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Pind Hospitality 

• Pind Hospitality is coming out with an initial public offering (IPO) of 18,00,000 shares in a price band of Rs 93-99 per equity share.  
• The issue will open for subscription on September 28, 2026 and will close on September 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.30 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Fedex Securities.
• Compliance officer for the issue is Harleen Kaur. 

Profile of the company 

With over 5 lakhs deliveries and recognized as one among the long-standing restaurant partners in Pune by third-party food delivery app, Pind Hospitality has served around 4.31 lakh, 4.30 lakh, and 4.23 lakh orders through multiple food delivery apps during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The increasing internet and mobile penetration within India, the advent of food delivery apps, changing lifestyles and consumer eating patterns in the recent past are key factors to lead consumers to consider convenience-driven options to traditional dine-in experiences. Further, the company’s revenue from third-party food delivery apps were Rs 1,916.48 lakh, Rs 1,929.20 lakh and Rs 1,795.16 lakh for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The company’s service and diverse menu including various value offerings such as paneer tikka masala dal makhani meal combo, veg and non-veg thali has led to steady increase in its revenue from operations.

The company has taken four restaurants on leave and license basis in Pune, Maharashtra (PHL Restaurants) and one restaurant are taken on leave and license basis by Pind Punjab in Pune, Maharashtra (PP Restaurants). PHL Restaurants and PP Restaurants will be collectively referred to as Restaurants. Of the above five restaurants, three Restaurants are being operated by its partnership firm under the brand ‘Pind Punjab’, and its restaurants located at Eleven West (Panchshil) and Viman Nagar are being operated by the company. It discontinued its restaurant in Baner during the Fiscal 2026, due to non-renewal of lease. Further, the company also operates a food counter in an IT park in Pune. 

Proceed is being used for: 

• Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra (Haveli Project) 
• General corporate purpose

Industry overview

The India Food Services Industry has seen a rapid growth and evolution in the last few years, driven by rising incomes, urbanization, a young population, and changes in lifestyle and food habits. The sector is highly fragmented with organized chains, organized stand-alone restaurants, and international food services brands competing, while a large chunk of business comes from many local restaurants and food stalls in the unorganized sector. The India Food Services Industry is recognized as a significant contributor to the job market in India, and is, in fact, one of the top employers for migrant labourers and gig workers in India. It offers a diverse array of jobs suited for various skill sets. Ranging from core operations, which includes chefs, waiters, and housekeeping to support roles such as information technology, finance, administration, etc. - each role comes together to serve their patrons. 

The rise of Online Food Delivery Services in India have had a significant impact on the Restaurant Industry, both before and during the pandemic. The convenience and accessibility of online delivery platforms like Zomato and Swiggy have revolutionized the way people order food. The online food delivery market in India is rapidly growing, with an estimated 6.6 crore food delivery platform users among the urban population. This number has seen mid-double-digit growth in the last two years. Geographically, the majority of food delivery platform users are based in the top nine cities of India, although the demand is coming from across 300+ cities. The continuous growth in the Food Services can be attributed to rising in the disposable income of the people, rising presence of global fast-Food brands, which have expanded through both company-operated and franchised outlets, contributing to their extensive footprint in the country.

Pros and strengths 

Experienced Promoters, management team and dedicated staff: The company’s management team includes employees who have significant industry experience. Its management team’s experience provides it with the skills required to implement its corporate practices and growth strategies. To assist its management, it has a dedicated team of staff who are critical link to its guests and it seeks to develop skills that can enhance their work experience by providing on job training as well as appropriate recognition. It places strong emphasis on instilling its core values in each of its staff. In addition, it emphasises organic growth, having promoted a number of its staff who joined the company as trainees to chefs or management ranks based on their performance which is a motivating factor towards continued staff engagement. 

Attractive offerings at competitive prices based on constant menu innovation, customer focus: The company continues to offer menu options, both vegetarian and non-vegetarian, largely based on Indian cuisine and use seasonal guest preferences to introduce new dishes. Considering the delivery services that it experiences during lunch hours it introduced the ‘combo options’ where it offers paneer tikka dal makhani meal, butter chicken dal makhani meal, chilli paneer with fried rice meal, offering healthy meal at an affordable price, which it has pioneered over the years. In addition, corporate group dining is very popular among relatively larger groups, due to the guest’s perception of high value for money and the comfort of certainty over the bill amount. Some of its dishes may vary in taste based on the location keeping local tastes and preferences in mind.

