AceVector SaaS reached 40% of FY26 revenue and offset marketplace loss

AceVector Limited’s SaaS segment accounted for 40.04% of FY26 consolidated revenue from operations and generated Rs 41.277 crore of adjusted EBITDA. That result offset about 82% of the Rs 50.251 crore adjusted EBITDA loss in the marketplace segment, although AceVector still reported a Rs 45.506 crore loss for the year.

How did AceVector SaaS reach 40% of FY26 revenue?

AceVector SaaS revenue reached Rs 204.338 crore in FY26, representing 40.04% of consolidated revenue from operations of Rs 510.381 crore. The SaaS share increased from 34.12% in FY25 and 27.28% in FY24, while the marketplace share declined from 66.59% in FY24 to 57.54% in FY26.

The change in mix followed faster SaaS growth than marketplace growth. SaaS revenue rose from Rs 103.581 crore in FY24 to Rs 134.790 crore in FY25 and Rs 204.338 crore in FY26, while marketplace revenue moved from Rs 252.887 crore to Rs 249.867 crore and then Rs 293.675 crore. Consumer brands contributed Rs 12.807 crore, or 2.51% of FY26 consolidated revenue.

The segment figures follow Indian Accounting Standard 108, or Ind AS 108, the accounting standard for operating-segment disclosure. SaaS revenue excludes inter-segment eliminations, while marketplace and consumer-brand revenue are reported at gross values; FY26 inter-segment eliminations were Rs 43.9 lakh. The stated 40.04% SaaS share uses consolidated revenue after those eliminations.

How did AceVector SaaS profitability offset marketplace loss?

AceVector SaaS produced adjusted earnings before interest, taxes, depreciation and amortisation, or adjusted EBITDA, of Rs 41.277 crore in FY26, compared with Rs 25.347 crore in FY25 and Rs 16.196 crore in FY24. Its FY26 adjusted EBITDA equalled about 82% of the marketplace segment’s Rs 50.251 crore adjusted EBITDA loss.

Marketplace adjusted EBITDA was negative Rs 36.720 crore in FY24, negative Rs 48.006 crore in FY25 and negative Rs 50.251 crore in FY26. Its contribution margin, defined by AceVector as marketplace revenue less marketplace logistics expense, declined from Rs 145.305 crore in FY24 to Rs 109.472 crore in FY26 despite FY26 marketplace revenue growth.

Adjusted EBITDA is a company-defined non-GAAP operational measure rather than statutory profit or loss. AceVector calculates it through specified adjustments that include share-based payment expense, other income and lease-related payments. The consolidated adjusted EBITDA loss narrowed to Rs 15.942 crore in FY26 from Rs 39.155 crore in FY25, but the statutory restated loss for FY26 remained Rs 45.506 crore.

What operating scale supports AceVector SaaS revenue growth?

AceVector’s Unicommerce SaaS suite served 8,261 unique clients as of the quarter ended March 31, 2026, compared with 7,008 clients in FY25 and 3,502 in FY24. The suite includes Uniware for order, inventory, warehouse and store management; Shipway for courier aggregation and logistics automation; and Convertway for marketing automation.

Uniware’s annual transaction run-rate was 1.16 billion order items in FY26, up from 982.61 million in FY25 and 791.63 million in FY24. AceVector defines this run-rate as the number of order items processed in the most recent quarter multiplied by four. Annual recurring revenue, calculated using SaaS revenue from the March 2026 quarter multiplied by four, was Rs 206.512 crore.

The client base is counted uniquely across Uniware, Shipway and Convertway, so a client using multiple products is counted once. As of March 31, 2026, Uniware had 151 marketplace and web-store integrations, 129 logistics-partner integrations and 11 enterprise resource planning, point-of-sale and other operational-system integrations; Shipway and Convertway added 46 and 16 integrations, respectively.

Why does AceVector remain dependent on marketplace execution?

AceVector remained more reliant on its marketplace by revenue in FY26 because the segment contributed Rs 293.675 crore, or 57.54% of consolidated revenue. Snapdeal delivered 25.98 million units to 12.16 million annual transacting customers and recorded net merchandise value, or NMV, of Rs 1,093.110 crore in FY26.

Marketplace activity expanded in FY26, with NMV rising from Rs 869.555 crore in FY25 and delivered units increasing from 19.91 million. However, marketplace logistics expense as a percentage of NMV increased to 16.85% in FY26 from 15.97% in FY25, while contribution margin as a percentage of NMV declined to 10.01% from 12.77%.

Snapdeal operates without inventory and uses third-party logistics providers, or 3PLs, for delivery. Marketplace logistics and Unicommerce Shipway courier-aggregation logistics together represented 41.78% of AceVector’s FY26 total expenses. AceVector says combined shipment volumes support centralised negotiations with 3PLs, making marketplace order volumes relevant to both the marketplace cost base and the SaaS logistics offering.

What is AceVector’s disclosed diversification plan?

AceVector’s stated mission is to build, acquire and scale digital-commerce businesses serving Bharat with a focus on sustainable growth and profitability. Its three business lines are Snapdeal marketplace, Unicommerce SaaS and Stellaro Brands consumer brands; Stellaro had 17 active omnichannel stores as of March 31, 2026 and currently operates 19 Rangita stores.

AceVector describes specific operating links between the businesses. Snapdeal sellers use Unicommerce products for orders, inventory and shipping, while Shipway benefits from Snapdeal’s 25.98 million FY26 delivered units. In the second half of FY26, Unicommerce launched Catalyst AI for Convertway, UniBot AI for Uniware and ShipWise AI for Shipway, with the company describing the tools as intended to improve engagement, operations and logistics management.

Conclusion

AceVector’s FY26 mix was materially more diversified than in FY24: SaaS rose from 27.28% to 40.04% of consolidated revenue and its Rs 41.277 crore adjusted EBITDA offset most of the marketplace’s Rs 50.251 crore adjusted EBITDA loss. The improvement narrowed the consolidated adjusted EBITDA loss, but did not eliminate the Rs 45.506 crore restated loss for FY26.

The next reported results will show whether Unicommerce can extend growth from its 8,261-client base and 1.16 billion annual transaction run-rate while Snapdeal improves logistics intensity and contribution margin. The disclosed AI-first product launches provide a later operational update, but the supplied disclosure does not quantify their revenue, retention or profitability contribution.