Snapdeal Parent AceVector Gets SEBI Nod For Its IPO

Snapdeal parent AceVector Group has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).

The regulator issued its final observations during the week ended November 11. In SEBI’s parlance, issuance of observations is a nod to proceed with the public issue.

Besides AceVector, SEBI also cleared IPO papers of Silver Consumers Electricals and Steel Infra Solutions Company in the week.

AceVector had filed its draft red herring prospectus (DRHP) via the confidential route in July. The Gurugram-based company runs Snapdeal as well as two other businesses — Unicommerce, a SaaS platform for ecommerce operations and its house of brands subsidiary Stellaro Brands.

While details of the company’s IPO are yet to be discerned, the company’s IPO size has been pegged at around INR 500 Cr. As per reports, the public issue is likely to consist of a fresh issue.

This marks the AceVector’s second attempt at a public listing. The company had previously filed its DRHP in 2021 as well to raise INR 1,250 Cr from its public issue. But due to the funding winter and turmoil in the domestic and global markets, Snapdeal pulled back on its IPO plans a year later. 

While AceVector didn’t go ahead with its IPO, its subsidiary Unicommerce went public in 2024. AceVector offloaded 94.4 Lakh shares of Unicommerce’s INR 277 Cr IPO. While the weighted average cost of acquisition of these shares was INR 23.52 apiece, AceVector sold its shares at INR 108 per equity share, translating to 4.59X returns on its initial investment.

At the end of September, AceVector held a 26.14% stake in Unicommerce. Besides, its founders Kunal Bahl and Rohit Bansal also held 0.04% stake in the company.

The duo founded Snapdeal in 2010 focusing on the value ecommerce market. Snapdeal was once India’s largest online marketplaces, offering a wide range of products, particularly fashion, home goods, and general merchandise, at competitive prices. 

However, it has lost some market share over the years. After a failed merger attempt with Flipkart in 2017, the company pivoted towards a value-focused ecommerce model, which helped stabilise its operations.

Notably, earlier this year, AceVector also announced two key appointments, with Achint Setia appointed as the chief executive of Snapdeal and Himanshu Chakrawarti taking charge as the CEO of Stellar Brands.

AceVector’s approval comes at a time when the country is seeing a rise in IPO filings lately. In 2025, startups like Pine Labs, Lenskart, PhysicsWallah, Urban Company, Meesho, Groww, Ather Energy, Bluestone, Razorpay, boAt and Capillary Technologies, have either filed for public listings or have already listed.