Strong on-line presence: The company primarily operates and serves its customers through third-party food delivery apps including Swiggy. It has achieved a delivery milestone of 550,000 delivery on third-party food delivery app. Further, recently, Swiggy, a third-party food delivery app recognized it as one among the long-standing restaurant partners in Pune. Additionally, it serves its customers through other food delivery apps including, its in-house mobile application, online booking and also through telephonic bookings. Further, it also serves its corporate customers in bulk or as catering services. It has also started food counter in an IT park in Pune, which would increase its visibility and brand recall for online booking.

Risks and concerns 

Depends on third-party food delivery app: The company delivers food directly to its customers and has also entered into tie-ups with third-party food delivery apps to accept delivery orders placed on their mobile applications. Third-party food-delivery aggregators are expected to play an important role, as customers continue to prefer the convenience of home deliveries. For instance, third-party food delivery apps contributed to 78.38%, 85.19% and 86.40% of company’s revenue from operations, in the Fiscal 2026, Fiscal 2025 and Fiscal 2024 which represented Rs 1,916.48 lakh, Rs 1,929.20 lakh and Rs 1,795.16 lakh, respectively. The company is required to pay food delivery apps a commission on orders placed through the platform. Further, the presence of delivery apps has increased competition with other QSR brands, dining brands and new food service platforms, such as cloud kitchens, which do not offer in-restaurant services and only serve food through delivery apps, requiring less capital expenditure to offer food services. If food delivery through delivery apps continues to increase, it is possible that its demands for its services could decrease, unless it adapts its business model to account for this change in consumer preference.

Rely on third-party logistics providers: The company does not have an in-house transportation facility and it relies on third party transportation and other logistic facilities at every stage of its business activity including for procurement of products from its vendors. For this purpose, it hires services of transportation companies. However, it has not entered into any definitive agreements with any third-party transport service providers and engage them on a need basis. Additionally, availability of transportation solutions in the markets it operates in is typically fragmented. It rarely enters into written documentation in relation to the transportation services it hire which poses various additional risks including its inability to claim insurance. 

Operate in competitive and fragmented industry: In the dynamic landscape of food delivery and restaurants business, one of the formidable challenges arises from competition from local food stalls, cloud kitchen, and other unorganized players. The company generates majority of its revenue from operations from food delivery operations constituting 78.38%, 85.19% and 86.40% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024. The business in which it operates is highly competitive and fragmented and it competes with a range of unorganized players in the region where it operates. Further, it competes against established players also, which may have greater access to financial, technical and marketing resources and expertise available to them than it in the products and services in which it competes against them. 

Outlook

Pind Hospitality is engaged in the hospitality sector, specifically in hotels and restaurants. The company has completed over 5 lakh deliveries and is recognized as one of the long-standing restaurant partners in Pune by third-party food delivery apps. The company, along with its partnership firm Pind Punjab, operates six restaurants in Pune, Maharashtra, with no permanent closures since 2016. The company serves customers through third-party food delivery apps, its own mobile app, online bookings, and phone orders. It also offers mobile pre-ordering for pick-up within a 6 km radius. On the concern side, the company generates all its revenues from the city of Pune, Maharashtra and nearby location. Any event negatively affecting the consumer food services industry in the city of Pune and nearby location could have a material adverse effect on its overall business and results of operations. Besides, changes in consumer preferences and food habits as well as negative perception of the food delivery and dining industry could decrease the demand for its products.

The company is coming out with a maiden IPO of 18,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 93-99 per equity share. The aggregate size of the offer is around Rs 16.74 crore to Rs 17.82 crore based on lower and upper price band respectively. On performance front, total income increased by 7.52% from Rs 2,316.97 lakh for the Financial Year 2025 to Rs 2,491.17 lakh for the Financial Year 2026 primarily due to increase in revenue from operations. The company recorded a marginal decrease of 11.29% in its profit for the year from Rs 256.23 lakh for the Financial Year 2025 to Rs 227.30 lakh for the Financial Year 2026.

Meanwhile, as the company grows, it plans to maintain and focus the brand ‘Pind Punjab’, while targeting a few new market segments in a measured and disciplined way, subject to market conditions. Accordingly, to address differences in guests’ spending patterns, tastes and dining preferences in the region where it operates, it would constantly endeavor to introduce new dining concept to meet the expectation of every stature of its customers. The company will continue to focus on innovation and strengthen its value proposition of innovative product offerings. It also intends to launch targeted marketing campaigns for such value products. 

