AceVector Limited – Investor Presentation Summary

Key Operational Highlights

  • Snapdeal delivered units increased 16% YoY in H1 FY27, reaching 151 lakh units (73 lakh in Q1 FY27 + 78 lakh in Q2 FY27)
  • Snapdeal fashion NMV grew 31% YoY in H1 FY27
  • Snapdeal app-delivered units increased 23% YoY in H1 FY27
  • Snapdeal transacting customer base grew 12% YoY over twelve months ending H1 FY27
  • Placed order frequency rose 11% YoY over twelve months ending H1 FY27
  • Snapdeal fashion listings grew 91% YoY to 95 lakh in H1 FY27 from nearly 50 lakh in H1 FY26
  • 81% of Snapdeal orders are influenced by AI-led discovery experiences
  • Snapdeal customers evaluate approximately 20 products on average per app order
  • Unicommerce added 121 enterprise clients in Q2 FY27 compared with 103 in Q2 FY26
  • UniReco and UniCapture crossed 150 clients
  • 20-25% of Shipway volumes originate from Uniware clients

Key drivers of operational performance: Strong demand for value fashion, AI-powered shopping experience, creator-led social discovery with 15 crore+ monthly video views, zero-commission model attracting wider seller base, and focused marketing investments ahead of festive season.

Segment-wise Performance

Snapdeal (Marketplace Segment):

  • Fashion accounted for 68.4% of platform NMV in H1 FY27, up from 57.1% in H1 FY26
  • NMV grew 10% YoY to ₹596 crore in H1 FY27 (₹290 crore Q1 FY27 + ₹306 crore Q2 FY27)
  • Average Selling Price (ASP) moved from approximately ₹419 in H1 FY26 to ₹396 in H1 FY27

Unicommerce (SaaS Segment):

  • Revenue grew 15% YoY to ₹110.4 crore in H1 FY27 from ₹96.3 crore in H1 FY26
  • Uniware and Shipway maintained double-digit revenue growth in H1 FY27
  • Enterprise client acquisitions grew 24% YoY to 236 in H1 FY27 from 191 in H1 FY26

Explanation of significant changes in segment performance: Snapdeal's growth driven by strong consumer demand for fashion categories and expanding assortment, while Unicommerce growth supported by new client acquisition and product adoption.

Financial Highlights

Consolidated Performance (H1 FY27):

  • Revenue from operations: Strong growth supported by both Snapdeal and Unicommerce
  • Adjusted EBITDA: Reflects targeted marketing investments and temporary logistics cost pressures at Snapdeal, alongside growth investments at Unicommerce

Snapdeal Financial Performance:

| Period | Delivered Units (Lakhs) | NMV (₹ Cr) | Contribution Margin | Marketing Expense | Tech & All Other Expenses | Adjusted EBITDA |

| FY25 | 199 | 870 | 12.8% | (7.3%) | (11.0%) | (5.5%) |

| FY26 | 260 | 1,093 | 10.0% | (7.7%) | (6.9%) | (4.6%) |

| Q1 FY27| 73 | 290 | 8.8% | (8.9%) | (8.3%) | (8.5%) |

| Q2 FY27| 78 | 306 | 10.2% | (8.2%) | (7.2%) | (5.2%) |

Unicommerce Financial Performance:

  • H1 FY27 Revenue: ₹110.4 crore (15% YoY growth from ₹96.3 crore in H1 FY26)
  • H1 FY27 Adjusted EBITDA: ₹16.7 crore (compared with ₹19.7 crore in H1 FY26)

Drivers of financial performance: Higher fuel prices and supply chain disruptions temporarily increased logistics costs in Q1 FY27, easing pressures and better monetization helped contribution margin recovery, stepped-up marketing investment in Q2 FY27 for festive season, and continued cost discipline with fixed expenses at 7.8% of NMV in H1 FY27.

Key Risks: Raw material price hikes affecting logistics costs, regulatory risks in e-commerce sector, competitive pressures in value fashion segment.

Geographical Revenue Split

  • More than 80% of Snapdeal sales come from non-metro towns
  • Nearly 65% of new Snapdeal customers are Gen Z from smaller towns
  • Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

  • Negative working capital model at Snapdeal allows growth without additional working capital or material capital expenditure
  • Financial Health Insights: Asset-light model allows serving higher volumes without corresponding increase in fixed expenses

Capex & Cash Flow Health

  • Capital Expenditure: Not Specified
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: Not Specified
  • Net Debt Movement: Not Specified
  • Investment Rationale: Focus on AI capabilities, product development, and market expansion

Strategic & R&D Initiatives

Snapdeal AI Initiatives:

  • FashionX: AI for seller onboarding, catalogue creation, quality checks, and assortment management
  • CustomerX: StyleMatch AI for personalized recommendations, Snap&Shop for image-based discovery, Conversational Search, PinPoint AI for address accuracy, Retina AI for fraud detection, Siya AI for customer support
  • CreatorX: AI-assisted creator performance monitoring and optimization

Unicommerce AI Initiatives:

  • DNA: Second-generation AI companion for Uniware that identifies operational signals and anomalies, supports decision-making, and enables corrective actions
  • AI used across product development, engineering, customer onboarding, support, sales and marketing

Expected impact on growth: AI makes fashion discovery more intuitive and accessible, helps sellers scale efficiently, and expands Unicommerce's capacity to innovate and address customer needs.

Strategic Rationale: Building India's most loved value fashion destination at scale through technology-enabled discovery and zero-commission model, while enabling commerce growth through automation solutions.

Industry Trends & Business Environment

Macro/Industry Trends: E-commerce industry boundaries constantly widening, niche segments growing into thriving markets, technologies becoming foundational, crores of Indians still to come online indicating decades of growth ahead.

Impact on Company: Strong consumer demand for value fashion, particularly from non-metro Gen Z customers, creating opportunity for Snapdeal's focused assortment. Growing complexity in e-commerce operations driving demand for Unicommerce's automation solutions.

Management Commentary & Growth Outlook

Strategic Outlook: "We want to build a resilient organisation that stays useful to society and relevant to businesses and consumers. That means continuing to improve what we offer and investing thoughtfully in what we build."

FY Guidance: For Unicommerce, expect profitability to improve in H2 FY27 with Shipway returning to Adjusted EBITDA profitability in Q3 FY27. Anticipate full-year FY27 profitability to remain in line with FY26 despite H1 investments.

Market Share Targets: Snapdeal aims to be India's trendy value fashion destination for young aspirational shoppers. Unicommerce medium-term ambition to repeat fivefold growth achieved in past five years with multifold profit increase.

Risks and Opportunities: Festive timing shift affecting quarterly comparisons, temporary logistics cost pressures, investment phase impacting short-term profitability, but strong early festive momentum with units growing 60% YoY in first half of October.