Snapdeal, a SoftBank-backed Indian e-commerce firm, announced today that it would pull the plug on its $152 million IPO . The company was valued at $6.5 billion in 2016 .
Snapdeal, a SoftBank-backed Indian e-commerce company, announced today that it would pull the plug on its $152 million IPO, becoming the newest casualty of a tech stock market collapse that has stifled investor confidence.In December 2021, a year that saw many stock market debuts and record fund raising by Indian startups, SoftBank-backed Indian e-commerce firm Snapdeal filed its initial public offering (IPO) regulatory papers for approval.Some are delaying IPOs because of a stock market crash that has fueled fears about frothy tech valuations, according to one source with direct knowledge of the situation.Snapdeal, which competes with larger rivals Amazon and Walmarts Flipkart in India's burgeoning e-commerce industry, said this week that it had asked SEBI to withdraw its IPO prospectus.Snapdeal, a Wharton alumnus and Rohit Bansal of the Indian Institute of Technology graduate, said the company may reconsider an IPO in the future based on its need for capital and market conditions.
Snapdeal's plans to raise new funds have fallen by 76% in the three financial years ending in July 2021, according to a source, who said the company's shares have halved from their all-time highs since its inception.In August, TPG and Prosus-backed Indian online pharmcy PharmEasy, who raised $2.5 billion in one of India's biggest ever IPOs, withdrew papers, and boAT Lifestyle