AceVector

• AceVector is coming out with a 100% book building; initial public offering (IPO) of 13,72,29,166 shares of face value Rs 1 each in a price band Rs 30-32 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 30 times of its face value on the lower side and 32 on the higher side.
• Book running lead managers to the issue are IIFL Capital Services, CLSA India and Systematix Corporate Services.
• Compliance officer for the issue is Prabhas Singh. 

Profile of the company

AceVector, directly and indirectly through its Subsidiaries, operates an asset-light digital commerce ecosystem consisting of data, technology and AI-driven businesses - value e-commerce marketplace, e-commerce enablement software as a service (SaaS) and consumer brands. The company’s ecosystem includes (i) Snapdeal, a value focused lifestyle e-commerce marketplace platform with a wide selection of affordable, merchandise across lifestyle categories with an emphasis on quality; (ii) Uniware, Convertway and Shipway under the Unicommerce brand, operated by its subsidiary Unicommerce eSolutions Limited, a comprehensive suite of e-commerce enablement SaaS products, which enables end-to-end management of e-commerce operations; and (iii) Stellaro Brands business, an omnichannel value focused consumer brands retailing business, operated by its Subsidiary, Stellaro Brands Private Limited. Together, these businesses cover the entire e-commerce value chain across B2C and B2B segments catering to multiple stakeholders vertically viz., through both online and offline modes and horizontally viz., consumers, sellers, brands and logistics providers.

The company supports each of its businesses with tailored strategies for their organic and inorganic growth. The company’s businesses are further strengthened by operational synergies across technology infrastructure, supply chain capabilities, data insights and shared services, resulting in increased operational leverage. Its shared services infrastructure includes critical functions such as legal, finance, technology, corporate communications, public policy, human resources, and facilities, ensuring consistent governance and operational efficiency. It has built long-term defensibility through proprietary technologies across its businesses with deep domain expertise, bringing experienced management teams and scalable, modular infrastructure and processes.

Through its platforms, the company actively supports the micro, small and medium enterprises ecosystem in India, which is an integral part of the country's commerce and manufacturing landscape. The company’s sellers on the Snapdeal marketplace are largely small and medium enterprises, providing locally manufactured products tailored to the needs of value-conscious consumers. Similarly, Unicommerce’s client base also comprises small and medium enterprises, including emerging D2C brands and regional manufacturers, who relies on its automation to scale their business operations efficiently. Stellaro Brands sources its products exclusively from such local enterprises. Across its platforms, it promotes inclusive growth by supporting local manufacturing, entrepreneurship, and women-led businesses from across the country.

Proceed is being used for: 

• Funding a portion of the marketing and business promotion expense of the Marketplace business of the company
• Funding the technology infrastructure costs of the Marketplace business of the company
• Funding inorganic growth through acquisitions and general corporate purposes

Industry overview

The Indian retail market is valued at $1,120.4 billion in FY25 and is projected to grow at a CAGR of 10.4% between FY25 and FY30, reaching $1,837.7 billion by FY30. This growth is driven by strong macroeconomic and demographic drivers such as rise in gross national income, increasing from Rs 171.3 trillion in FY24 to Rs 182.0 trillion in FY25. Other contributing factors include growing expenditure by the millennial population, rapid digital adoption, and expansion of retail formats in Tier 2 and 3 cities. The retail sector has maintained a strong presence in India’s GDP, ranging between approximately 26-29% during FY20-25. It stayed steady at approximately 28% in the past few years and reached approximately 29% by FY25, reflecting strong consumer demand and the sector’s resilience.

India’s retail market is broadly split into three channels: organised brick-and-mortar, unorganised retail, and ecommerce. Unorganised retail, comprising local kirana stores, mom-and-pop stores, and independent retailers, still dominates, contributing 78.8% in FY25, but it is expected to decline to 69.8% by FY30. This decline is primarily driven by increasing consumer preference for modern retail formats, better pricing, and assortment in organised retail. Organised brick-and-mortar retail, including supermarkets and branded retail chains, is projected to grow from 12.6% in FY25 to 17.4% in FY30. E-commerce, a rapidly emerging channel driven by hyper-local fulfilment and digital adoption, is expected to rise from 8.6% in FY25 to 12.8% in FY30.

