cash Flow was ₹(556.64) million in Financial Year 2024, ₹(348.33) million in Financial Year 2025 and ₹108.17 million in Financial Year 2026.(Financial Position)
The company's net cash flows used in operating activities decreased from ₹548.45 million in Financial Year 2024, to ₹273.47 million in Financial Year 2025 and further decreased to ₹17.97 million in Financial Year 2026, primarily attributable to working capital adjustments.(Financial Position)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.