AceVector’s Q2 FY27 net loss doubles to ₹16.2 Cr despite 17% revenue growth

Financial performance and IPO context

AceVector, the holding company for e-commerce platform Snapdeal and SaaS logistics provider Unicommerce, reported a net loss of ₹16.2 Cr for the second quarter of FY27, more than doubling from ₹7.5 Cr in the same period last year. The loss was, however, a sequential improvement, narrowing by 37% from ₹25.5 Cr in Q1 FY27. Operating revenue for the quarter grew 17% year-over-year to ₹151.2 Cr, supported by growth in both Snapdeal and Unicommerce.

The company’s total expenses rose 22% YoY to ₹168.7 Cr, with logistics costs accounting for the largest share at ₹71.4 Cr, a 20% increase. AceVector listed on the stock exchanges earlier in October after completing its ₹420 Cr IPO, and its shares closed 0.96% higher at ₹20.93 on the BSE following the earnings announcement.

Snapdeal’s growth and market positioning

Snapdeal’s net merchandise value (NMV) from fashion grew 31% year-over-year to ₹407.6 Cr in the first half of FY27, making up 68.4% of its total NMV. The platform’s overall NMV increased 10% to ₹595.7 Cr, while delivered units rose 16% to 150.5 lakh. Growth was driven by demand for value fashion and increased app adoption, particularly among Gen Z shoppers and customers in non-metro cities.

Snapdeal reported that 65% of its new customers in H1 FY27 were Gen Z, and over 80% of sales originated from non-metro towns. The platform is positioning itself as a value fashion destination, with most products priced between ₹300 and ₹800. Annual transacting customers grew 12% to 1.31 Cr, and placed order frequency increased 11% to 4.1 times a year.

The company noted that festive shopping momentum, typically a Q2 driver, has shifted to Q3 this fiscal year, moderating its quarterly growth. However, early signs for October showed units growing 60% YoY, indicating a strong start to the festive season.

Unicommerce’s profitability and expansion

Unicommerce, AceVector’s SaaS subsidiary, reported a 15% YoY revenue increase to ₹110.4 Cr in H1 FY27, with operating revenue for Q2 reaching ₹59.1 Cr. The company turned profitable in the September quarter, posting a net profit of ₹6.4 Cr, compared to a loss in the same period last year.

Adjusted EBITDA for Unicommerce declined to ₹16.7 Cr from ₹19.7 Cr in H1 FY26, reflecting investments in AI-led product innovation, talent, and capacity. The company added 236 enterprise clients in H1 FY27, a 24% increase from the same period last year. Shipway, its shipping and logistics platform, is expected to return to Adjusted EBITDA profitability in Q3 FY27.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

AceVector’s widening losses, despite revenue growth, reflect the costs of scaling two distinct business models: an e-commerce marketplace and a SaaS logistics platform. For founders and operators, the story highlights the trade-offs between growth investments and near-term profitability, particularly in a competitive e-commerce landscape dominated by value-conscious shoppers.

Snapdeal’s focus on Gen Z and non-metro markets aligns with broader trends in India’s e-commerce sector, where Tier 2 and 3 cities are driving growth. Its improving contribution margin (10.2% of NMV) suggests that targeted marketing and operational efficiencies can yield results, even as the company scales. For competitors, Snapdeal’s ability to grow NMV and customer frequency in fashion—without deep discounts—may signal an opportunity to refine their own value-driven strategies.

Unicommerce’s swing to profitability, even as it invests in AI and enterprise clients, underscores the resilience of B2B SaaS models in India’s logistics sector. The platform’s growth in enterprise clients (up 24% YoY) and its expectation of improved profitability in H2 FY27 may reassure founders in adjacent verticals—such as inventory management or last-mile delivery—that scalable SaaS solutions remain in demand.

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