The Indian retail market continues to witness a shift towards discretionary categories, driven by rising income levels, urbanisation, and increasing consumer aspirations. As income levels grow, consumers are allocating a larger share of their budgets towards non-essential categories to enhance comfort and lifestyle. This has led to a gradual shift from essential food & grocery spending (which is expected to decline from 64.3% in FY25 to 63.8% in FY30) towards categories such as fashion (apparel and footwear) and home and general merchandise (furniture and furnishing). This trend is more pronounced in urban markets with higher income levels and greater retail penetration. Urban centres are witnessing faster growth in non-food categories, while rural regions are evolving in a similar direction, albeit at a slower pace. Overall, the share of fashion is projected to grow at a CAGR of 10.8% over the period FY25-30, reflecting faster movement towards lifestyle-driven consumption. 

Pros and strengths 

Diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support: The company has five proprietary platforms across three businesses at different stages of maturity in the e-commerce industry and is thereby well poised to benefit from the large and fast-growing Indian e-commerce market. Its synergistic platforms form a unique flywheel that spans transactions, infrastructure, and owned brands. With a presence across the entire digital commerce stack, it is enabling shoppers to access affordable products, small and medium enterprise seller to grow and brands to scale, while operating asset-light, integration-ready businesses that are focused on sustainable growth. The scale of its platforms, the breadth of its relationships with other stakeholders and its expandable infrastructure across its businesses enables it to scale rapidly. The company’s synergistic ecosystem is a core strength that allows it to scale businesses across both B2C and B2B business opportunities. It brings together three independent yet strategically aligned businesses with diversified revenue streams, each operating with a distinct market focus and execution strategy, while benefitting from shared capabilities, infrastructure, and central strategic support.

Leading value-focused e-commerce marketplace purpose built for value shoppers: Snapdeal is among the top two pure-play value marketplace platforms in India in terms of revenue for Financial Year 2026, Financial Year 2025 and Financial Year 2024 which stood at Rs 2,936.75 million, Rs 2,498.67 million and Rs 2,528.87 million, respectively focuses on lifestyle across various categories including fashion, home and general merchandise, beauty and personal care and others. Snapdeal’s pricing is one of the most competitive across online shopping destinations in India as of July 6, 2026. Snapdeal served customers nation-wide across 18,972 pin codes for the Financial Year 2026, primarily targeting middle-income, value-conscious customers who are typically located in Tier 2+ and smaller cities of India which form the majority of the untapped value e-commerce customers., Snapdeal is also among the top nine shopping apps in India by app downloads on the Google Play Store as of June 30, 2026. Additionally, Snapdeal had 376.25 million installations on Google Play Store as of March 31, 2026 with an average app rating of 4.4 (out of 5) on the Google Play Store for which it has received 2.56 million reviews by users as of August 24, 2026.

Robust unit economics with operating leverage in effect, ensuring improved profitability: Snapdeal’s operational model, being a true marketplace model, is designed for cost efficiency and scale. It operates an asset light with no inventory supply chain that provides it a high degree of control for performance and costs, delivering healthy unit are executed by a network of 3PLs, who together have a pan-India coverage, ensuring national reach and deep access to Tier 2+ geographies where its core value-conscious customer base resides. It has a ‘Smart’ courier allocation engine that selects the most optimal 3PL partner for each shipment based on a trade-off between cost, delivery speed, and past performance of each 3PL at the pin code level. This tech-led selection is backed by a large dataset of historical shipment tracking as it collects and process over a monthly average of 63.82 million data points as of March 31, 2026. This enables it to optimise both cost and customer experience.

Proprietary technology stack powering discovery-led, personalised shopping experience: Over the years, the company has invested in enhancing the Snapdeal platform and ensuring that Snapdeal’s platform user interface is optimised for mobile devices, with 99.72% of its delivered units for the Financial Year 2026, purchased through its mobile application or the mobile version of its website. The share of delivered units bought via its mobile application was 89.83%, 77.84%, and 66.12% during the Financial Year 2026, Financial Year 2025 and Financial Year 2024, respectively, with the majority of the remaining orders placed on its mobile site. The company’s data analytics capabilities powered by scalable data engineering allows it to consume a large number of data points across consumer interactions, product attributes, consumer demographics, marketing campaigns, inventory and pricing.

Risks and concerns

Dependence on Snapdeal marketplace revenue: A significant portion of the company’s revenue from operations is generated through Snapdeal, the company’s marketplace business. The company’s revenue from operations - marketplace contributed to Rs 2,936.75 million, Rs 2,498.67 million and Rs 2,528.87 million in Financial Years 2026, 2025 and 2024, respectively, which amounted 57.54%, 63.25% and 66.59%, respectively, of its revenue from operations. The company’s efforts to acquire new users, clients and customers of its business and retain them may not be successful or may be more costly than it expects, which could prevent it from maintaining or increasing its revenue.

Intense competition in the E-Commerce market: The company’s market is highly competitive and characterised by rapid changes in technology and consumer sentiment. Competition in its industry has intensified, and it expects this trend to continue as the list of its competitors grows. This competition, among other things, affects its ability to attract new users and engage its existing users. The internet and mobile networks provide new, rapidly evolving and competitive channels for the sale of all types of goods and services. Buyers who purchase goods and services through it have other alternatives, and sellers have other channels to reach users. It expects competition to continue to intensify. The company’s failure to compete effectively could have a negative impact on the success of its business and/or impact its margins.

Reliance on 3PL providers for product delivery: The company relies exclusively on third-party logistics service providers (3PLs) to deliver products to its buyers. The company’s logistics services are provided through a 3PL-led model, where it allocates a 3PL to the entirety of each delivery. It does not control the operations, facilities, vehicles or personnel of 3PLs. While it has not experienced an interruptions, delays or outages in the last three Financial Years, it may experience interruptions, delays, and outages in service and availability due to a variety of factors, including infrastructure changes, human or software errors, website hosting disruptions, and capacity constraints. Any disruption of or interference with their services could adversely affect its business, financial condition, cash flows and results of operations.

Past losses and uncertainty regarding future profitability: The company has incurred restated loss of Rs 455.06 million, Rs 1,263.06 million and Rs 512.97 million in the Financial Years ended March 31, 2026, 2025 and 2024 respectively. If the company is unable to generate adequate revenue growth and manage its expenses and cash flows as it grows, it may continue to incur losses in the future.

Outlook

AceVector operates an asset-light digital commerce ecosystem through its subsidiaries, spanning data, technology, and AI-driven businesses. Its operations include a value-focused e-commerce marketplace, e-commerce enablement SaaS platforms, and consumer brand businesses. It has diversified ecosystem driving organic and inorganic growth across businesses with centralised strategy support. It has robust unit economics with operating leverage in effect, ensuring improved profitability. On the concern side, the company operates in a highly competitive industry and its failure to compete effectively could have a negative impact on the success of its business and/or impact its margins. Moreover, the company’s technology infrastructure and the technology infrastructure of its third-party providers (including cloud infrastructure service providers) are susceptible to security breaches and cyber-attacks. This could potentially result in damage to its operations, employees, users, third-party providers, its reputation and adversely affect its financial condition, results of operations and cash flows.

The issue has been offering 13,72,29,166 shares in a price band of Rs 30-32 per equity share. The aggregate size of the offer is around Rs 411.69 crore to Rs 439.13 crore based on lower and upper price band respectively. Minimum application is to be made for 468 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 29.20%, to Rs 5,103.81 million for the Financial Year 2026 from Rs 3,950.19 million for the Financial Year 2025. Moreover, the company has reported a loss of Rs 455.06 million in Financial Year 2026 as compared to a loss of Rs 1,263.06 million for the Financial Year 2025.

Meanwhile, the company has deepened Snapdeal’s presence in value lifestyle e-commerce through enhancements in customer experience and brand awareness. The company intends to further expand its network of largely small and medium enterprise sellers who understand the taste and preferences of value shoppers, keeping an emphasis on quality. This strategic collaboration will enable it to continuously diversify its product assortment. Further, the company continue to strategically support Unicommerce’s growth initiatives by providing guidance on key organic and inorganic market expansion strategies, leveraging the collective network for a stronger go-to-market strategy execution and facilitating access to critical vendor and third-party logistics relationships, especially benefiting the Shipway platform. Unicommerce also benefits from its centralised shared services infrastructure, M&A evaluation capability for new opportunities and robust governance oversight.

Pursuant to the relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Recode Studios has informed that the officials of the Company will be attending the Arihant Capital - Bharat Connect Conference: Rising Stars - September 2026 on September 30, 2026 at 12:00 noon onwards. The discussions during the meeting will be based solely on information that is already available in the public domain. No unpublished price sensitive information (UPSI) is intended to be discussed during the interactions. 

The above information is a part of company’s filings submitted to BSE.